On Oct. 1, 2023, the board of directors of Marge Inc. declared a $1.50 per share cash dividend on 55,000 shares of $1 par value common stock. The dividend will be paid to stockholders' who own shares on Dec. 31, 2023. The dividend will be paid on Feb. 1, 2024. What journal entry, if any, is required on each of the following dates? a. Oct. 1, 2023 b. Dec. 31, 2023 c. Feb. 1, 2024
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- The controller of Red Lake Corporation has requested assistance in determining income, basic earnings per share, and diluted earnings per share for presentation on the companys income statement for the year ended September 30, 2020. As currently calculated, Red Lakes net income is 540,000 for fiscal year 2019-2020. Your working papers disclose the following opening balances and transactions in the companys capital stock accounts during the year: 1. Common stock (at October 1, 2019, stated value 10, authorized 300,000 shares; effective December 1, 2019, stated value 5, authorized 600,000 shares): Balance, October 1, 2019issued and outstanding 60,000 shares December 1, 201960,000 shares issued in a 2-for-l stock split December 1, 2019280,000 shares (stated value 5) issued at 39 per share 2. Treasury stockcommon: March 3, 2020purchased 40,000 shares at 38 per share April 1, 2020sold 40,000 shares at 40 per share 3. Noncompensatory stock purchase warrants, Series A (initially, each warrant was exchangeable with 60 for 1 common share; effective December 1, 2019, each warrant became exchangeable for 2 common shares at 30 per share): October 1, 201925,000 warrants issued at 6 each 4. Noncompensatory stock purchase warrants, Series B (each warrant is exchangeable with 40 for 1 common share): April 1, 202020,000 warrants authorized and issued at 10 each 5. First mortgage bonds, 5%, due 2029 (nonconvertible; priced to yield 5% when issued): Balance October 1, 2019authorized, issued, and outstandingthe face value of 1,400,000 6. Convertible debentures, 7%, due 2036 (initially, each 1,000 bond was convertible at any time until maturity into 20 common shares; effective December 1, 2019, the conversion rate became 40 shares for each bond): October 1, 2019authorized and issued at their face value (no premium or discount) of 2,400,000 The following table shows the average market prices for the companys securities during 2019-2020: Adjusted for stock split Required: Prepare a schedule computing: 1. the basic earnings per share 2. the diluted earnings per share that should be presented on Red Lakes income statement for the year ended September 30, 2020 A supporting schedule computing the numbers of shares to be used in these computations should also be prepared. Assume an income tax rate of 30%.The board of directors of Blue Spruce Corp. declared a cash dividend of $2.45 per share on 32000 shares of common stock on July 15, 2020. The dividend is to be paid on August 15, 2020, to stockholders of record on July 31, 2020. The effects of the journal entry to record the payment of the dividend on August 15, 2020, are toPREPARE JOURNAL ENTRIES AND T-ACCOUNTS PROBLEM 1: You were assigned to audit the shareholders’ equity of Glory Inc. for the year endedDecember31, 2019. Glory Corp. was incorporated in early 2018 when it was authorized by SEC to issue500,000 ordinary shares (P10 par) and 100,000 convertible preference shares (P20 par). The followingschedule reflects the company’s capital balances as of December 31, 2018:Ordinary shares, 100,000 shares issued during the company’s P 1,400,000incorporation in exchange of a land with a fair value of P1.4 M.Preference shares, 50,000 shares issued during the company’s 2,500,000incorporation at P50 per share. Each preference share is convertibleto four ordinary sharesRetained earnings, which is the company’s net income in 2018 540,000Total shareholders’ equity P 3,440,000Your inquiries and investigation revealed the following transactions, which occurred in 2019:a. On January 15, the company reacquired 20, 000 ordinary shares (from the 2018 issue) at P22…
- On Oct. 1, 2022, the board of directors of Purple Inc. declared a $3.00 per share cash dividend on 95,000 shares of $1 par value common stock. The dividend will be paid to stockholders who own shares on Dec. 31, 2022. The dividend will be paid on Feb. 1, 2023. What journal entry, if any, is required on each of the following dates? a. Oct. 1, 2022 b. Dec. 31, 2022 c. Feb. 1, 2023The board of directors of Bramble Corp. declared a cash dividend of $1.30 per share on 36000 shares of common stock on July 15, 2020. The dividend is to be paid on August 15, 2020, to stockholders of record on July 31, 2020. The correct entry to be recorded on August 15, 2020, will include aSHOW THE JOURNAL ENTRY OF A AND B! Your inquiries and investigation revealed the following transactions, which occurred in 2019: a. On January 15, the company reacquired 20, 000 ordinary shares (from the 2018 issue) at P22 per share and reverted them to treasury since it intends to reissue the same. b. On February 11, the company reissued 4,000 treasury shares at P28 per share. c. On March 5, the company reissued 6,000 treasury shares at P19 per share. d. On April 1, the company retired 5,000 treasury shares. e. On May 12, 20,000 preference shares were converted to ordinary shares. f. On June 9, 15,000 shares were subscribed for a total amount of P175,000 g. On July 4, a 2 for 1 share split was affected for the ordinary share. h. On August 8, the company reissued 3,000 treasury shares at P8 per share. i. The company issued 4,000 ordinary shares for P11 per share. j. The company registered an adjustments net income in 2019 at P830,000. SHOW THE JOURNAL ENTRY OF A AND B!
