Poly Panels Inc. declares a stock dividend on June 21 and reports Stock Dividend Payable as a

Question:

Poly Panels Inc. declares a stock dividend on June 21 and reports Stock Dividend Payable as a liability on the June 30 balance sheet. Is this correct? Give your reason.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Horngrens Accounting

ISBN: 9780135359785

11th Canadian Edition Volume 2

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann Johnston, Peter R. Norwood

See More Books

Question Posted: Aug 06, 2021 12:56 AM

See More Questions

A friend of yours receives a stock dividend on an investment. She believes stock dividends are the same as cash dividends. Explain why the two are not the same.
Contrast the effects of a cash dividend and a stock dividend on a corporations balance sheet. Discuss.
On June 30, 2015, Wisconsin, Inc., issued $108,650 in debt and 24,200 new shares of its $10 par value stock to Badger Company owners in exchange for all of the outstanding shares of that company....
Prepare journal entries for each of the following transactions: 1. Purchase equipment in exchange for cash of $22,400. 2. Provide services to customers and receive cash of $5,100. 3. Pay the current...
Use the given graph of f to sketch the graph of f-1. 10
What is the maximum power that can be received over a distance of 1.5 km in free space with a 1.5-GHz circuit consisting of a transmitting antenna with a gain of 25 dB and a receiving antenna with a...
Changes in Working Capital (LO5) Auckland Industries had a July 31 current asset balance of $31,200 and a current liability balance of $20,800. The following transactions took place in August: Sold...
The following data pertains to the operations of Knight Corporation for 2012: The controller is trying to decide which method of accounting for bad debts to use. The company is attempting to maximize...
Suppose that a manufacturer can produce a part for $12.00 with a fixed cost of $6,000. Alternately, the manufacturer could contract with a supplier in Asia to purchase the part at a cost of $14,...
Cascade Company has four employees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 31. The accounts kept by Cascade include the following: .:. The following...
Journalize the following transactions that Flip Corp. conducted during 2020: Feb. 7 Issued 10,000 common shares at $15.00 per share. Apr. 8 Repurchased 2,500 common shares at $13.00 per share. The...
What value is normally assigned to shares issued as a stock dividend?
(i) Estimate the genetic advance that is expected if the highest-yielding 10% of the families are selected for further evaluation. Find the expected mean yield of the selected families and compare it...
As a project manager it is important to utilize the right tool at the right time. When it comes to managing quality on projects, this is no exception. Identify three 'Total Quality Tools' that you...
Describe 2 change models that you could use to create change in an organization. Choose 1 of the models that you think would be most successful in an organization, and analyze reasons why you chose...
During the current year, Rothchild, Inc., purchased two assets that are described as follows. Heavy Equipment Purchase price, $375,000. Expected to be used for 10 years, with a residual value at the...
Regarding the Mozilla case, assume that Communities of Practice start to arise spontaneously around topics that are related to the visualizations in the Portal at Mozilla. What do you think is the...
Regarding Issues That Affect Recruitment, how would you proceed as the assistant superintendent for human resources in a school district that is experiencing a shortage of qualified applicants for...
Benton is a rental car company that is trying to determine whether to add 25 cars to its fleet. The company fully depreciates all its rental cars over five years using the straight-line method. The...
The registrar of a college with a population of N = 4,000 full-time students is asked by the president to conduct a survey to measure satisfaction with the quality of life on campus. The following...
When is an adjusted trial balance prepared, and what is its purpose?
If an accrued expense is not recorded at the end of the year, what is the impact on the financial statements?
What is a worksheet, and how is it used to help prepare an adjusted trial balance?
QUESTION 3 A business owns seven flats rented out to staff at R500 per month. All flats were tenanted Ist january 21 months rent was in arrears and as at 31st December 14 months' rent wa Identify the...
1. 2. 3. Select the Tables sheet, select cells A6:B10, and create range names using the Create from Selection button [Formulas tab, Defined Names group]. Select cells B1:F2 and click the Name box....
Tropical Rainwear issues 3,000 shares of its $18 par value preferred stock for cash at $20 per share. Record the issuance of the preferred shares. (If no entry is required for a particular...

Poly Panels Inc. declares a stock dividend on June 21 and reports Stock Dividend Payable as a

Question:

Step by Step Answer:

Cash dividends affect the cash and shareholder equity accounts on the balance sheet The dividends pa...View the full answer

Horngrens Accounting

Students also viewed these Business questions