Paul asks…
Accounting help! I cant seem to get this right!?
On January 1, 2011, Argentina Corporation had the following stockholders’ equity accounts.
Common Stock ($20 par value, 75,000 shares issued and outstanding)$1,500,000
Paid-in Capital in Excess of Par Value200,000
Retained Earnings600,000
During the year, the following transactions occurred.
Feb.1Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1.
Mar.1Paid the dividend declared in February.
Apr.1Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36.
July1Declared a 10% stock dividend to stockholders of record on July 15, distributable July31. On July 1, the market price of the stock was $13 per share.
31Issued the shares for the stock dividend.
Dec.1Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2012.
31Determined that net income for the year was $350,000.
Prepare dividend entries and stockholders’ equity section.
Instructions
(a) Journalize the transactions and the closing entries for net income and dividends.
(b) Enter the beginning balances, and post the entries to the stockholders’ equity accounts. (Note: Open additional stockholders’ equity accounts as needed.)
(c) Prepare a stockholders’ equity section at December 31.
Total stockholders’ equity $2,492,500
Justin answers:
Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1.
Dr Cash Dividends 75,000
Cr Dividends Payable 75,000
Mar. 1 Paid the dividend declared in February.
Dr Dividends Payable 75,000
Cr Cash 75,000
Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36.
No journal entry needed. You can make a note that the number of shares outstanding is now 150,000 and the par value is $10.
July 1 Declared a 10% stock dividend to stockholders of record on July 15, distributable July31. On July 1, the market price of the stock was $13 per share.
150,000 x 10% x 13 = $195,000 total amount of dividend
150,000 x 10% x 10 = $150,000 par amount of dividend
Dr Stock Dividends 195,000
Cr Stock Dividends Distributable 150,000
Cr Paid-In Capital in Excess of Par Value 45,000
31 Issued the shares for the stock dividend.
Dr Stock Dividends Distributable 150,000
Cr Common Stock 150,000
*Note: there are now 165,000 shares outstanding
Dec. 1 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2012.
165,000 x 0.50 = 82,500 dividend
Dr Cash Dividends 82,500
Cr Dividends Payable 82,500
31 Determined that net income for the year was $350,000.
Dr Income Summary 350,000
Cr Retained Earnings 350,000
31 Close out dividends.
Dr Retained Earnings 352,500
Cr Cash Dividends 157,500
Cr Stock Dividends 195,000
Stockholders’ equity
Common Stock ($10 par value,
165,000 shares issued and outstanding) . . . $1,650,000
Paid-in Capital in Excess of Par Value . . . . . . .245,000
Retained Earnings . . . . . . . . . . . . . . . . . . . . . 597,500
Total stockholders’ equity . . . . . . . . . . . . . .$2,492,500
James asks…
i need Accounting help bad journalize the transactions and the closing entry for net income ASAP?
On January 1 2010, Weiser Corporation Had the Following Stockholders’ equity accounts
Common Stock ($5 par value, 200,000 shares issued and outstanding) 1,000,000
Paid-in Capital in Excess of Par Value 200,000
Retained Earnings 840,000
During the year, the Following transaction occurred
Jan. 15 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15.
Feb. 15 Paid the dividend declared in Jan.
Apr 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15 the market price of the stock was $15 per share
May 15 Issued the shares for the stock dividend
July 1 Announced a 2-for-1 stock split. The Market price per share prior to the announcement was $17.(the new par value is $2.50)
Dec 1 Declared a $.50 per share cash dividend to stockholders of record on Dec. 15, payable Jan. 10, 2011
Dec 31 Determined that net income for the year was $250,000
P.S the total stockholders’ equity $1,870,000
i tried this on my own but i end up doing it wrong so please help me!!!!!!!!!!!!!!!
Justin answers:
Jan. 15 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15.
Dr Retained Earnings 200,000
Cr Cash Dividends Payable 200,000
Feb. 15 Paid the dividend declared in Jan.
