Question: Elm Corporation secured authorization from the state for 200,000 shares of $10 par value common stock. It has 80,000 shares issued and 70,000 shares outstanding.

Elm secured authorization from the state for 200,000 shares of $10 common stock. It has 80,000 shares issued and 70,000 shares outstanding. On June 5, the board of directors declared a $0.25 per share cash to be paid on June 25 to stockholders of record on June 15. Prepare journal entries to record these events.

Step by Step Solution

★★★★★

3.50 Rating (160 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

65 615 Dividends Dividends Payable Decla... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

328-B-A-G-F-A (3840).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

1. Ryan Ross (111-11-1112), Oscar Omega (222-22-2223), Clark Carey (333-33-3334), and Kim Kardigan (444-44-4445) are equal active members in ROCK the Ages LLC. ROCK serves as agent and manager for...

Langley Corporation has 50,000 shares of $10 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $16. The dividend shares are issued...

Century Corporation issued 800,000 shares of $10 par value common stock at the time of its incorporation. The stock was issued for cash at a price of $13 per share. During the first year of...

A company has 2,000 shares of $1 par value common stock and 200 shares of 5%, $110 par, noncumulative preferred stock outstanding. The balance in Retained Earnings at the beginning of the year was...

Big Billy was a free-lance engineer who developed and patented a highly efficient turbocharger for automotive racing engines. In early 2019, Big Billy organized Performance, Inc., to manufacture his...

Pine Corporation secured authorization from the state for 100,000 shares of $10 par share value common stock. It has $40,000 shares issued and $35,000 shares outstanding. On June 5, the board of...

1. A company's balance sheet shows: cash $28,000, accounts receivable $19,000, office equipment $53,000, and accounts payable $20,000. What is the amount of the owner's equity? 2. If a company is...

I would like assistance with my accounting practice exam, please feel free to use account journaling or ledger formats, key words, phrases, numbers or any technique for the responses. Thank you. 2....

Can you please help with the problems in these word documents? Thank you AC301 Unit 3 Problem 12-2 Your answer is incorrect. Try again. Fields Laboratories holds a valuable patent (No. 758-6002-1A)...

I have all of the instructions included in this documents. So if you have ant questions, please feel free to contact me. WEEK 4 (HOME WORK) (2) Eddy Corporation began operations on April 1 by issuing...

Accounting On January 1, 2017, Raleish Corporation had $2,000,000 of $10 par value common stock outstanding that was issued at par and retained earnings of $1,000,000. The company issued 200,000...

Why is carbon better than lead as a moderator in nuclear reactors?

Refer to Exercise 6.55. In exercise a. To what populations are the conclusions obtained in Exercise 6.55 relevant? b. A more precise estimate of the mean expenditure for female candidates is...

Question 1 ( 1 point ) Choose the largest number among: 1 1 0 0 , 1 1 5 0 , 1 2 0 0 1 / 1 0 0 1 / 1 5 0 1 / 2 0 0

Outreach Clinic, a VHWO, conducts two programs: Alcohol and Drug Abuse and Outreach to Teens. It has the typical supporting services of management and fund raising. Expense accounts from the...

Transfer pricing is confined to profit centers. Do you agree? Explain.

1. Describe what would encourage you to invest in real estate given that in recent years many communities prices have declined severely. 2. Which of the two questions in real estate investing is more...

Using the information provided in BE4- 2, prepare Florences journal entries for the month of January. In BE4.2 Florences Floral Arrangements, Inc. had the following transactions in the month of...

Florences Floral Arrangements, Inc. had the following transactions in the month of January: The owners invested $ 100,000 (the par value of the stock) for 20,000 shares of common stock; the company...

Discuss SEBI regulations regarding primary market operations.

Complete the following job order cost card for five custom-built computersystems: Job Order 16 JOB ORDER COST CARD Custom Computers Kowloon, Hong Kong Customer: L. Kim Specifications: 5 Computer...

A desert landscaping business is doing custom landscape work for J. Abbott. For each of the following transactions, state which account(s) would be debited and credited by the landscape business: a....

Doug, the owner of a miniature golf course with 36 holes of miniature golf, must make several business decisions soon. Write yes or no to indicate whether knowing the cost to provide one golf game...

HW Problem 40. (5 pts) A large manufacturing company discovered that, in the past, 32% of all materials shipments have been received late. However, the company recently installed a just-in-time...

Statement of Stockholders' Equity At the end of 2013, Haley Corporation had the following equity accounts and balances: During 2014, Haley engaged in the following transactions involving its equity...

Question 10 (6 points) Listen At a competitive post-secondary school, the application pool has been analyzed to have a mean mark of 76 and a standard deviation of 7. [3T/3A] a) Determine the z-score...