Blossom Developments is authorized to issue 500,000 shares. To date, the company has 178,600 shares issued and 142,700 outstanding, Blossom is considering declaring a dividend to its common shareholders. Management is recommending that the board of directors consider the following options at the next meeting, scheduled for March 1: 1. 2. The board of directors should approve a motion directing the company to pay a dividend of $0.50 per share on May 1 to shareholders of record on April 15; or The board should approve a motion directing the company to declare a 10% stock dividend. Blossom would distribute 1 common share for every 10 common shares currently held. The company's common shares are currently selling for $47 per share.
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- (4) On March 15, the board of directors of Beer, Inc. declared a $0.20 per-share dividend on its common stock to shareholders of record on March 31, payable on April 15. Beer has 40,000 shares of stock authorized, 25,000 shares issued, and 18,000 shares outstanding. Please select TWO of the following dates and show what the journal entries should look like. Make sure you label which ones you have selected. Date of Declaration: Date of Record: Date of Payment:On July 1, 2020, Phoenix company offers to issue their accountant 800 common shares at their current market value of $12 per share, to equal the fair value of $9,600. The accountant accepts the offer of shares in exchange for accounting services. Record the journal entry for the issuance of shares. Select one: a. Debit Cash $9,600, Credit Common Shares $9,600 b. Debit Accounting Fees Expense $9,600, Credit Cash $9,600 c. Debit Accounting Fees Expense $9,600, Credit Common Shares $9,600 d. Debit Cash $9,600, Credit Service Revenue $9,600The owners are desirous of comparing several financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020 and that Mulatto Company’s charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative preferred stock. Issued 65,000 shares of common stock. Stock has par value of 0.40 per share and was issued at $30 per share. Issued 10,000 shares of preferred stock at par value as payment in exchange for legal services. Exchanged 200,000 shares of common stock for land with an appraised value of $500,000 and a building with an appraised value of $700,000. Earned Net income $750,000. Paid dividends to preferred shareholders as well as $2 per share to common stockholders. Using the info above and as a guide: 2. Prepare the journal entries with narrations to record the following: The issuances of stock. Close out net income to retained earnings.…
- On March 1, 2020, Seokjin Corporation received subscription for 1,600 Preference Shares with P 300 par value at P 308 per share. During the month, the corporation issued 2,100 Preference shares at P 330 per share. The corporation also received subscription for 1,000 Preference shares at par and then collected the full payment from half of these subscribers after a week of the same month. If the corporation was authorized to issue 7,000 shares, how many shares are still available for subscription?On August 15, 2021, EasyMoney, Inc.s Board of Directors meets. and declares that EasyMoney will pay a dividend to its stockholders. Each share of EasyMoney's Common Stock will be paid a dividend of $1.25 per share. There are currently 100,000 shares of EasyMoney's Common Stock held by EasyMoney's shareholders. The following are the facts related to this dividend: D Dividend per Share D Date of Declaration > Date of Record D Date of Payment $1.25 August 15, 2021 Septembe5, 2021 September 20, 2021 The following is a partial list of the accounts in EasyMoney, Inc.'s General Ledger. These are the only accounts you need for this problem. > Cash D Dividends Payable > Retained Eamings As of August 1, 2021, the Beginning Balance in the Dividends Payable account is $0 and the Beginning Balance in the Retained Eamings account is $625,000. ording Dividends uirement 1 August 15 Dividend declaration entry Date Account Hame Debir Credi B. Alter posting the abovsOn August 15, 2021, EasyMoney, Inc.'s Board of Directors meets and declares that EasyMoney will pay a dividend to its stockholders. Each share of EasyMoney's Common Stock will be paid a dividend of $1.25 per share. There are currently 100,000 shares of EasyMoney's Common Stock held by EasyMoney's shareholders. The following are the facts related to this dividend: D Dividend per Share D Date of Declaration D Date of Record D Date of Payment $1.25 August 15, 2021 September 5, 2021 September 20, 2021 The following is a partial list of the accounts in EasyMoney, Inc.'s General Ledger. These are the only accounts you need for this problem. D Cash D Dividends Payable > Retained Earnings As of August 1, 2021, the Beginning Balance in the Dividends Payable account is $0 and the Beginning Balance in the Retained Earnings account is $625,000.