Dr Cash Dividends Payable 200,000
Cr Cash 200,000
Apr 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15 the market price of the stock was $15 per share
200,000 x 10% x 15 = $300,000 Total dividend
Dr Retained Earnings 300,000
Cr Paid-In Capital in Excess of Par 200,000
Cr Stock Dividends Distributable 100,000 (200,000 x 10% x $5 par value)
May 15 Issued the shares for the stock dividend
Dr Stock Dividends Distributable 100,000
Cr Common Stock 100,000
*Note: There are now 220,000 shares of stock outstanding
July 1 Announced a 2-for-1 stock split. The Market price per share prior to the announcement was $17.(the new par value is $2.50)
No journal entry is needed for a stock split. But it should be noted that there are now 440,000 shares of stock outstanding with a $2.50 par value
Dec 1 Declared a $.50 per share cash dividend to stockholders of record on Dec. 15, payable Jan. 10, 2011
440,000 x 0.50 = $220,000 dividend
Dr Retained Earnings 220,000
Cr Cash Dividends Payable 220,000
Dec 31 Determined that net income for the year was $250,000
Dr Income Summary 250,000
Cr Retained Earnings 250,000
Stockholders’ Equity
Dec. 31, 2010
Common Stock ($2.50 par value, 440,000 shares issued and outstanding) 1,100,000
Paid-in Capital in Excess of Par Value 400,000
Retained Earnings 370,000
Total Stockholders’ Equity $1,870,000
David asks…
On January 1, 2011, Galactica Corporation had the following stockholders’ equity accounts.?
Common Stock ($20 par value, 60,000 shares issued and outstanding)$1,200,000
Paid-in Capital in Excess of Par Value200,000
Retained Earnings500,000
During the year, the following transactions occurred.
Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1.
Mar. 1 Paid the dividend declared in February.
Apr. 1 Announced a 5-for-1 stock split. Prior to the split, the market price per share was $35.
July 1 Declared a 5% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $7 per share.
July 31 Issued the shares for the stock dividend.
Dec. 1 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2012.
Dec. 31 Determined that net income for the year was $380,000.
1) Journalize the transactions and the closing entries. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2. If there is no transaction, enter No entry as the description and 0 for the amount.)
2)Enter the beginning balances, and post the entries to the stockholders’ equity accounts. (Note: Open additional stockholders’ equity accounts as needed.) (If answer is zero, please enter 0. Do not leave any fields blank.)
3)Prepare a stockholders’ equity section at December 31.
Please Help
Justin answers:
Hmmm, it seems like I just answered this one for someone else. I wonder if she’s in your class.
Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1.
60,000 x $1 = $60,000 dividend
Dr Retained Earnings 60,000
Cr Cash Dividends Payable 60,000
Mar. 1 Paid the dividend declared in February.
Dr Cash Dividends Payable 60,000
Cr Cash 60,000
Apr. 1 Announced a 5-for-1 stock split. Prior to the split, the market price per share was $35.
No journal entry needed. But there are now 5 x 60,000 = 300,000 shares outstanding with a par value of $20 / 5 = $4.00
July 1 Declared a 5% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $7 per share.
300,000 x 5% x $7 = $105,000 total dividend
300,000 x 5% x $4 = $60,000 stock dividend distributable
105,000 – 60,000 = $45,000 paid-in capital in excess of par
Dr Retained Earnings 105,000
Cr Stock Dividend Distributable 60,000
Cr Paid-In Capital in Excess of Par Value 45,000
July 31 Issued the shares for the stock dividend.
Dr Stock Dividend Distributable 60,000
Cr Common Stock 60,000
*Note: There are now 300,000 x 1.05 = 315,000 shares of common stock outstanding
Dec. 1 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2012.
315,000 x 0.50 = $157,500 dividend
Dr Retained Earnings 157,500
Cr Cash Dividend Payable 157,500
Dec. 31 Determined that net income for the year was $380,000.
Dr Income Summary 380,000
Cr Retained Earnings 380,000
Final Stockholders’ Equity
Common Stock ($4.00 par value, 315,000 shares issued and outstanding) $1,260,000
Paid-in Capital in Excess of Par Value $245,000
Retained Earnings $557,500
Charles asks…
On January 1, 2011, Galactica Corporation had the following stockholders’ equity accounts.?
Common Stock ($20 par value, 60,000 shares issued and outstanding) $1,200,000
Paid-in Capital in Excess of Par Value 200,000
Retained Earnings 500,000
During the year, the following transactions occurred.
Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1.
Mar. 1 Paid the dividend declared in February.
Apr. 1 Announced a 5-for-1 stock split. Prior to the split, the market price per share was $35.
July 1 Declared a 5% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $7 per share.
July 31 Issued the shares for the stock dividend.
Dec. 1 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2012.
Dec. 31 Determined that net income for the year was $380,000.
Journalize the transactions and the closing entries.
Justin answers:
Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1.
Dr Retained earnings $60,000 (60,000 shares x $1)
Cr Dividend payable $60,000
Mar. 1 Paid the dividend declared in February.
Dr Dividend payable $60,000
Cr Cash $60,000
Apr. 1 Announced a 5-for-1 stock split. Prior to the split, the market price per share was $35.
No journal entry is needed to account for a stock split, but it should be noted that the no. Of shares is now 300,000 (60,000 x 5) and the par value is now $4
July 1 Declared a 5% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $7 per share.
Dr Retained earnings $105,000 (300,000 shares x 5% x $7)
Cr Common Stock Dividend Distributable $105,000
July 31 Issued the shares for the stock dividend.
Dr Common stock dividend distributable $105,000
Cr Common stock $105,000 (there are now 315,000 shares)
Dec. 1 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2012.
Dr Retained earnings $157,500 (315,000 shares x $0.50)
Cr Dividend payable $157,500
Dec. 31 Determined that net income for the year was $380,000.
Dr Income summary $380,000
Cr Retained earnings $380,000
William asks…
On January 1, 2011, Galactica Corporation had the following stockholders’ equity accounts.?
Common Stock ($20 par value, 60,000 shares issued and outstanding) $1,200,000
Paid-in Capital in Excess of Par Value 200,000
Retained Earnings 500,000
During the year, the following transactions occurred.
Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1.
Mar. 1 Paid the dividend declared in February.
Apr. 1 Announced a 5-for-1 stock split. Prior to the split, the market price per share was $35.
July 1 Declared a 5% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $7 per share.
July 31 Issued the shares for the stock dividend.
Dec. 1 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2012.
Dec. 31 Determined that net income for the year was $380,000.
Justin answers:
Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1.
Dr Retained earnings $60,000 (60,000 shares x $1)
Cr Dividend payable $60,000
Mar. 1 Paid the dividend declared in February.
Dr Dividend payable $60,000
Cr Cash $60,000
Apr. 1 Announced a 5-for-1 stock split. Prior to the split, the market price per share was $35.
No journal entry is needed to account for a stock split, but it should be noted that the no. Of shares is now 300,000 (60,000 x 5) and the par value is now $4
July 1 Declared a 5% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $7 per share.
Dr Retained earnings $105,000 (300,000 shares x 5% x $7)
Cr Common Stock Dividend Distributable $105,000
July 31 Issued the shares for the stock dividend.
Dr Common stock dividend distributable $105,000
Cr Common stock $105,000 (there are now 315,000 shares)
Dec. 1 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2012.
Dr Retained earnings $157,500 (315,000 shares x $0.50)
Cr Dividend payable $157,500
Dec. 31 Determined that net income for the year was $380,000.
Dr Income summary $380,000
Cr Retained earnings $380,000
Daniel asks…
How does my resume sound?
This is my resume. it would be great if you give feedback and suggestions for editing.
My name
My address
My e-mail
My phone number
Objective: (My objective)
Skills Summary:
•Knowledge and experience of marketing and retail sales.
•Acquire good product knowledge of [whatever the store sells].
•Quick learner and open to feedback.
•Ability to do multiple tasks and lift heavy merchandise.
•Customer service oriented and flexible.
•Excellent written and verbal communication skills and can meet deadlines/on projects or tasks.
•Multilingual: Fluent in English and Tagalog.
•Outgoing, friendly, warm, down-to-earth personality, and a hard worker.
•Very organized, detail-oriented, and ability to maintain a tidy work area.
•Register and cash handling experience.
•Ability to work under pressure and quickly adaptable to environmental change.
Work Experience:
Hollister Co. (Model) 2011-2012
•Handle any duties asked by manager/team leader.
•Provide suggestions to customers to meet their needs to increase store sales.
•Promote a safe working and shopping environment by handling responsibilities to increase shopping experience.
•Explain about available benefits and special features to customers to increase buying decisions.
•Assist customers by helping them find items they’re searching for or substituting for items out-of–stock.
•Cleaning and tidying up the store before the store opens.
