Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The board of directors of Capstone incorporated declared a $0.70 per share cash dividend on its $1 par common stock. On the date of declaration,

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The board of directors of Capstone incorporated declared a $0.70 per share cash dividend on its $1 par common stock. On the date of declaration, there were 47,000 shares authorized, 21,000 shares issued, and 3,000 shares heid as treasury stock. What is the entry when the dividends are declared? Nuttiple Choice Option D Option C Option B Roberto Designers was organized on January 1,2024. The firm was authorized to is\$ue 130,000 shares of $5 par value common stock. During 2024 , Fioberto had the following transactions relating to stockholders' equty: 1. Issued 13,000 shares of common stock at $7 per share. 2. Issued 26,000 shates of common stock at $8 per share. 3. Reported a net income of $130,000. 4. Paid dividends of $65,000. 5. Purchased 4,000 shares of treasury stock at $10 (part of the 26,000 shares issued at $8 ). What is total stockholders' equity ot the end of 2024 ? Multiple Cheice $324,000 $753.000 $623,000 $350,000 Calfornia Adventures issues 5,000 shares of 8%,$100 par value preferred stock at the beginning of 2023. All remaining shares are common stock. The company was not able to pay dividends in 2023 , but plans to pay dividends of $100,000 in 2024 . Assuming the preferred stock is cumulative, how much of the $100,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders in 2024 ? Multiple Cholce $40,000 to peeferred stockholders and $60,000 1o cammon stochtiolders $20,000 to preferred stockhaiders and $80,000 to commen stockholders $100,000 to preferred stockholders and $0 to common stockhoiden $80.000 to prefecred stockhoiders and $20000 to commen stockholders On February 22 , Brett Corporation acquired 190 shares of its $4 par value common stock for $26 each. On March 15, the company resold 61 shares for $30 coch. What is truc of the entry for reseling the shares? Murtiple Choice Creda Cash $1586 Crean Additional Paldin Captal \$244 Debi Treasary Stock $1,586 Credt Treasury Slock 5430

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_2

Step: 3

blur-text-image_3

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

Management Accounting Principles And Applications

Authors: Hugh Coombs, D Ellis Jenkins, David Hobbs

1st Edition

1412908434, 978-1412908436

More Books

Students also viewed these Accounting questions

Question

=+1. How will you measure awareness objectives?

Answered: 1 week ago

Question

=+2. How will you measure acceptance objectives?

Answered: 1 week ago

Question

What distinguishes craft and industrial unions from each other?

Answered: 1 week ago