Business, 29.07.2020 05:01 s1004019694

A company has the following transactions during the year related to stockholders’ equity. February 1 Issues 5,000 shares of no-par common stock for $15 per share.
May 15 Issues 500 shares of $10 par value, 7.5% preferred stock for $12 per share.
October 1 Declares a cash dividend of $0.75 per share to all stockholders of record (both common and preferred) on October 15.
October 15 Date of record.
October 31 Pays the cash dividend declared on October 1.
Required:
Record each of these transactions.( omit account numbers and descriptions)
Date Discription Debit Credit

Answers: 3

Show answers

Answers

Answer from: desereemariahha

Journal entries are given below

Explanation:

February 1

(Issues 5,000 shares of no-par common stock for $15 per share)

DEBIT CREDIT

Cash(5000 x $15) $75,000

Common stock $75,000

May 15

(Issues 500 shares of $10 par value, 7.5% preferred stock for $12 per share)

DEBIT CREDIT

Cash (500x$12) $6,000

Preferred stock (500x$10) $5,000

Additional paid in capital $1,000

October 1

Declares a cash dividend of $0.75 per share

DEBIT CREDIT

Retained Earnings (5500x$0.75) $4,125

Dividend Payable $4,125

October 15 Date of Record

No Entry Required

October 31 Pays the cash dividend

DEBIT CREDIT

Dividend Payable $4,125

Cash $4,125

Answer from: Quest

Well, i would start out by advertising a lot. take money out of unused profit to have build boards put up and internet advertising. also, make sure your store signs are large and noticeable. make sure you have good deals and prices that the average consumer would be okay with. also, location is key. being in a high technology based city/location would be excellent for your business because it is based off of technology. hope this ! : )

Answer from: Quest

Answer the reduction in economic surplus resulting from not being in competitive equilibrium;

Another question on Business

Business, 22.06.2019 12:10

Compute the cost of not taking the following cash discounts. (use a 360-day year. do not round intermediate calculations. input your final answers as a percent rounded to 2 decimal places.)

Answers: 1

Answer

Business, 22.06.2019 15:30

Uknow what i love about i ask a dumb question it is immediately answered but when i ask a real question it take like an hour to get answered

Answers: 2

Answer

Business, 22.06.2019 19:20

Advertisers are usually very conscious of their audience. choose an issue of a popular magazine such as time, sports illustrated, vanity fair, rolling stone, or the like. from that issue select three advertisements to analyze. try to determine the audience being appealed to in each advertisement and analyze the appeals used to persuade buyers. how might the appeals differ is the ads were designed to persuade a different audience.

Answers: 2

Answer

Business, 22.06.2019 20:20

Gamegirl inc., has the following transactions during august. august 6 sold 76 handheld game devices for $230 each to ds unlimited on account, terms 2/10, net 60. the cost of the 76 game devices sold, was $210 each. august 10 ds unlimited returned six game devices purchased on 6th august since they were defective. august 14 received full amount due from ds unlimited. required: prepare the transactions for gamegirl, inc., assuming the company uses a perpetual inventory syste

Answers: 2

Answer

You know the right answer?

A company has the following transactions during the year related to stockholders’ equity. February...

Questions