ACCT201 Final CH.10

The ending Retained Earnings balance of Lambert Incorporated increased by $1.4 million from the beginning of the year. The company's net income earned during the year is $4.2 million. What is the amount of dividends Lambert Incorporated declared and paid?

$2.8 million

Clothing Emporium was organized on January 1, 2024. The firm was authorized to issue 190,000 shares of $8 par value common stock. During 2024, Clothing Emporium had the following transactions relating to stockholders' equity: Issued 57,000 shares of common stock at $10 per share Issued 38,000 shares of common stock at $11 per share Reported a net income of $190,000 Paid dividends of $95,000 What is total paid-in capital at the end of 2024?

$988,000

A company plans to raise $5,900,000 in an initial public offering of its common stock. The company is considering three options: a. Issue 118,000 shares of $1 par value common stock for $50 per share.b. Issue 590,000 shares of $1 par value common stock for $10 per share.c. Issue 1,180,000 shares of $1 par value common stock for $5 per share.

1 Cash5,900,000 Common Stock118,000 Additional Paid-in Capita 578200 2.Cash5,900,000Common Stock590,000Additional Paid-in Capital5,310,000 Cash5,900,000Common Stock1,180,000Additional Paid-in Capital4,720,000

Over the first four years of the company's life, the company earned the following net income (loss): $8,000; $2,000; $8,000, and $(1,000). If the company's ending retained earnings is $11,400 after year 4, what is the average amount of dividends paid per year?

1,400

Oregon Outfitters issues 1,500 shares of $1 par value common stock at $19 per share. Later in the year, the company decides to reacquire 250 shares at a cost of $19 per share. 1. Record the original issue of the 1,500 shares.2. Record the purchase of 250 shares.3. Record the entry if Oregon Outfitters resells the 250 shares of treasury stock at $25 per share. Required:Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

1. cash 28500 common stock 1500 additional 27000 2. tresury stock 4750 cash 4750 3. cash 6250 treasury 4750. additional 1500

Sweet Sixteen has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 125 shares of preferred stock and 2,400 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1Issue 2,400 additional shares of common stock for $19 per share. April 1Issue 175 additional shares of preferred stock for $34 per share. June 1Declare a cash dividend on both common and preferred stock of $0.70 per share to all stockholders of record on June 15.June 30Pay the cash dividends declared on June 1.August 1Purchase 175 shares of common treasury stock for $16 per share. October 1Reissue 125 shares of treasury stock purchased on August 1 for $18 per share.

1. cash 45.6k common 2400 add 43200 cash 5950 preffer 1750 addition 4200 3. dividends 3570 payble 3570 4. dividends pay 3570 cash 3570 5. treasury 2800 cash 2800 6. cash 2250 treasury 2000 add250 req 2 ; on phone

Environmental Designs issues 3,000 shares of its $1 par value common stock at $20 per share.Required:1. Record the issuance of the stock.2. Record the issuance of the stock assuming it is no-par value stock.(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

1. cash 60k common stock 3k additional paid 57k 2. cash 60k common stock 60k

Northwest Clothing Supply has the following transactions during the year related to stockholders' equity: January 1Issues 4,000 shares of no-par value common stock for $17 per shareMarch 15Issues 700 shares of $20 par value preferred stock for $24 per shareDecember 1Declares a cash dividend of $1 per share to all stockholders of record (both common and preferred) on December 15December 15Date of recordDecember 31Pays the cash dividend declared on December 1

1. cash 68k common stock 68k 2. cash 16800 prefered stock 14 additional 2800 3. divdends 4700 divdends payable 4700 4. date of record; no entry required 5. divdends payable 4700 cash 4700

Desert Apparel has 3,000 shares of common stock outstanding. On April 1, the company declares a $3 per share dividend to stockholders of record on April 15. The dividend is paid on April 30.Record all necessary entries on the appropriate dates for cash dividends. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

1. divdend 9k divdend payable 9k 2. no entry 3. divends payable 9k cash 9k

On May 15, Canadian Falcon declares a quarterly cash dividend of $0.18 per share payable on June 10 to all stockholders of record on May 31.Record Canadian Falcon's declaration and payment of cash dividends for its 200,000 shares of common stock. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

1. dividends 36k dividends 36k no entry required 3. dividends payble 36k cash 36k

A company designs and produces a line of golf equipment and golf apparel. The company has 100,000 shares of common stock outstanding as of the beginning of 2024. The company has the following transactions affecting stockholders' equity in 2024. March 1Issues 55,000 additional shares of $1 par value common stock for $52 per share.May 10Purchases 5,000 shares of treasury stock for $55 per share.June 1Declares a cash dividend of $1.50 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.)July 1Pays the cash dividend declared on June 1.October 21Resells 2,500 shares of treasury stock purchased on May 10 for $60 per share.

