Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can you plz do 3? YOU MUST SHOW YOUR WORK TO RECEIVE FULL CREDIT (All work must be in excel format. Please be clear and

Can you plz do 3?

image text in transcribed

image text in transcribed

YOU MUST SHOW YOUR WORK TO RECEIVE FULL CREDIT (All work must be in excel format. Please be clear and systematic) 1 50 $1,000 bonds with a carrying value of $57,500 are converted into 5,000 shares of $4 par value common stock. The common stock had a market value of $20 per share on the date of conversion. The entry to record the conversion is: (10 points) 2 As of January 2021, Dress For Success Inc. has 5% Preferred stock, $100 par value 10,000 shares issued and outstanding; Common stock, $5 par value, 100,000 shares issued and outstanding.(40 points) $ 60,000 P/F dividend per year 2019 The following dividends were declared and paid in 2020, 2021 and 2022 No dividends were declared and paid $15,000 $40,000 $110,000 2020 2021 2022 a) Assuming the preferred stock were non-cumulative, how much dividends did preferred and common stockholders receive for each year dividends were declared. (15 points) DATE DIVIDEND P/F CIS b) Assuming the preferred stock were cumulative, how much dividends did preferred and common stockholders receive for each year dividends were declared. (25 points) DIVIDEND Total Owed to PF P/F Paid ARREARS c/S DATE 2019 2020 2021 2022 TOTALS *Owed to PF Q.3 brown No olcs Par Amount (C/S) 3 On January 1, 2021, Dress for Sucoss had 10,000 6% 5100 par value Preferred stock and 60,000 common shares, 55 par value issued and outstanding. During the year, the following transactions cccurred: (50 points) Instructions a. Prepare journal entries to record each of the transactions below. If ne entry is required, indicates Dedared a 15% stock dividend an outstanding common stock. The market price per share as of March 1 is $17 Splitunes distributed to stockholders on July 30 April 10. The 15% stock dividend dedared on March 1 was issued to the common stockholders. May 10 Dedared a 30% stock dividend an outstanding common stock. The market price per share as of May 10 is $15 30 May The 30% stock dividend dedared on May 10 was issued to the common stockholders. The market price of the shares on that date is $25 5.Jun A2 for 1 stock split was announced for common stockholders on record as of July 30. The market price of the share was 545 on June 5 15-Jun Dedared a cash dividend of $2.00 per share to common stockholders of record on July 15 15 Aug Paid the $2.00 cash dividend dedared on June 15. 1-Sep Dedared a cash dividend te preferred stockholders of record on October 15 31 Oct Paid preferred stockholders' dividend dedared on September 1. b. Prepare all closing entries at year and 12/31/21

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions