Tech Inc. issues a 5% common stock dividend on 140,000 shares of $1 par common stock...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Tech Inc. issues a 5% common stock dividend on 140,000 shares of $1 par common stock issued and outstanding on August 1. The market price of its common stock is $20 per share. The small stock dividend will be distributed on August 15 to stockholders of record on August 7. Required a. Record the entry on (1) the date of declaration and (2) the date of distribution. b. Assume that of the 7,000 stock dividend shares, 6,160 were whole shares and the remaining were fractional shares making up 840 equivalent whole shares. The company's policy is to pay cash to shareholders for fractional shares. Record the entry on (1) the date of declaration and (2) the date of distribution. Tech Inc. issues a 5% common stock dividend on 140,000 shares of $1 par common stock issued and outstanding on August 1. The market price of its common stock is $20 per share. The small stock dividend will be distributed on August 15 to stockholders of record on August 7. Required a. Record the entry on (1) the date of declaration and (2) the date of distribution. b. Assume that of the 7,000 stock dividend shares, 6,160 were whole shares and the remaining were fractional shares making up 840 equivalent whole shares. The company's policy is to pay cash to shareholders for fractional shares. Record the entry on (1) the date of declaration and (2) the date of distribution.
Expert Answer:
Answer rating: 100% (QA)
a Record the entry on the date of declaration August 1 Date of Declaration Debit Retained Earnings 5 ... View the full answer
Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Name the four sub-types of chain growth polymerization. Give two examples of polymers made by each of the types of addition polymerization
-
Jinny Buffett recently retired as a flight attendant and is interested in opening a fitness center and health spa exclusively for women in Grand Cayman, where she resides. After careful study, she is...
-
Acme, Inc. purchased machinery at the beginning of 2007 for $50,000. Management used the straight-line method to depreciate the cost for financial reporting purposes and the double-declining-balance...
-
What are the main problems with using moving averages in forecasting?
-
Consider the following cash flow profile and assume MARR is 10 percent/year. a. What does Descartes' rule of signs tell us about the IRR(s) of this project? b. What does Norstrom's criterion tell us...
-
Matt Holmes recently joined Klax Company as a staff accountant in the controllers office. Klax Company provides warehousing services for companies in several Midwestern cities. The location in...
-
A. Find the value of x. B. 1. 2. 61 = x ( mod 7) 71 = x ( mod 8) 3. 78 x 3 (mod 5) 4. 89 = (x+3)( mod 4) 1. What is the remainder when 2021 2021 2020? is divided by
-
B52 Skate Training prepares adjustments annually and showed the following on its June 30, 2023, year-end: Additional information available at year-end: a. The Prepaid Arena Rental of $182,000 was...
-
You purchased an 11-year, 7.8 percent coupon bond while its yield to maturity was 6 percent. A year later, you sold the bond while its yield to maturity is 5.5 percent. What is your rate of return...
-
What are the implications of social learning theory on the development of organizational culture and norms? Explain
-
A pipe discharges storm water into a creek. Water flows horizontally out of the pipe at 2.5 m/s, and the end of the pipe is 1.2 m above the creek. What is the speed of the water when it meets the...
-
Ia 5. Solve these two equations for a. mg sin 0-f=ma; f 2 r 6. Find in terms of from the given three equations. = fk-mg sin 0-0, N-mg cos 0=0, fk =N, Ans: k = tan 0 Ans: a = g sin 0 1+I/mr
-
7. What is the tangential velocity associated with the revolution of Jupiter around the Sun? (distance from Jupiter to the Sun is 1,250,000,000 miles). revolve around the Sun. Assume that it takes...
-
Briefly describe In what ways can the concept of social capital be leveraged to improve knowledge management practices within an organization?
-
Discuss the merits of accounting for subsidiaries using the: 1) Simple equity method 2) Sophisticated equity method 3) Cost method. When completed submit your assignment to the appropriate area.
-
An interest bearing promissory note for 90 days at 5.6% p.a. has a face value of $120,000. If the note is discounted 20 days after the issue date at a rate of 6.8% p.a., calculate the amount of...
-
Prepare journal entries to record the following. (a) Perez Company retires its delivery equipment, which cost $44,000. Accumulated depreciation is also $44,000 on this delivery equipment. No salvage...
-
Turgro Company manufactures a single product. Annual production costs incurred in the manufacturing process are shown below for two levels of production. Instructions (a) Define the terms variable...
-
Eckert Company is involved in producing and selling high-end golf equipment. The company has recently been involved in developing various types of laser guns to measure yardages on the golf course....
-
Consider the system of Fig. P4.4-5. The filter transfer function is \(D(z)\). (a) Express \(C(z)\) as a function of \(E\). (b) A discrete state model of this system does not exist. Why? (c) What...
-
Find the \(z\)-transform of the following functions. The results of Problem 4.5-3 may be useful. (a) \(E(s)=\frac{6 \varepsilon^{-0.3 T s}}{(s+1)(s+2)(s+3)}\) (b) \(E(s)=\frac{4 \varepsilon^{-0.6 T...
-
Consider again the system of Fig. P4.4-5. Add a sampler for \(E(s)\) at the input. Given \[ G_{1}(s)=\frac{1}{s+10} \quad D(z)=\frac{z-0.5}{z-1} \quad G_{2}(s)=\frac{s}{s^{2}+9 s+23} \] find \(c(k...
Study smarter with the SolutionInn App