1March 01, 2024Cash2,860,000Common Stock55,000Additional Paid-in Capital2,805,000 2May 10, 2024Treasury Stock275,000Cash275,000 3June 01, 2024Dividends225,000Dividends Payable225,000 4July 01, 2024Dividends Payable225,000Cash225,000 5October 21, 2024Cash150,000Treasury Stock137,500Additional Paid-in Capital12,500

Roberto Designers was organized on January 1, 2024. The firm was authorized to issue 140,000 shares of $4 par value common stock. During 2024, Roberto had the following transactions relating to stockholders' equity: Issued 14,000 shares of common stock at $6 per share. Issued 28,000 shares of common stock at $7 per share. Reported a net income of $140,000. Paid dividends of $70,000. Purchased 2,500 shares of treasury stock at $9 (part of the 28,000 shares issued at $7). What is total stockholders' equity at the end of 2024?

327500

Fashion, Incorporated had a Retained Earnings balance of $11,000 at December 31, 2024. The company had an average income of $8,000 over the next 5 years, and an ending Retained Earnings balance of $12,000 at December 31, 2027. What was the total amount of dividends paid over the last five years?

39,000

Diane's Designs has two classes of stock authorized: 7%, $10 par value preferred and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 1Issue 100,000 shares of common stock for $17 per share.February 6Issue 900 shares of preferred stock for $15 per share.October 10Purchase 12,000 shares of its own common stock for $16 per share.November 12Resell 6,000 shares of treasury stock at $25 per share. Required:Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

cash 1.7m common stock 100k additional 1.6m 2. cash 13.5 perferred stock 9k additional 4500 3. treasury stock 192k cash 192 4. cash 150 treasury 96 additonal 54

A company began operations on January 1 and engages in the following transactions during the year related to stockholders' equity. January 1Issues 500 shares of common stock for $30 per share.April 1Issues 120 additional shares of common stock for $34 per share. Required:1. Record the transactions, assuming the company has no-par common stock.2. Record the transactions, assuming the company has either $1 par value or $1 stated value common stock.

cash 15k common 15 cash 4080 common 4080 re2. cash 15k com 500 additional 14500 cash 4080 common 120 add 3960

Tropical Rainwear issues 2,000 shares of its $20 par value preferred stock for cash at $22 per share.Record the issuance of the preferred shares. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

cash 44k preferred 40k additional 4k

he Shoe Exchange issues 5,000 shares of its $1 par value common stock to provide funds for further expansion. The issue price is $16 per share.Required:Record this transaction. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

cash 80k common Stock 5k additional paid in capital 75k

Court Casuals has 200,000 shares of common stock outstanding as of the beginning of the year and has the following transactions affecting stockholders' equity during the year: May 18Issues 22,000 additional shares of $1 par value common stock for $42 per share.May 31Purchases 5,000 shares of treasury stock for $42 per share.July 1Declares a cash dividend of $2 per share to all stockholders of record on July 15. Hint: Dividends are not paid on treasury stock.July 31Pays the cash dividend declared on July 1.August 10Resells 2,400 shares of treasury stock purchased on May 31 for $49 per share.

cash 924k common stock 22k additional 902 2. teasury 210k cash 210k 3. divdends 434k .cdivdends payable 434k 4.no entry required 5. divdend payable 434 cash 434 6. cash 117600 treasury stock 100800 additional 16800

A company has 1,100 shares of 5%, $100 par value preferred stock the company issued at the beginning of 2023. All remaining shares are common stock. The company was not able to pay dividends in 2023, but plans to pay dividends of $13,000 in 2024.Required:1. & 2. How much of the $13,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders in 2024, assuming the preferred stock is cumulative? What if the preferred stock were noncumulative?

cummulative 5500 5500 2k 13 not n/a 5500 7500 13k

The board of directors of Capstone Incorporated declared a $0.40 per share cash dividend on its $3 par common stock. On the date of declaration, there were 47,000 shares authorized, 23,000 shares issued, and 4,000 shares held as treasury stock.What is the entry when the dividends are declared? TransectionAccount TitleDebitCreditA.Dividends7,600 A.Dividends Payable 7,600B.Dividends7,600 B.Cash 7,600C.Dividends18,800 C.Dividends Payable 18,800D.Dividends9,200 D.Cash 9,200 Multiple Choice

divdends 7.6k divdends payable 7.6k

In its first five years of operations, a company reports the following net income and dividends (the first year is a net loss). Required:Calculate the balance of Retained Earnings at the end of each year. (Negative amounts should be indicated with a minus sign.)

net imcome -32k 47k 97k 139k 152k dividends 0 0 30k 30k 49k end -32 15k 82k 191k 294k

A company issued 1,900 shares of $4 par value preferred stock for $5 per share. What is true about the journal entry to record the issuance?

Credit Additional Paid-In Capital $1,900

A company issued 8,000 shares of $5 par value stock for $25 per share. What is true about the journal entry to record the issuance?

Credit Additional Paid-In Capital $160,000

On February 22, Brett Corporation acquired 180 shares of its $2 par value common stock for $24 each. On March 15, the company resold 63 shares for $26 each. What is true of the entry for reselling the shares?

