On january 1 trear corporation had 75000 shares of no-par
Course:- Accounting Basics
Reference No.:- EM13601515

Assignment Help
Assignment Help >> Accounting Basics

On January 1 Trear Corporation had 75,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following transactions occurred.

  • Apr. 1 Issued 6,050 additional shares of common stock for $13.31 per share.
  • June 15 Declared a cash dividend of $2.12 per share to stockholders of record on June 30.
  • July 10 Paid the $2.12 cash dividend.
  • Dec. 1 Issued 5,640 additional shares of common stock for $15.73 per share.
  • Dec. 15 Declared a cash dividend on outstanding shares of $2.40 per share to stockholders of record on December 31.

On June 15 and December 15, cash dividends was debited and dividends payable was credited. On July 10 Dividends payable was debited and Cash was Credited. How much should the amount be for each entry on each day?


Put your comment

Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
Then I remembered that you use that funny LIFO retail inventory method where you play with such confusing numbers. Will the purchase reduce our retail ratio, or whatever you
The job required Nkr 3,800 in direct materials and 30 hours of direct labor time at a total direct labor cost of Nkr 6,649. The job contained only four units. If the company
R-Ball is considering switching from one overhead rate based on labor hours to activity-based costing. Total overhead costs assigned to deluxe racquets, using a single overh
You can't afford to be wrong - at 99% you're saying that you'll be wrong one time out of 100! So you draw a big circle.  If the person asking doesn't even like donuts, they'r
Cisco system has total assets of $35.594 billion, total debt of $9.678 billion, and net sales of $22.045 billion, and net sales of $22.045 billion. Their net profit margin f
Grant Company performed services on account for $80,000 in 2013. Grant collected $50,000 cash from accounts receivable during 2013, and the remaining $30,000 was collected in
Loans between funds are handled in account receivable and account payable accounts. GASB requires disclosures about capital asset impairment if the decline in service is minim
Kent Company had 800 units of product in its work in process inventory at the beginning of the period. During the period 3,000 additional units of product were started.