Cash Dividends, Stock Dividend, And Stock Split

P21-9ACASH DIVIDENDS, STOCK DIVIDEND, AND STOCK SPLIT During the year ended December 31, 20-, Choi Company completed the following transactions: Apr. 15 Declared a semiannual dividend of $1.50 per share on preferred stock and $0.40 per share on common stock to shareholders of record on May 5, payable on May 10. Currently, 6,000 shares of $50 par preferred stock and 80,000 shares of $1 par common stock are outstanding.May 10 Paid the cash dividends.Oct. 15 Declared semiannual dividend of $1.50 per share on preferred stock and $0.40 per share on common stock to shareholders of record on November 5, payable on November 20.Nov. 20 Paid the cash dividends.22 Declared a 10% stock dividend to common shareholders of record on December 8, distributable on December 16. Market value of the common stock was estimated at $7 per share.Dec. 16 Issued certificates for common stock dividend.20 Board of directors declared a two-for-one common stock split.REQUIREDPrepare journal entries for the transactions.P21-11BCORPORATE INCOME TAX Regis Company estimates that its 20-1 income tax will be $100,000. Based on this estimate, it will make four quarterly payments of $25,000 each on April 15, June 15, September 15, and December 15.1. Prepare the journal entry for April 15.2. Assume that all four quarterly payments have been entered in the general journal. On December 31, Regis’s actual income tax amounts to $112,000. This amount will be paid by March 15, 20-2. Prepare the journal entry to record the additional income tax owedAC 216 GRADING RUBRIC WEEK 3TotalPointsAvailableStudentScoreP 21-9A107 Entries @ 1.43 eachP 21-11B (1&amp,2)159 Entries @ 1.11 each / 2 T-Accounts @ 2.5 eachP 21-11B (3)51 Schedule @5 pointsQuickbooks106 reports @ 1.66 eachPoints40.0Total points earned will be added and then roundedto the nearest 1/10th point.0.0Exercise 21-9AName: GENERAL JOURNALDateAccount20-AprilCash DividendsPreferred Dividends PayableCommon Dividends PayableMayPreferred Dividends PayableCommon Dividends PayableCashOctCashPreferred Dividends PayableCommon Dividends PayableNovPreferred Dividends PayableCommon Dividends PayableCashNov.Stock DividendStock Dividends DistributableCommon StockDec.Stock Dividends DistributableCommon StockMemo Entry: DebitCreditProblem 21-11BName: 1.GENERAL JOURNALDate20-Mar.AccountAprilJuneOct.Nov.Dec.2.Retained Earnings – Appropriated for Land AcquisitionBal.Bal.Retained Earnings – UnappropriatedBal.Bal.3. Statement paper for requirement 3 is provided in a separate worksheet (tab).DebitCreditProblem 21-11BName: 3.Nguyen CompanyRetained Earnings StatementFor Year Ended December 31, 20-Appropriated: Appropriated for land acquisition, Jan. 1Current year appropriation (see below)Retained earnings appropriated, Dec. 31Unappropriated: Balance, January 1Add net income for yearLess: Cash dividendsLess: Stock dividendsTransfer to appropriated for land acquisitionRetained earnings unappropriated, Dec. 31Total retained earnings, Dec. 31

Originally posted 2018-07-06 17:53:17. Republished by Blog Post Promoter

CASH DIVIDENDS, STOCK DIVIDEND, AND STOCK SPLIT

Question
P21-9A
CASH DIVIDENDS, STOCK DIVIDEND, AND STOCK SPLIT During the year ended December 31, 20–, Choi Company completed the following transactions:
Apr. 15 Declared a semiannual dividend of $1.50 per share on preferred stock and $0.40 per share on common stock to shareholders of record on May 5, payable on May 10. Currently, 6,000 shares of $50 par preferred stock and 80,000 shares of $1 par common stock are outstanding.
May 10 Paid the cash dividends.
Oct. 15 Declared semiannual dividend of $1.50 per share on preferred stock and $0.40 per share on common stock to shareholders of record on November 5, payable on November 20.
Nov. 20 Paid the cash dividends.
22 Declared a 10% stock dividend to common shareholders of record on December 8, distributable on December 16. Market value of the common stock was estimated at $7 per share.
Dec. 16 Issued certificates for common stock dividend.
20 Board of directors declared a two-for-one common stock split.
REQUIRED
Prepare journal entries for the transactions.
P21-11B
CORPORATE INCOME TAX Regis Company estimates that its 20-1 income tax will be $100,000. Based on this estimate, it will make four quarterly payments of $25,000 each on April 15, June 15, September 15, and December 15.
1. Prepare the journal entry for April 15.
2. Assume that all four quarterly payments have been entered in the general journal. On December 31, Regis’s actual income tax amounts to $112,000. This amount will be paid by March 15, 20-2. Prepare the journal entry to record the additional income tax owed

AC 216 GRADING RUBRIC WEEK 3
Total
Points
Available

Student
Score

P 21-9A

10

7 Entries @ 1.43 each

P 21-11B (1&2)

15

9 Entries @ 1.11 each / 2 T-Accounts @ 2.5 each

P 21-11B (3)

5

1 Schedule @5 points

Quickbooks

10

6 reports @ 1.66 each

Points

40.0

Total points earned will be added and then rounded
to the nearest 1/10th point.

0.0

Exercise 21-9A

Name:
GENERAL JOURNAL
Date

Account

20-April

Cash Dividends
Preferred Dividends Payable
Common Dividends Payable

May

Preferred Dividends Payable
Common Dividends Payable
Cash

Oct

Cash
Preferred Dividends Payable
Common Dividends Payable

Nov

Preferred Dividends Payable
Common Dividends Payable
Cash

Nov.

Stock Dividend
Stock Dividends Distributable
Common Stock

Dec.

Stock Dividends Distributable
Common Stock
Memo Entry:

Debit

Credit

Problem 21-11B

Name:

1.
GENERAL JOURNAL
Date
20-Mar.

Account

April

June
Oct.

Nov.

Dec.

2.
Retained Earnings – Appropriated for Land Acquisition
Bal.
Bal.
Retained Earnings – Unappropriated
Bal.
Bal.
3. Statement paper for requirement 3 is provided in a separate worksheet (tab).

Debit

Credit

Problem 21-11B

Name:

3.
Nguyen Company
Retained Earnings Statement
For Year Ended December 31, 20-Appropriated:
Appropriated for land acquisition, Jan. 1
Current year appropriation (see below)
Retained earnings appropriated, Dec. 31
Unappropriated:
Balance, January 1
Add net income for year
Less: Cash dividends
Less: Stock dividends
Transfer to appropriated for land acquisition
Retained earnings unappropriated, Dec. 31
Total retained earnings, Dec. 31