Credit Additional Paid-in Capital $126

On December 20, Coley Corporation resold 1,500 shares for $13 each. Which of the following is correct regarding the journal entry for the resold shares?

Credit Treasury Stock $36,000

When a company issues 35,000 shares of $3 par value common stock for $30 per share, the journal entry for this issuance would include a:

Credit to Additional Paid-in Capital for $945,000.

A company has the following transactions during the year related to stockholders' equity. February 1Issues 4,400 shares of no-par common stock for $16 per share.May 15Issues 800 shares of $10 par value, 4.5% preferred stock for $13 per share.October 1Declares a cash dividend of $0.45 per share to all stockholders of record (both common and preferred) on October 15.October 15Date of record.October 31Pays the cash dividend declared on October 1. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

February 0 1Cash70,400 Common Stock70400 2.May 15Cash10,400Preferred Stock8,000Additional Paid-in Capital2,400 3.October 01Dividends2,340Dividends Payable2,340 4.no entry 5.October 31Dividends Payable2,340Cash2,340

A company has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2Issues 100,000 shares of common stock for $27 per share.February 6Issues 2,200 shares of 7% preferred stock for $13 per share.September 10Purchases 12,000 shares of its own common stock for $32 per share.December 15Resells 6,000 shares of treasury stock at $37 per share. Required:Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

January 02, 2024 Cash2,700,000Common Stock100,000Additional Paid-in Capital2,600,000 2February 06, 2024Cash28,600Preferred Stock22,000Additional Paid-in Capital6,600 September 10, 2024Treasury Stock384,000Cash384,000 4December 15, 2024Cash222,000Treasury Stock192,000Additional Paid-in Capital30,000

On March 15, a company declares a quarterly cash dividend of $0.085 per share payable on April 13 to all stockholders of record on March 30. Required:Record the company's declaration and payment of cash dividends for its 218 million shares. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. $5.5 million should be entered as 5,500,000).)

March 15 Dividends18,530,000Dividends Payable18,530,000 2March 30No Journal Entry Required 3April 13Dividends Payable18,530,000Cash18,530,000

On December 2, Coley Corporation acquired 4,000 shares of its $2 par value common stock for $28 each.On December 20, Coley Corporation resold 1,300 shares for $31 each. Which of the following is correct regarding the effect of the reselling of shares on the balance sheet?

Stockholders' Equity increases

Consider each of the following independent situations: Required:For each situation, calculate the missing amount.

began. 35400 513000 243000 net imcome 149k 204k 154k dividend 37k 54k 37k end 602k 396k 418k

A company designs and produces a line of golf equipment and golf apparel. The company has 100,000 shares of common stock outstanding as of the beginning of 2024. The company has the following transactions affecting stockholders' equity in 2024. March 1Issues 55,000 additional shares of $1 par value common stock for $52 per share.May 10Purchases 5,000 shares of treasury stock for $55 per share.June 1Declares a cash dividend of $1.50 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.)July 1Pays the cash dividend declared on June 1.October 21Resells 2,500 shares of treasury stock purchased on May 10 for $60 per share. The company has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Common Stock, $100,000; Additional Paid-in Capital, $4,500,000; and Retained Earnings, $2,000,000. Net income for the year ended December 31, 2024, is

on phone

Court Casuals has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Common Stock, $90,000; Additional Paid-in Capital, $4,200,000; and Retained Earnings, $3,000,000. Net income for the year ended December 31, 2024, is $800,000. Court Casuals has the following transactions affecting stockholders' equity in 2024: May 18Issues 26,000 additional shares of $1 par value common stock for $30 per share.May 31Purchases 4,500 shares of treasury stock for $45 per share.July 1Declares a cash dividend of $3 per share to all stockholders of record on July 15. Hint: Dividends are not paid on treasury stock.July 31Pays the cash dividend declared on July 1.August 10Resells 2,500 shares of treasury stock purchased on May 31 for $51 per share.

on phone

Hoop It Up has two classes of stock authorized: 4%, $20 par preferred, and $5 par value common. The following transactions affect stockholders' equity during 2024, Hoop It Up's first year of operations: February 2Issue 1.1 million shares of common stock for $26 per share. February 4Issue 510,000 shares of preferred stock for $23 per share.June 15Purchase 110,000 shares of its own common stock for $21 per share.August 15Resell 82,500 shares of treasury stock for $36 per share. November 1Declare a cash Required:1. Record each of these transactions.2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $4,810,000.

on phone

1. How many shares of preferred stock have been issued?2. How many shares of common stock have been issued?3. Total paid-in capital is $29.90 million. At what average price per share were the common shares issued?4. If retained earnings at the beginning of the period was $36 million and net income during the year was $10,240,000, how much was paid in dividends for the year?5. If the treasury stock was purchased at $16 per share, how many shares were purchased?6. How much was the dividend per share? (Hint: Dividends are not paid on treasury stock.)

req1. 0 2. 23,300,00 3.13 4.1,740,000 5. 125,000 6. .80