Ace Manufacturing Transactions: 2019 - Ace Manufacturing issued the following stock for cash: Jan. 1- Preferred...
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Ace Manufacturing Transactions: 2019 - Ace Manufacturing issued the following stock for cash: Jan. 1- Preferred stock 10 000 shares @ $100 per share. Jan. 15 - Common stock 100 000 shares @ $20. Jun. 1- They declared a cash dividend of $2 on the preferred stock. Jun. 30 – They paid the preferred cash dividend. Dec. 31 - They closed the dividend account. 2020 – Jan. 15 - They declared a stock dividend of 10% for the common stock, and the current market price was $30. Feb. 30 - They issued the common stock dividend. Dec. 31 - They closed the dividend account. 2021 - Mar. 1- The common stock was now worth $100, so they split it in half. (a) Complete the above transactions in the general journal. Explanations are not required. Leave a space between each entry. Date Description Debit Credit 2019 Date 2020 Description Debit Credit (b) Based on the March 1 transaction, what is the number of outstanding common stock shares on March 31, 2020? Ace Manufacturing Transactions: 2019 - Ace Manufacturing issued the following stock for cash: Jan. 1- Preferred stock 10 000 shares @ $100 per share. Jan. 15 - Common stock 100 000 shares @ $20. Jun. 1- They declared a cash dividend of $2 on the preferred stock. Jun. 30 – They paid the preferred cash dividend. Dec. 31 - They closed the dividend account. 2020 – Jan. 15 - They declared a stock dividend of 10% for the common stock, and the current market price was $30. Feb. 30 - They issued the common stock dividend. Dec. 31 - They closed the dividend account. 2021 - Mar. 1- The common stock was now worth $100, so they split it in half. (a) Complete the above transactions in the general journal. Explanations are not required. Leave a space between each entry. Date Description Debit Credit 2019 Date 2020 Description Debit Credit (b) Based on the March 1 transaction, what is the number of outstanding common stock shares on March 31, 2020?
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Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
Posted Date:
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