Determine the following amounts before the stock

Assignment Help Accounting Basics
Reference no: EM131128285

Organic Health Co. is an HMO for businesses in the Chicago area. The following account balances appear on the balance sheet of Organic Health Co.: Common stock (300,000 shares authorized), $100 par, $10,000,000; Paid-in capital in excess of par-common stock, $2,000,000; and Retained earnings, $45,000,000. The board of directors declared a 2% stock dividend when the market price of the stock was $125 a share.

Organic Health Co. reported no income or loss for the current year.

(a) Journalize the entries to record 

(1) The declaration of the dividend, capitalizing an amount equal to market value, and 

(2) The issuance of the stock certificates.

(b) Determine the following amounts before the stock dividend was declared: 

(1) Total paid-in capital, 

(2) Total retained earnings, and 

(3) Total stockholders' equity.

(c) Determine the following amounts after the stock dividend was declared and closing entries were recorded at the end of the year: 

(1) Total paid-in capital, 

(2) Total retained earnings, and 

(3) Total stockholders' equity. 

Reference no: EM131128285

The important dates in connection with a cash dividend

The important dates in connection with a cash dividend of $69,500 on a corporation’s common stock are May 3, June 17, and August 1. Journalize the entries required on each dat

Journalize the entry to record the transaction

On January 30, Lift Time Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 18,000 shares of $10 par common stock with a current market price of $15.

Calculate the dividends per share on each class of stock

Fairmount Inc., a developer of radiology equipment, has stock outstanding as follows: 15,000 shares of cumulative 2%, preferred stock of $150 par, and 50,000 shares of $5 par

Paid in capital from sale of treasury stock

Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet. Sixty thousand shares of common stock are authorized, and 4,000 share

Using the following accounts and balances

Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet. Seventy thousand shares of common stock are authorized, and 7,500 sha

Journalize the entries required on each date

The important dates in connection with a cash dividend of $61,500 on a corporation’s common stock are July 1, August 1, and September 30. Journalize the entries required on ea

The important dates in connection with a cash dividend

The important dates in connection with a cash dividend of $112,750 on a corporation’s common stock are October 6, November 5, and December 5. Journalize the entries required o

Journalize the entries to record the february 13

On February 13, Elman Corporation issued for cash 75,000 shares of no-par common stock (with a stated value of $125) at $140. On September 9, Elman issued 15,000 shares of 1%,

Reviews

Write a Review

 
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd