Participating up to an additional

Assignment Help Accounting Basics
Reference no: EM13550884

Dragonfly Corporation had the following equity accounts on December 31, 20x4:

7% cumulative, partially participating up to an additional
1%, preferred stock $100 par 20,000 shares issued and $2,000,000
outstanding

Common stock $10 par 40,000 shares issued and
outstanding 400,000

Paid-in capital common stock 1,000,000

Retained earnings $4,250,000

1) On February 15, 20x5 Dragonfly purchased 7,000 shares of its common stock for $40/share. It plans to either hold these shares temporarily or retire them so it decided to use the retirement method.
Record the journal entry for the buy back.

2) What would have been the journal entry here if the Company had used the treasury stock cost method to record the buy back?

3) On March 25, 20x5, Dragonfly reissued half of the treasury stock at $40/share (use retirement method). Prepare the appropriate journal entry.

4) On June 25, 20x5, Dragonfly reissued the remaining share of the treasury stock for $38/share (use retirement method). Prepare the appropriate journal entry.

5) The board of directors of Dragonfly declared $600,000 in dividends toward the end of the year. There were 2 years of dividends in arrears on the preferred stock. Calculate the dividends to be received by the preferred and common stockholders.

Reference no: EM13550884

Questions Cloud

Identify the optimal assignments and compute : Identify the optimal assignments and compute total minimum time.
Compute how tall is the tower : A man enters a tall tower, needing to know its height. He notes that a long pendulum extends from the ceiling almost to the floor and that its period is 24.0 s. How tall is the tower
What is maximum speed for particle attached to each wave : The drawing shows a graph of two waves traveling to the right at the same speed. (a) Using the data in the drawing, determine the wavelength of each wave. (b) The speed of the waves is 12 m/s; calculate the frequency of each one. (c) What is the maxi..
Evaluate calculate the ka and pka for the acid : The pH of a 0.02M solution of a weak acid was measured to be 4.6. What is the [H+] in the solution? Calculate the Ka and pKa for this acid.
Participating up to an additional : Participating up to an additional
Describes a certain light spring of unstretched length : Hooke's law describes a certain light spring of unstretched length 33.0cm. When one end is attached to the top of a door frame, and a 6.4kg object is hung from the other end, the length of the spring is 48cm.
Discuss the salient points of global sustainability : Discuss the salient points of global sustainability, and determine two to three (2-3) ways in which you would achieve global sustainability if you were in a position to do so. Justify your response.
Contribution margin ratio for the textbook : Contribution margin ratio for the textbook
Determine her altitude as she crosses the bar : A 56 kg pole vaulter running at 10m/s vaults over the bar. Her speed when she is above the bar is 0.7m/s. Neglect air resistance, as well as any evergy absorbed by the pole, and determine her altitude as she crosses the bar.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Complete the accounting information systems simulation

complete the accounting information systems simulation located on the student website.write a 350-word summary

  Revenue from a hospital

Your hospital has the following revenue for the months of July-September: July $2,000,000 August $3,000,000 September $4,000,000. If 30% of the month's revenue is collected in the same month, 40% is collected in the second month and 30% is collect..

  From the e-activity explain the effects which changes in

from the e-activity predict the effects that changes in one industry could have on modifying and updating a system of

  Calculate the following for coca-cola and show your work

Examine PepsiCo, Inc.’s Consolidated Balance Sheet on p. A6 in Appendix A of Financial Accounting, especially its Current Assets, Current Liabilities, and Total Assets for years 2005 and 2004.

  What is the required return using capm

If the expected value of the size factor is 4% and the expected value of the book-to-market factor is 5%, then what is the required return using the Fama-French three-factor model? (Assume that ai=0.0.) What is the required return using CAPM?

  Ideas for a new business in your community

Discuss ideas for a new business in your community. Explain what is the new business will you provide and why your community is need of such a business.

  Determining the variable overhead efficiency variance

The standard hours allowed for actual output of month totaled 7,070 machine-hours. What was the variable overhead efficiency variance for the month?

  The beginning assets were 437800 beginning liabilities were

the beginning assets were 437800 beginning liabilities were 262660 common stock issued during the year totaled 45100

  Conny duffy started working for dexter company

Conny Duffy started working for Dexter Company on Thursday and 9 hours on Frida. Her annual salary is $80,000 and she is exempt white-collar employee.

  Problem on acquisition cost of the equipment

Compute the acquisition cost of the equipment and prepare the journal entry to record the purchase.

  Hennings travel company specializes in the production of

hennings travel company specializes in the production of travel items clocks personal care kits. the following data

  Prepare the companys stockholders equity section

Melcher, Inc., originally sold 100,000 shares of its $10 par value common stock at $25 per share. Several years later the company repurchased 10,000 of these shares at $55 per share. Melcher currently holds those shares in treasury. Prepare the co..

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