On july 1, 2011 Fredo incorporated declares a $150,000 cash dividend to its comm

Question

On july 1, 2011 Fredo incorporated declares a $150,000 cash dividend to its common stockholders (the company has no preferred stock). The date of record is August 1 and the dividend is paid on August 15. Show all necessary entries to record the cash dividend

On july 18, 2011 Woltz corporation declaresa 20% stock dividend. Prior to the stock dividend, the company has 200,000 share of $8 par common stock outstanding. On july 18, the market value of the stock is $14 per share. The dividend is distributed on August 1

Prepare the journal entry to record the declaration of the stock dividend

Prepare the journal entry to record distribution of the stock dividend

Tessio and Clemenza are forming a partnership. Tessio invest $18000 in cash and equipment worth $40,000. The partnership also assumes responsibility for the $8000 note payable on the equipment. Clemenza invests $50,000 in cash and land worth $25000. Prepare required journal entry

Connie and Kay are partners with beginning capital balances of $100,000 and $80,000, respectively. They agree to share income as follows: the partners receive salary allowances of $25000 (Connie) and $50000 (Kay); both partners receive 10% interest allowances and any remainder is split evenly. Show the entry to allocate net income of $115,000

Barzini and Tattaglia are partners and their company had net income this year of $400,000. Their beginning capital balances for the year were $750,000 and $800,000 respectively. Calculate how net income would be allocated under each of the following separate assumptions

Partnership does not say how income is distributed

Barzini and Tattaglia have a profit / loss ratio of 3:5

Income is allocated based on the ratio of beginning capital balances

Barzini and Tattaglia get salary allowances of $55,000 and $85,000 respectively, both partners get an interest allowance of 5% of their beginning capital balances, and any remainder is shared 40:60

Barzini and Tattaglia get salary allowances of $150,000 and $250,000, respectively; both partners get an interest allowance of 10% of their beginning capital balances, and any remainder is shared 40:60

Andolini issues 10,00 shares of $4 par common stock for $95,000 cash

Andolini issues 25,000 shares of $40 par preferred stock in exchange for a building valued at $750,000 and land valued at $400,000

Andolini issues 50,000 shares of no-par common stock for $235,000 cash

Ciccio corporation declares a 50% stock dividend on August 20, 2011. Prior to the stock dividend, the company has 100,000 shares of $12 par common stock outstanding. On august 20, the market value of the stock is $22 per share. The dividend is distributed on September 15

Prepare journal entry to record declaration of the stock dividend

Prepare journal entry to record distribution of the stock dividend

Michael and Sonny are partners with capital balances of $825,000 and $450,000. And a P/L ratio of 6:4. Prepare the journal entry to show the admission of Sollozzo as 10% partner investment of $200,000 cash

Orange corporation began business on January 1, 2011 and has no treasury stock transactions prior to these. Prepare journal entries to record the following

Orange inc buys 50,000 shares of its own common stock for $600,000 cash

Orange reissues 10,000 shares of treasury stock for $150,000 cash

Orange reissues 20,000 shares of treasury stock for $200,000

Explanation / Answer

Ans 1 Date Accounts title Dr Cr 1-Jul Retained earnings $150,000 Dividend Distributable/Payable $150,000 Dividend declared entry 1-Aug Only memirandum entry is for record of dividend 15-Aug Dividend Distributable/Payable $150,000 Cash $150,000 18-Jul Retained earnings (200000*$14*20%) 560000 Stock Dividend Distributable/Payable 560000 Stock Dividend declared entry 1-Aug Stock Dividend Distributable/Payable 560000 Common Stock (40000*8) 320000 Paid in capital in excess of par value(40000*6) 240000 Dera user please don’t post multiple question in one question

Related Questions

Navigate

• Browse (All)
• Browse O
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.