The board of directors of Swanson Company declared a 50% stock dividend on its $9 par...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The board of directors of Swanson Company declared a 50% stock dividend on its $9 par value common stock. At the time of the declaration there were 310,000 shares of stock outstanding and the market price of the shares on a national exchange was $173. What will be the debit to Retained Earnings on the declaration date? The board of directors of Geary Corporation declared a 10% stock dividend on its $11 par value common stock. At the time of the declaration there were 510,000 shares of stock outstanding and the market price of the shares on a national exchange was $168. What will be the debit to Retained Earnings on the declaration data? The board of directors of Swanson Company declared a 50% stock dividend on its $9 par value common stock. At the time of the declaration there were 310,000 shares of stock outstanding and the market price of the shares on a national exchange was $173. What will be the debit to Retained Earnings on the declaration date? The board of directors of Geary Corporation declared a 10% stock dividend on its $11 par value common stock. At the time of the declaration there were 510,000 shares of stock outstanding and the market price of the shares on a national exchange was $168. What will be the debit to Retained Earnings on the declaration data?
Expert Answer:
Answer rating: 100% (QA)
To calculate the debit to Retained Earnings on the declaration date for both scenarios we need to ... View the full answer
Related Book For
Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
Posted Date:
Students also viewed these accounting questions
-
AC Corporations: Dividends, Retained Earnings, and Income Reporting 56. ABC, Inc. has 1,000 shares of 5%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock...
-
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...
-
You consider investing in a new project. To start the project, you need to pay $94 today. After this the project will pay a stream of cash flow that starts at $6 in a year and grows by 1% per year...
-
What (if anything) is wrong with each of the following statements? a. if (a > b) then c = 0; b. if a > b { c = 0; } c. if (a > b) c = 0; d. if (a > b) c = 0 else b = 0;
-
Why do airplane pilots prefer to take off into the wind?
-
In Figure a box is somewhere at the left, on the central axis of the thin converging lens. The image Im of the box produced by the plane mirror is 4.00 cm "inside" the mirror. The lens-mirror...
-
Beth Plum is a realtor. She organized her business as a corporation, Beth Plum, Realtor, P.C., by investing \($23,000\) cash. The business issued common stock to her. Consider the following facts at...
-
Marc and Michelle are married and earned salaries this year (2009) of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500...
-
1 Find the derivative of the following 1. f(x) = 12x- 6x+2 28 +4x3/4
-
The Stratton Township Park is located on a piece of property that contains two golf courses, a swimming pool, and 800 acres of woods and open spaces. Three years ago, the Stratton Park Department...
-
Explain the Unified process with its practical implementation. Use appropriate diagrams to explain the phases of a unified process
-
Express p x p in index form and show that the product is a vector. Finally find the y component of the vector.
-
How do the media influence the president, Congress, and the courts, ac- cording to Jillson? Explain how the media deals with these institutions in the framework of conflict and the horse race, and...
-
In 1905, the twin islands of the Republic of Pacifica gained independence from the Republic of Dyland. Mataso and Tisikia are the two islands that make up Pacifica. Mataso has a population of over 5...
-
Multiply: 21 1/1 and write your answer in reduced form. 25
-
describe five (5) common characteristics of a learning organisation (an organisation that fosters the learning of its team and continually changes and modifies its behaviour based on new learned...
-
Former High Court Justices Kenneth Hayne (a member of the Constitutional Law Expert panel) and Ian Callinan, and Former High Court Chief Justice Robert French, have recently spoken publicly about the...
-
On January 2, 20X3, Sheldon Bass, a professional engineer, moved from Calgary to Edmonton to commence employment with Acco Ltd., a large public corporation. Because of his new employment contract,...
-
The Compensation Committee chose consolidated EBITDA [earnings before interest, taxes, depreciation, and amortization] and revenue as the performance metrics for fiscal 2012, weighted at 80% and 20%,...
-
Classify the following costs as period or traceable costs. Depreciation on office building Depreciation on factory Insurance expense for factory building Bonus to factory workers Product liability...
-
During your audit of Patti Company's ending inventory at December 31, 2017, you find the following inventory accounting errors: a. Goods in Patti's warehouse on consignment from Valley, Inc., were...
-
Scooter Mike sells pocket rockets, mini choppers, and all-terrain vehicles. The company has launched a new advertising campaign to intro- duce its products to the public. Requirements Scooter \like...
-
Harley's of Chicago's trial balance pertains to December 31, 2009. Adjustment data at December 31, 2009: a. Prepaid rent expired, $3,000. b. Depreciation, $5,000. c. Accrued salaries, $1,000. d....
-
Assume the following transactions occurred between Heights Pharmacy and Procter 6v Gamble (PcvG), the consumer products company, during August of the current year. Requirements Journalize these...
Study smarter with the SolutionInn App