Journalize issuance of common and preferred stock and purchase of treasury stock
Garza Co. had the following transactions during the current period.
Mar. 2 Issued $5000.00 shares of $1 par value common stock to attorneys in payment of a bill for $30,000 for services provided in helping the company incorporate.
June 12 Issued $60,000 shares of $1 pa value common stock for cash of $375,000.
July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.
Nov. 28 Purchased 2000 shares of treasury stock for $80,000
Journalize the transactions.
Journalize cash dividends; indicate
On January 1, Armada Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred.
April 1 Issued 15,000 additional shares of common stock for $17 per share.
June 15 declared a cash dividend of $1 per share to stockholders of record on June 30.
July 10 Paid the $1 cash dividend.
Dec 1 Issued 2,000 additional shares of common stock for $19 per share.
Dec. 15 declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on December 31.
Prepare the entries, if any, on each of the three dividend dates.
How are dividends and dividends payable reported in the financial statements prepared at December 31?
I don't think the ones you sent me were the right answers?
The first part only,
Compare effects of a stock dividend and stock split
On October 31, the stockholders' equity section of Omar Company consists of common stock $600,000 and retained earnings $900,000. Omar is considering the following two courses of action: (1) declaring a 5% stock dividend on the 60,000, $10 par value shares outstanding, or (2) effecting a 2-for-1 stock split that will reduce par value to $5 per share. The current market price is $14 per share.
Prepare a tabular summary of the effects of the alternative actions on the components of stockholders' equity, outstanding shares, and book value per share. Use the following column headings: Before Action, After Stock Dividend, and After Stock Split.
This one is wrong as well