- The Board of Directors of GHI Corporation declared an annual dividend of P5 per share on 50,000 shares of P10 par value ordinary shares issued and outstanding at their meeting on December 10, 2020. This is payable on March 31,2021 to shareholders of record on December 31,2020.5. Which of the following is the correct entry to be made on March 31, 2021. * O Debit Dividends Payable P250,000 and Credit Cash P250,000 O Debit Dividends Payable P500,000 and Credit Retained Earnings P500,000 Debit Retained Earnings P250,000 and Credit Dividends Payable P250,000 No entry should be made because the books have already been updated on December 31, 2020Roush Inc. has 100,000 shares of $5 par value common stock issued and outstanding. On July 1, 2019 the board of directors of Roush, Inc. authorizes a $.33 per share dividend to shareholders of record on July 31, 2019. The dividend will be paid August 20, 2019. What is the entry on August 20, 2019? Select one: O a. Dr. Dividends Payable $500,000. Cr. Cash $500,000 O b. Dr. Cash Dividends $33,000. Cr. Dividends Payable $33,000 Oc. Dr. Dividends Payable $33,000. Cr. Cash $33,000 Od. No entry is necessary Oe. None of the above Roush Inc. has 100,000 shares of $5 par value common stock issued and outstanding. On July 1, 2019 the board of directors of Roush, Inc, authorizes a $.33 per share dividend to shareholders of record on July 31, 2019. The dividend will be paid August 20, 2019. What is the entry on July 31, 2019? Select one: Oa. Dr. Cash Dividends $33,000. Cr. Dividends Payable $33,000 O b. Dr. Dividends Payable $500,000. Cr. Cash Dividends $500,000 Oc. No entry is necessary Od. Dr.…A. Bingo Corporation's board of directors declared a P950,000 cash dividend on March 1, 2018, payable on June 1, to shareholders of record on March 15. Prepare all appropriate entries needed on the declaration, record, and payment dates.
- The following transactions were taken from the records of Marimar Company for you to prepare a statement of changes in equity for the year ended December 31, 2019. After preparing the statement of changes in equity, provide a paragraph explaining the importance of providing this information to the varied users of financial statements. On January 1, 2019, Marimar company had 3,000,000 authorized ordinary shares of P5 par, of which 1,000,000 shares were issued and outstanding on that date. Account balances appear for the shareholders’ equity items of Marimar company on January 1, 2019:Ordinary share capital 5,000,000Share Premium 3,750,000Retained Earnings 1,625,000 The following transactions transpired during the year:January 6 Iissued at P54 per share, 50,000 shares of P50 par, 9% cumulative, convertible preference share capital. Marimar had 125,000 authorized preference shares. Feb. 3…Following is a recent Tangent press release: MINNEAPOLIS, March 12, 2020 /PRNewswire/—The board of directors of Tangent Corporation has declared a quarterly dividend of 82 cents per common share. The dividend is payable June 10, 2020, to shareholders of record at the close of business May 20, 2020. Prepare the journal entries Tangent used to record the declaration and payment of the cash dividend for its 500 million shares.The stockholders' equity accounts of Whispering Company have the following balances on December 31, 2025. Common stock, $10 par, 304,000 shares issued and outstanding Paid-in capital in excess of par-common stock Retained earnings a. Shares of Whispering Company stock are currently selling on the Midwest Stock Exchange at $40. Prepare the appropriate journal entries for each of the following cases. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) b. C. $3,040,000 A stock dividend of 7% is (1) declared and (2) issued. A stock dividend of 100% is (1) declared and (2) issued. A 2-for-1 stock split is (1) declared and (2) issued. 1,290,000 5,340,000