Chapter 10 Review Transactions. Current stock information: Preferred 6% stock, $100 par, 10,000 shares authorized, 4,000 issued and outstanding. Common.

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Presentation transcript:

Chapter 10 Review Transactions

Current stock information: Preferred 6% stock, $100 par, 10,000 shares authorized, 4,000 issued and outstanding. Common stock, $50 par; 50,000 shares authorized, 20,000 issued and outstanding. Declared the annual 6% cash dividend to preferred stockholders and a $3 cash dividend to common stockholders. Declared the dividend on Oct 1, payable on Oct 31 to stockholders of record on Oct 15. Minute Book p. 596, Check 902. Record the entry for the Oct 1, Oct 15 and the Oct 31 activity. 1*2

Current stock information: Preferred 6% stock, $100 par, 10,000 shares authorized, 4,000 issued and outstanding. Common stock, $50 par; 50,000 shares authorized, 20,000 issued and outstanding. Declared the annual 6% cash dividend to preferred stockholders and a $3 cash dividend to common stockholders. Declared the dividend on Oct 1, payable on Oct 31 to stockholders of record on Oct 15. Minute Book p. 596, Check 902. Record the entry for the Oct 1, Oct 15 and the Oct 31 activity. Oct 1Dr Dividends-Preferred24,000 Dr Dividends – Common60,000 Cr Dividends-Payable Preferred24,000 Cr Dividends-Payable Common60,000 MB 596 Oct 15 – NO ENTRY Oct 31Dr Dividends-Payable Preferred24,000 Dr Dividends Payable-Common60,000 Cr Cash84,000 Ck 902

Current stock information: Preferred 6% stock, $100 par, 10,000 shares authorized, 4,000 issued and outstanding. Common stock, $60 par; 60,000 shares authorized, 15,000 issued and outstanding. November 15, the board of directors declared and distributed a 3-for-1 stock split on all common stock, Minute Book p Determine the new # of authorized and issued/outstanding shares after the split Determine the new par value after the split Record the entry for the declaration and distribution of the stock split. 2*2

Current stock information: Preferred 6% stock, $100 par, 10,000 shares authorized, 4,000 issued and outstanding. Common stock, $60 par; 60,000 shares authorized, 15,000 issued and outstanding. November 15, the board of directors declared and distributed a 3-for-1 stock split on all common stock, Minute Book p Determine the new # of authorized and issued/outstanding shares after the split Determine the new par value after the split Record the entry for the declaration and distribution of the stock split. 60,000 * 3/1 = 180,000 authorized 15,000 * 3/1 = 45,000 issued/outstanding $60/(3/1) = ($60*1)/3 = $20 new par value Nov 15 Dr Common Stock ($60)900,000 Cr Common Stock ($20)900,000 MB 602

Bought 3,000 shares of company’s own common stock for $50 per share, Check 890 3A

Bought 3,000 shares of company’s own common stock for $50 per share, Check 890 Dr Treasury Stock150,000 Cr Cash150,000 Ck 890

Sold 500 shares of the treasury stock for $44 per share, Rec B

Sold 500 shares of the treasury stock for $44 per share, Rec 1045 Dr Cash22,000 Dr Pd-in-Capital from Sale of Treasury Stock 3,000 Cr Treasury Stock25,000 Rec 1045

Reissued 1,000 shares of the treasury stock to employees as a bonus, Memo 120 3C

Reissued 1,000 shares of the treasury stock to employees as a bonus, Memo 120 Dr Bonus to Employees50,000 Cr Treasury Stock50,000 Memo 120

On August 1, the board of directors declared a 7% preferred stock dividend to be distributed on Sept 30 to stockholders of record on Sept 1. Presently, there are 20,000 shares authorized, 10,000 shares issued of $30-par preferred stock. The current market price is $32. Record entries for the Aug 1, Sept 1 and Sept 30 activities. Minute Book p. 343 Determine the net effect to the RE balance? Determine the net effect to the Total SE $ amount? 4*2

On August 1, the board of directors declared a 7% preferred stock dividend to be distributed on Sept 30 to stockholders of record on Sept 1. Presently, there are 20,000 shares authorized, 10,000 shares issued of $30-par preferred stock. The current market price is $32. Record entries for the Aug 1, Sept 1 and Sept 30 activities. Minute Book p. 343 Determine the net effect to the RE balance? Determine the net effect to the Total SE $ amount? Aug 1 Dr Retained Earnings 22,400 Cr Pre Stock Div Distributable 21,000 Cr Pd-in-Cap in Exc of Par Pref 1,400 MB 343 Sept 1 NO ENTRY Sept 30 Dr Preferred Stock Dividend Dist 21,000 Cr Preferred Stock21,000 RE Balance – Decreases $22,400 Total SE $ = No Change