Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Supreme Water Sports has 18,000 shares of $2 par value common stock outstanding. Supreme distributes a 5% stock dividend when the market value of its

image text in transcribed
image text in transcribed
Supreme Water Sports has 18,000 shares of $2 par value common stock outstanding. Supreme distributes a 5% stock dividend when the market value of its stock is $24 per share Read the requirements Requirement 1. Journalize Supreme's declaration of the stock dividend on June 15 and distribution on June 30. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by joumalizing the declaration of the stock dividend on June 15. Date Accounts and Explanation Debit Credit Jun. 15 Now yournalize the distribution of the stock dividend on June 30, Date Accounts and Explanation Debit Credit Jun 31 Requirement 2. What is the overall effect of the stock dividend on Supreme's total assets? The Stock dividends have von T assets Requirement 3. What is Ockholders' equity? The stock dividends have a negative effect a positive effect I stockholders' equity no effect X Forback 6:32 PM 3/19/2020 Choose from a list of enter any number in the input fields and then continue to the next question. Supreme Water Sports has 18,000 shares of $2 par value common stock outstanding. Supreme distributes a 5% stock dividend when the market value of its stock is $24 per share Read the requirements Requirement 1. Journalize Supreme's declaration of the stock dividend on June 15 and distribution on June 30. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by joumalizing the declaration of the stock dividend on June 15 Date Accounts and Explanation Debit Credit Jun 15 Now journalize the distribution of the stock dividend on June 30. Date Accounts and Explanation Debit Credit Jun 31 Requirement 2. What is the overall effect of the stock dividend on Supreme's total assets? The clock dividends have on total assets. Requirement 3. What is the overall effect on total stockholders' equity? The stock dividends have on total stockholders equity X a negative tec positive att Feedback 63 PM 3/19/2020 Choose from any or enter any number the incuted and then continue to the next

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

More Books

Students also viewed these Accounting questions