Buttercup Corporation issued 340 shares of $12 par value common stock for $6,120. Prepare Buttercup' journal entry. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Description/Account Debit Credit
Wilco Corporation has the following account balances at December 31, 2012.
Common stock, $5 par value $541,150
Treasury stock 91,720
Retained earnings 2,352,810
Paid-in capital in excess of par 1,322,630
Prepare Wilco's December 31, 2012, stockholders' equity section.
December 31, 2012
Total paid-in capital
Total stockholders' equity
Woolford Inc. declared a cash dividend of $1.08 per share on its 2.10 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15. Prepare the journal entries necessary on those three dates. (If no entry is required, enter No Entry as the Description and 0 as the amount.)
Date Description/Account Debit Credit
Your tutorial gives instructional notes and the journal entries needed. Click in cells to see computations.
Journal entries for stock dividend, split; treasury stock entries; basic and diluted EPS
See attached file for proper format.
Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2007). Intermediate accounting, (12th ed.). Hoboken, NJ: John Wiley & Sons.
Please explain how you got your answers.
The KYO Company's common stock information includes:
Current market price per share: $190
Current book value per share: $122
Current par value per share: $27
Shares issued and outstanding: 7,980,000
A. Prepare the journal entries necessary to record a 50% stock dividend.
B. Without regard to A., prepare the journal entries necessary to record a 3-for-1 stock split.
C. Discuss the differences between these methods of decreasing a stock's price from the standpoint of both the securities market and the company's accounting.
The ZKO Company's stockholders' equity section of the balance sheet as of December 31, 2011 follows:
Preferred stock, 8%, $50 par, (10,000 shares authorized, 2,000 shares issued and outstanding) $100,000
Common stock, $7 par (180,000 shares authorized, 50,000 shares issued and outstanding) 350,000
Total capital stock $450,000
Additional paid-in capital 300,000
Total paid-in capital $750,000
Retained earnings 870,000
Total stockholder's equity $1,620,000
The ZKO Company took the following actions during 2012:
1. On February 1, issued dividend payments in the amount of $3.00 per common share and $4.00 per preferred share. The dividends were declared by the Company's board of directors on December 31, 2011.
2. On March 1, on the open stock market, purchased 7,500 shares of its own common stock at $32.
3. On April 1, acquired equipment valued at $100,800 in exchange for 3,000 of the shares of its own common stock purchased on March 1.
4. On May 1, issued 500 shares of preferred stock at $53 per share.
5. On June 1, the board of directors declared a 7% stock dividend on its outstanding common stock. On the date of the dividend, the stock was trading in the stock market at $36 per share.
6. On August 1, the company issued the stock dividend that was declared on June 1.
7. On December 31, the board of directors declared a dividend in the amount of $3.00 per common share and $4.00 per preferred share. The dividends will be paid on February 1 of the next year.
A. Assuming that the ZKO Company uses the cost method to account for treasury stock, prepare the journal entries necessary to record the above transactions for 2012.
B. Assuming that net income for 2012 was $730,000, prepare the stockholder's equity section of the Company's balance sheet as of December 31, 2012.
The SDJ Company's condensed partial income statement for the year 2013 follows:
Expenses other than interest and taxes 246,000
Net income before interest and taxes $202,000
All during 2013 the company had 56,000 shares of common stock issued and outstanding.
The Company's income tax rate is 37%.
The Company issued 160, 12% convertible bonds at their face value of $1,000. Each bond may be converted to 100 shares of common stock.
Compute the basic and diluted earnings per share for 2013 in each of the following independent situations:
(Note: Compute EPS to the penny.)
A. The bonds were issued during 2012. During 2013 none of the bonds were converted.
B. The bonds were issued on September 1, 2013. During 2013 none of the bonds were converted.
C. The bonds were issued during 2012. 40 of the bonds were converted on June 1, 2013.View Full Posting Details