Question
In: Accounting
Q8. The following account balances appear on the balance sheet of Oslo Industries: Common Stock (300,000...
Q8. The following account balances appear on the balance sheet of Oslo Industries: Common Stock (300,000 shares authorized, $100 par) $10,000,000 Paid-In Capital in Excess of Par—Common Stock 2,000,000 Retained Earnings 45,000,000 The board of directors declared a 2% stock dividend when the market price of the stock was $135 per share. Required (1) Journalize the entries to record (a) Declaration of the dividend, capitalizing an amount equal to market value (b) Issuance of the stock certificates (2) Determine the following amounts before the stock dividend was declared: (a) Total paid-in capital (b) Total retained earnings (c) Total stockholders’ equity (3) Determine the following amounts after the stock dividend was declared and closing entries were recorded at the end of the year: (a) Total paid-in capital (b) Total retained earnings (c) Total stockholders’ equity
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The following account balances appear on the balance sheet of Osgood Industries: Common Stock (300,000 shares...
The following account balances appear on the balance sheet of
Osgood Industries:
Common Stock
(300,000 shares authorized, $100 par)
$10,000,000
Paid-In Capital in
Excess of Par—Common Stock
2,000,000
Retained
Earnings
45,000,000
The board of directors declared a 2% stock dividend when the
market price of the stock was $135 per share.
Required:
(1)
Journalize the entries to
record:*
(a)
Declaration of the dividend,
capitalizing an amount equal to market value
(b)
Issuance of the stock
certificates
(2)
Determine the following...
Selected balance sheet account balances are:
Selected balance sheet account
balances are:
VIZQUEL COMPANY
December 31
2002
2001
Cash
$
200,000
$ 300,000
Accounts
Payable
60,000
80,000
Accounts Receivable
180,000
140,000
Salaries
Payable
12,000
6,000
Land
120,000
140,000
Merchandise
Inventory
100,000
160,000
Prepaid
Rent
50,000
45,000
Unearned Consulting
Revenue
70,000
50,000
Income statement items for the year are:
Sales
$800,000
Consulting
Fees
$200,000
Cost of Goods...
Stockholders' Equity Section of Balance Sheet The following accounts and their balances appear in the ledger...
Stockholders' Equity Section of Balance Sheet
The following accounts and their balances appear in the ledger
of Goodale Properties Inc. on June 30 of the current year:
Common Stock, $15 par
$792,000
Paid-In Capital from Sale of Treasury Stock
32,500
Paid-In Capital in Excess of Par—Common Stock
21,120
Retained Earnings
1,243,000
Treasury Stock
16,340
Prepare the Stockholders’ Equity section of the balance sheet as
of June 30 using Method 1 of Exhibit 8. Eighty thousand shares of
common stockare authorized,...
The Baldwin company currently has the following balances on their balance sheet: Assets $238,840 Common Stock...
The Baldwin company currently has the following balances on
their balance sheet:
Assets $238,840
Common Stock $54,392
Retained earnings $44,109
Suppose next year the Baldwin Company generates $20,000 in net
profit, pays $10,000 in dividends, assets change to $151,000, and
common stock remains unchanged. What must their total liabilities
be next year?
A) 22,499
B)140,339
C)96,891
D)42,499
AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet: Common...
AIM Inc. showed the following equity account balances on the
December 31, 2019, balance sheet:
Common shares, unlimited authorized shares, 861,000 shares
issued and outstanding
$
7,404,600
Retained earnings
2,144,800
During 2020, the following selected transactions occurred:
Feb.
10
Repurchased and retired 163,800 common shares at $10.00 per
share; this is the first retirement recorded by AIM.
May
15
Declared a 2:1 share split to shareholders of record on June 1,
distributable June 15.
Dec.
1
Declared a 10% share...
AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet: Common...
AIM Inc. showed the following equity account balances on the
December 31, 2019, balance sheet:
Common shares, unlimited authorized shares, 788,500 shares
issued and outstanding
$
7,254,200
Retained earnings
1,984,700
During 2020, the following selected transactions
occurred:
Feb.
10
Repurchased and retired 162,200 common shares at $10.00 per
share; this is the first retirement recorded by AIM.
May
15
Declared a 2:1 share split to shareholders of record on June 1,
distributable June 15.
Dec.
1
Declared a 10% share...
Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in...
Multiple-step income statement and balance sheet
The following selected accounts and their current balances
appear in the ledger of Kanpur Co. for the fiscal year ended June
30, 20Y7:
Cash
$125,600
Retained Earnings
$553,800
Accounts Receivable
335,000
Dividends
75,200
Inventory
381,900
Sales
4,601,900
Estimated Returns Inventory
5,000
Cost of Goods Sold
2,661,800
Office Supplies
11,800
Sales Salaries Expense
748,500
Prepaid Insurance
9,200
Advertising Expense
205,800
Office Equipment
276,500
Depreciation Expense—
Store Equipment
40,100
Accumulated Depreciation—
Office Equipment
187,900
Miscellaneous Selling...
Multiple-Step Income Statement and balance sheet The following selected accounts and their current balances appear in...
Multiple-Step Income Statement and balance sheet
The following selected accounts and their current balances
appear in the ledger of Kanpur Co. for the fiscal year ended June
30, 2019:
Cash
$92,000
Gerri Faber, Drawing
$300,000
Accounts Receivable
450,000
Sales
8,925,000
Merchandise Inventory
370,000
Cost of Merchandise Sold
5,620,000
Estimated Returns Inventory
5,000
Sales Salaries Expense
850,000
Office Supplies
10,000
Advertising Expense
420,000
Prepaid Insurance
12,000
Depreciation Expense—Store Equipment
33,000
Office Equipment
220,000
Miscellaneous Selling Expense
18,000
Accumulated Depreciation—Office Equipment
58,000...
Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in...
Multiple-step income statement and balance sheet
The following selected accounts and their current balances
appear in the ledger of Kanpur Co. for the fiscal year ended June
30, 20Y7:
Cash
$126,400
Retained Earnings
$557,100
Accounts Receivable
337,000
Dividends
75,700
Inventory
384,200
Sales
4,629,600
Estimated Returns Inventory
5,000
Cost of Goods Sold
2,677,900
Office Supplies
11,900
Sales Salaries Expense
753,000
Prepaid Insurance
9,200
Advertising Expense
207,100
Office Equipment
278,200
Depreciation Expense—
Store Equipment
40,300
Accumulated Depreciation—
Office Equipment
189,000
Miscellaneous Selling...
The following CR account balances appeared in the balance sheet of Johns Jacks Ltd as at...
The following CR account balances appeared in the balance sheet
of Johns Jacks Ltd as at 30 June 2007:
$ Paid-up capital (1 000 000 ordinary shares) 1 000 000
Retained profits 350 000
Asset revaluation reserve 600 000
General Reserve 50 000
The following selected transactions took place during the financial
year ended 30 June 2007.
1 July: A 1:4 bonus share dividend, valued at $2.00 per share, is
declared (using funds from the asset revaluation reserve account)
and...
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