Question
The stockholders equity accounts of Flint Company have the following balances on December 31, 2020. Common stock, $10 par,292,000 shares issued and outstanding $2,920,000 Paid-in
The stockholders’ equity accounts of Flint Company have the following balances on December 31, 2020. Common stock, $10 par,292,000 shares issued and outstanding $2,920,000 Paid-in capital in excess of par—common stock 1,320,000 Retained earnings 5,080,000Shares of Flint Company stock are currently selling on the Midwest Stock Exchange at $33. Prepare the appropriate journal entries for each of the following cases. (Credit account titles are automatically indented when amount is entered.
| (a) | A stock dividend of 6% is (1) declared and (2)issued. | |
|---|---|---|
| (b) | A stock dividend of 100% is (1) declared and (2) issued. | |
| (c) | A 2-for-1 stock split is (1) declared and (2) issued. |
Step by Step Solution
3.44 Rating (160 Votes )
There are 3 Steps involved in it
Step: 1
No Account Titles and Explanation Debit Credit a 1 Retained Earnings 578160 292000 x 6 x 33 ...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Accounting concepts and applications
Authors: Albrecht Stice, Stice Swain
11th Edition
978-0538750196, 538745487, 538750197, 978-0538745482
