On January 1, 2016, Alpha Corporation had 100,000 shares of common stock outstanding. On April 15,...

On January 1, 2016, Alpha Corporation had 100,000 shares of common stock outstanding. On April 15, the board declared a $0.30 per share dividend to be paid to stockholders of record on May 4. The dividend was distributed on May 15. Use this information to prepare the General Journal entries (without explanation) for April 15 & May 15. If no entry is required then write "No Entry Required."

Expert Solution

Answer-a)- Journal Entry:-15 April

Dividends (100000 shares*$0.30 per share) Debit $30000

Dividend payable Credit $30000

b)- 15 May

Dividend payable Debit $30000

Cash Credit $30000

ekkarill92 answered 9 months ago

On January 1, 2016, Alpha Corporation had 300,000 shares of common stock outstanding with a par...

On January 1, 2016, Alpha Corporation had 300,000 shares of common stock outstanding with a par value of $3 per share. On March 31, Alpha Corporation declared a 10% stock dividend when the market value was $8 per share. Use this information to prepare the General Journal entry (without explanation) for March 31. If no entry is required then write "No Entry Required."

On January 1, 2019, UMB Corporation had 1,000,000 shares of common stock outstanding. On April 1,...

On January 1, 2019, UMB Corporation had 1,000,000 shares of common stock outstanding. On April 1, the corporation issued 200,000 new shares to raise additional capital. On July 1, the corporation declared and issued a 2-for-1 stock split. On Nov. 1, the corporation purchased 600,000 treasury shares from the market. In addition, in 2018, UMB issued 5,000, $1,000 face value, 10% 10-year convertible bonds at par value. Each bond is convertible into 100 shares of common stock. The par value...

On January 1, 2021, Shamu Corporation had 100,000 shares of common stock outstanding. The following transactions...

On January 1, 2021, Shamu Corporation had 100,000 shares of common stock outstanding. The following transactions occurred during 2021: March 1: Reacquired 2,300 shares, accounted for as treasury stock. September 30: Sold all the treasury shares. December 1: Sold 11,300 new shares for cash. December 31: Reported a net income of $191,500. The following transactions occurred during 2022: January 10: Declared and issued a 30% stock dividend. December 31: Reported a net income of $261,800. Required: Calculate Shamu's basic earnings...

On January 1, 2020, Sunland Manufacturers had 342,000 common shares outstanding. On April 1, the corporation...

On January 1, 2020, Sunland Manufacturers had 342,000 common shares outstanding. On April 1, the corporation issued 34,200 new common shares to raise additional capital. On July 1, the corporation declared and distributed a 10% stock dividend on its common shares. On November 1, the corporation repurchased on the market 9,900 of its own outstanding common shares to make them available for issuances related to its key executives’ outstanding stock options. a) Calculate the weighted average number of shares outstanding...

On January 1, 2020, Blossom Manufacturers had 366,000 common shares outstanding. On April 1, the corporation...

On January 1, 2020, Blossom Manufacturers had 366,000 common shares outstanding. On April 1, the corporation issued 36,600 new common shares to raise additional capital. On July 1, the corporation declared and distributed a 10% stock dividend on its common shares. On November 1, the corporation repurchased on the market 8,400 of its own outstanding common shares to make them available for issuances related to its key executives’ outstanding stock options. Your answer is correct. Calculate the weighted average number...

On January 1, 2018, Algerian Delivery had 100,000 shares of common stock outstanding. The following transactions...

On January 1, 2018, Algerian Delivery had 100,000 shares of common stock outstanding. The following transactions occurred during 2018: March 1: Reacquired 3,500 shares, accounted for as treasury stock. September 30: Sold all the treasury shares. December 1: Sold 12,500 new shares for cash. December 31: Reported a net income of $302,750. What is Algerian Deliverys earnings per share for the year ending in December 31,2018

Paul Company had 100,000 shares of common stock outstanding on January 1, 2021. On September 30,...

Paul Company had 100,000 shares of common stock outstanding on January 1, 2021. On September 30, 2021, Paul sold 38,000 shares of common stock for cash. Paul also had 5,000 shares of convertible preferred stock outstanding throughout 2021. The preferred stock is $100 par, 5%, and is convertible into 3 shares of common for each shares of preferred. Paul also had 400, 7% convertible bonds outstanding throughout 2021. Each $1000 bond is convertible into 30 shares of common stock. The...

On January 1, 2019, Warren Corporation had 500,000 shares of common stock outstanding. On Apr 1,...

On January 1, 2019, Warren Corporation had 500,000 shares of common stock outstanding. On Apr 1, the corporation issued 100,000 new shares to raise additional capital. On June 1, the corporation declared and issued a 2-for-1 stock split. On October 1, the corporation purchased on the market 300,000 of its own outstanding shares and retired them. Instructions Compute the weighted average number of shares to be used in computing earnings per share for 2019.

On January 1, 2018, Warren Corporation had 1,000,000 shares of common stock outstanding. On March 1,...

On January 1, 2018, Warren Corporation had 1,000,000 shares of common stock outstanding. On March 1, the corporation issued 160,000 new shares to raise additional capital. On July 1, the corporation declared and issued a 2-for-1 stock split. On October 1, the corporation purchased on the market 520,000 of its own outstanding shares and retired them. Compute the weighted average number of shares to be used in computing earnings per share for 2018. Weighted average number of shares

On January 1, 2020, ABC Corporation had 990,000 shares of common stock outstanding. On March 1,...

On January 1, 2020, ABC Corporation had 990,000 shares of common stock outstanding. On March 1, the corporation issued 150,000 new shares to raise additional capital. On May 1, the company issued a 5% stock dividend. On July 1, the corporation declared and issued a 3-for-1 stock split. On October 1, the corporation repurchased on the market 400,000 of its own outstanding shares and retired them. Instructions Compute the weighted average number of shares to be used in computing earnings...

Question