Volunteering Experiences
Lake Street Primary School (Teacher Assistant)2007
Commonwealth Elementary School (Assistant Coach)2009-2010
Saint Vincent Medical Hospital 2009-present
Anime Expo (Café and Live Programming)2009-present
Los Angeles Food Bank 2010
Francisco Bravo Medical Magnet High School (Teacher Assistant)2011
USC Festival of Books 2011
24th St. Elementary School Garden Workday 2011
AIDS Walk 2011
Rock ‘n’ Roll Half Marathon 2011
L.A. Love & Leashes (Cat and Dog Adoption Center) 2012
Co-Curricular Activities
High School:
President of Japanese Animation Club 2008
Roots and Shoots (Environmental Club) member2009
Campus Beautification (Environmental Club) member2010-2011
Yearbook Staff 2010-2011
Cross Country (runner) 2010
Track and Field (runner) 2011
Alliance for Climate Education (Environmental Club) action team member2011
USC Pharmacy Club 2011
College:
Alpha Gamma Sigma Honors Society (Club) 2011-present
Skills
10-key Proficient
Computer Literate
Microsoft Office Proficient
65 WPM (words per minute)
Cash Registry Experience
Intercommunication Skills
Honors & Awards
President’s Silver Seal for 3.0-3.59 GPA
Honors Award
William and Clyde Memorial Scholarship Award
References Available Upon Request
Justin answers:
Strike the “(words per minute)”. If they don’t know, they don’t need it.
“lift heavy merchandise” – give a weight rating.
“and ability to” => “has ability to” or “and able to”
If you can give a little bit more detail on what you did during your volunteer experiences, that would be good.
Joseph asks…
can someone please fix my cv for me?
hi there i really want to apply for jobs but i always get rejected i dont even know why but basically i want to apply for a telephone interview job i have experience in market research but i do not know how to write it in i have removed my name and address for privacy reason but please guys help me and tell me what i can write in as in i use to work as a telephone interviewer calling up people and asking them to complete a survey over the phone and now im applying for a another telephone interiew job but i do not know what to write on my cv . this is my cv
PERSONAL PROFILE
Successfully completed GCSE examinations in August 2009 and achieved 10 A-C passes. Determined and charismatic, looking to utilise an array of skills within a progressive work role. An excellent communicator with 1st class customer service skills and experience in working in retail as a sales assistant.
EDUCATION AND QUALFICATIONS
Sept. 2004 – Aug. 2009Swanlea School London
GCSEs
Religious Studies (A), ICT (Merit), Drama (B), (English Literature (B), English Language (C), Mathematics (C), Media Studies (C), Sociology (C), Applied Science (C/C)
Sept. 2009 – Aug. 2011
BTEC National Diploma in Business – Level 3
EMPLOYMENT SUMMARY
Nov. 2007 – 2 weeks work experience
Sales Assistant
Worked on the shop floor and coordinated a safe working environment and made sure that customers’ wants and needs were being met. Stock control, tagging and numbering clothes. Responded and dealt with customer enquiries face to face and dealing with customer enquires over the phone. Achieved exceptional communication skills both verbal and written and 1st class customer service skills.
Jul. 2007 – 4 weeks
Sales Assistant
Worked on the shop floor and helped around when customers needed assistance. Stock control and serving customers. Greeting and responding to customer enquiries face to face and over the telephone.
HOBBIES AND INTERESTS
Like to design and make my own outfits. Enjoy visiting other countries and experiencing other cultures. Reading books, listening to music.
References available upon request
Justin answers:
Here are the changes I’d suggest:
1. Your grades are not good. I would highly suggest removing all grades. With grades so low, should you even be looking for a job? I would try to concentrate on school more instead of working.
2. You only have 6 weeks of work experience. This is practically no experience and the short duration of your employment brings up a red-flag to employers. Why did you only work for 2 weeks? This is a serious concern for employers (employers don’t like to see any jobs lasting less than 1 or 2 years usually because if you are always switching it makes you seem very unstable). Of course, you can’t change your work past, but you should be prepared to talk about this during your interview.
3. The hobbies and interests section provide no value to your CV. Remove it. Instead, you can put a section where you detail your technology expertise.
4. Since you are applying for a low-level job, I would suggest adding an availability section regarding the times you can work.
Powered by Yahoo! Answers