24/7 Homework Help

Studykind Will Help You Write Your Essays and Term Papers

From initial topic to finished paper

Question:

Accounting

by | Jul 10, 2020 | QUESTIONS & ANSWERS

Hi Need help with 4 WileyPlus problems.

Document Preview:

Question 1
The common stock of Warner Inc. is currently selling at $117 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share par value is $8; book value is $73 per share. 6.01 million shares are issued and outstanding. Prepare the necessary journal entries assuming the following. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a)
The board votes a 2-for-1 stock split.
(b)
The board votes a 100% stock dividend.
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
(To record the declaration.)
(To record the distribution.)
Question 2
On January 5, 2012, Phelps Corporation received a charter granting the right to issue 5,400 shares of $103 par value, 6% cumulative and nonparticipating preferred stock, and 52,700 shares of $10 par value common stock. It then completed these transactions.
Jan. 11
Issued 21,720 shares of common stock at $18 per share.
Feb. 1
Issued to Sanchez Corp. 4,500 shares of preferred stock for the following assets: equipment with a fair value of $59,390; a factory building with a fair value of $172,900; and land with an appraised value of $326,300.
July 29
Purchased 1,850 shares of common stock at $19 per share. (Use cost method.)
Aug. 10
Sold the 1,850 treasury shares at $14 per share.
Dec. 31
Declared a $0.30 per share cash dividend on the common stock and declared the preferred dividend.
Dec. 31
Closed the Income Summary account. There was a $183,440 net income.
(a) Record the journal entries for the transactions listed above. (Round answers to 0 decimal places, e.g. 125. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the…

Attachments:


HOME TO CERTIFIED WRITERS

Why Place An Order With Us?

  • Certified Editors
  • 24/7 Customer Support
  • Profesional Research
  • Easy to Use System Interface
  • Student Friendly Pricing

Have a similar question?

Services that we offer

Your Paper Is In Safe Hands

PLAGIRAISM FREE PAPERS

All papers we provide are well-researched, properly formatted and cited.

TOP QUALITY

All papers we provide are well-researched, properly formatted and cited.

HIGHLY SECURED

All papers we provide are well-researched, properly formatted and cited.

Related Assignments

Study more efficiently

Quickly get your essay from idea to final graft save time, money and effort.

Boost your grade

Get through your toughest problem and learn how to solve them from expert writers

Essay Writing Service Ready to Help Online 24/7

Hire a professional just from $9.99

Click here

Open chat
1
Powered by Essaynice
Hello welcome to our whatsapp support 👋
Can we help you?