The annual report for Sneer Corporation disclosed that thecompany declared and paid preferred dividends in the amount of$290,000 in the current year. It also declared and paid dividendson common stock in the amount of $1.10 per share. During thecurrent year, Sneer had 1 million common shares authorized; 490,000shares had been issued; and 271,000 shares were in treasury stock.The opening balance in Retained Earnings was $710,000 and NetIncome for the current year was $210,000.
Prepare journal entries to record the declaration, and payment,of dividends on (a) preferred and (b) commonstock. (If no entry is required for a transaction/event,select "No Journal Entry Required" in the first accountfield.)
1.
Record the declaration of a cash dividend of $290,000 to thepreferred stockholders.
2.
Record the payment of the cash dividend to the preferredstockholders.
3.
Record the declaration of a cash dividend of $1.10 per share tothe common stockholders payable on the shares outstanding.
4.
Record the payment of the cash dividend to the commonstockholders.
| The annual report for Sneer Corporation disclosed that thecompany declared and paid preferred dividends in the amount of$290,000 in the current year. It also declared and paid dividendson common stock in the amount of $1.10 per share. During thecurrent year, Sneer had 1 million common shares authorized; 490,000shares had been issued; and 271,000 shares were in treasury stock.The opening balance in Retained Earnings was $710,000 and NetIncome for the current year was $210,000. Prepare journal entries to record the declaration, and payment,of dividends on (a) preferred and (b) commonstock. (If no entry is required for a transaction/event,select "No Journal Entry Required" in the first accountfield.) 1. Record the declaration of a cash dividend of $290,000 to thepreferred stockholders. 2. Record the payment of the cash dividend to the preferredstockholders. 3. Record the declaration of a cash dividend of $1.10 per share tothe common stockholders payable on the shares outstanding. 4. Record the payment of the cash dividend to the commonstockholders. |
Related questions
The annual report for Sneer Corporation disclosed that thecompany declared and paid preferred dividends in the amount of$160,000 in the current year. It also declared and paid dividendson common stock in the amount of $2.60 per share. During thecurrent year, Sneer had 1 million common shares authorized; 360,000shares had been issued; and 154,000 shares were in treasury stock.The opening balance in Retained Earnings was $860,000 and NetIncome for the current year was $360,000.
-
| Prepare journal entries to record the declaration, and payment,of dividends on (a) preferred and (b) commonstock. (If no entry is required for a transaction/event,select "No Journal Entry Required" in the first accountfield.) - Using the information given above, prepare a statement ofretained earnings for the year ended December 31. |
Prepare the journal entry to record Jevonte Companyâs issuanceof 43,000 shares of its common stock assuming the shares havea: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| a. | $2 par value and sell for $21cash per share. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| b. | $2 stated value and sell for $21 cash per share. Journal Entry Worksheet Record the issuance of 43,000 shares of common stock assumingthe shares have a $2 par value and sell for $21 cash per share.
*Enter debits before credits Journal Entry Worksheet Record the issuance of 43,000 shares of common stock assumingthe shares have a $2 par value and sell for $21 cash per share.
*Enter debits before credits
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rodriguez Corporation issues 6,000 shares of its common stockfor $63,500 cash on February 20. Prepare journal entries to recordthis event under each of the following separate situations. |
| 1. | The stock has a $4 parvalue. |
| 2. | The stock has neither par norstated value. |
| 3. | The stock has a $2 statedvalue. |
Journal Entry Worksheet
Record the issue of 6,000 shares of $4 par value common stockfor $63,500 cash.
Record the issue of 6,000 shares of no-par, no-stated valuecommon stock for $63,500 cash.
Record the issue of 6,000 shares of $2 stated value common stockfor $63,500 cash.
| |||||||||||||||||||||||||
|
*Enter debits before credits
Journal Entry Worksheet
Record the issue of 6,000 shares of $4 par value common stockfor $63,500 cash.
Record the issue of 6,000 shares of no-par, no-stated valuecommon stock for $63,500 cash.
Record the issue of 6,000 shares of $2 stated value common stockfor $63,500 cash.
| |||||||||||||||||||||||||
|
*Enter debits before credits
Journal Entry Worksheet
Record the issue of 6,000 shares of $4 par value common stockfor $63,500 cash.
Record the issue of 6,000 shares of no-par, no-stated valuecommon stock for $63,500 cash.
Record the issue of 6,000 shares of $2 stated value common stockfor $63,500 cash.
| |||||||||||||||||||||||||
|
*Enter debits before credits
| Match each description 1 through 6 with the characteristic ofpreferred stock that it best describes in the dropdown next to eachdescription.
|