- terms of the issue are that $1.00 is to be paid on application and the remaining $1.00 within one month ofallotment.Applications are received for 36 million shares during July 2019. The directors allot 30 million shares on 15August 2019. The shares were allotted on a first-come, first-serve basis. The directors refunded the applicationmoney for 6 million shares on 15 August 2019. The amounts payable on the allotment are due by 20 September2019.By 20 September 2019, the holders of 5 million shares have failed to pay the amounts due on allotment. Thedirectors forfeit the shares on 30 September 2019. The shares are resold on 15 October 2019 as fully paid. Anamount of $1.90 per share is received. The remaining balance of forfeited shares were refunded on 20 October2019.RequiredProvide the journal entries necessary to account for the above transactions and events.Question 4(a) Where the parent company does not hold 100 percent equity of the subsidiary company, what portion of theintra-group…Madona Ltd. begins operations on March 1, 2020, by issuing 1,500,000 shares of $5 par value ordinary shares for cash at $10 per share. The company is authorized to issue 2 million ordinary shares.On April 15, 2020, Madona Ltd. issues 10,000, 4% $20 par value preference shares to attorneys in settlement of their bill of $700,000 for organization costs. The company is authorized to issue 500,000 preference shares.On October 1, 2020, Madona acquires 500,000 shares of its stock at $12 per share. On November 1, 2020, Madona sell 200,000 shares of its treasury stocks at $13 per share. On December 1, 2020, Madona sell another 200,000 treasury stocks at $10.5 per share. At the end of its first year of operation, Madona reported a net income of $500,000. On December 22, 2020, Madona declares a 1% stock dividend and on this day, the stock market value of ordinary shares is $10 per share. On December 31, 2020, the company distributes the stock dividends. Prepare the equity section of Madona Ltd…Sintok Niaga Bhd issues 40,000 shares at RM1 each during the year ended 31 December 2019. The applications are received with full payment on October 31, 2019 for 100,000 shares. The shares are subsequently allotted on December 31, 2019 to the successful applicants, while unsuccessful applicants are refunded at the same date. Show the journal entries to record the transactions. Maxwell had the following transactions pertaining to its ordinary shares during the first year of operations. Jan 10 Issued 80,000 shares for cash at RM6 per share. Mar 1 Issued 5,000 shares to lawyer in payment of a bill for RM40,000 for services rendered in helping the company to incorporate. July 1 Issued 30,000 shares for cash at RM8 per share. Sep 1 Issued 60,000 shares for cash at RM10 per share. REQUIRED: Prepare the journal entries to record the transactions.
- Aqua Ltd issues a prospectus inviting the public to subscribe for 30 million ordinary shares of $2.00 each. The terms of the issue are that $1.00 is to be paid on application and the remaining $1.00 within one month ofallotment. Applications are received for 36 million shares during July 2019. The directors allot 30 million shares on 15 August 2019. The shares were allotted on a first-come, first-serve basis. The directors refunded the application money for 6 million shares on 15 August 2019. The amounts payable on the allotment are due by 20 September 2019. By 20 September 2019, the holders of 5 million shares have failed to pay the amounts due on allotment. The directors forfeit the shares on 30 September 2019. The shares are resold on 15 October 2019 as fully paid. An amount of $1.90 per share is received. The remaining balance of forfeited shares were refunded on 20 October 2019. Please answer the below: 1: Provide the journal entries necessary to account for the above transactions…The company is desirous of comparing serval financial transactions and possible outcomes to assist in guiding its decision-making process. It is assumed that the company will be formed on January 1, 2021 and registered as Osbourne Corporation. The company’s charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative preferred stock. Issued 45,500 shares of common stock. Stock has par value of $0.30 per share and was issued at $30 per share. Issued 8,000 shares of preferred stock at par value as payment in exchange for legal services. Exchanged 160,000 shares of common stock for land with an appraised value of $ 400,000.00 and a building with an appraised value of $ 650,000.00. Earned Net income $650,000.00. Paid dividends to preferred shareholders as well as $2 per share to common stockholders. Using the info above and as a guide: Prepare the journal entries with narrations to record the following: The issuances of stock. Close out net…The company is desirous of comparing serval financial transactions and possible outcomes to assist in guiding its decision-making process. It is assumed that the company will be formed on January 1, 2021 and registered as Osbourne Corporation. The company’s charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative preferred stock. Issued 65,000 shares of common stock. Stock has par value of 0.40 per share and was issued at $30 per share Issued 10,000 shares of preferred stock at par value as payment in exchange for legal services Exchanged 200,000 shares of common stock for land with an appraised value of $ 500,000 and a building with an appraised value of $700,000. Earned Net income $750,000. Paid dividends to preferred shareholders as well as $2 per share to common stockholders. Using the info above and as a guide: Prepare Osbourne Corporation Stockholders equity section of the balance sheet at December 31, 2021.…