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musa akbari | can someone please double check my answer to this question??Cash Dividends on Common Stock? |
Ludwig Inc. began a very lucrative consulting operation on July 1, 2010. They are authorized to issue 400,000 shares of $3.00 cumulative preferred shares. They are also authorized to issue 500,000 common shares.
a.July 2 : Gave the corporation's promoters 14,000 common shares for their services in organizing the corporation. The directors valued the services at $14,000.
b.July 4 : 11,000 of the preferred shares were issued for a total of $154,000 cash.
c.July 10 : Issued 11,000 preferred shares at $10.00 for cash.
d.July 12 : 5,000 common shares were issued in exchange for land valued at $20,000. The shares were actively trading on this date at $5.00 per share.
e.July 29 : Issued 9,000 common shares at $4.00 for cash.
f.July 31 : In addition to the declaration of the annual dividend on the preferred shares, dividends of $70,000 were declared on the common shares today.
Prepare journal entries for the above transactions, entering the transaction letter as the explanation. Also, enter dates in the format dd/mmm (ie. 15/Jan).
DR organization costs..14000
CR common shares..14000
DR cash..154000
CR preferred shares...154000
DR cash..110000
CR preferred shares...110000
DR land..25000
CR common shares..25000
CR cash..36000
DR common shares..36000
DR cash dividends declared...??????'Cash Dividends Declared' should be debited for the amount of $136,000,BUT HOW??NEED SOMEONE TO EXPLAIN PLEASE
CR common dividends payable...70000 |
 |
 
JohnDoe
 |
lol.. this is how i got my answers when i was in school.. also check with the CD that came with book, some offer live chat and someone can help you out. my brain isnt working for that right now |
|
Sandy
|
a.July 2 : Gave the corporation's promoters 14,000 common shares for their services in organizing the corporation. The directors valued the services at $14,000
Dr Organisation costs (expense) $14,000
Cr Common stock $14,000
b.July 4 : 11,000 of the preferred shares were issued for a total of $154,000 cash
Dr Cash $154,000
Cr Preferred stock $33,000
Cr Paid-in Capital in Excess of Par Value $121,000
c.July 10 : Issued 11,000 preferred shares at $10.00 for cash
Dr Cash $110,000
Cr Preferred stock $33,000
Cr Paid-in Capital in Excess of Par Value $77,000
(there are now 22,000 preferred shares issued and outstanding)
d.July 12 : 5,000 common shares were issued in exchange for land valued at $20,000. The shares were actively trading on this date at $5.00 per share
Dr Land $25,000
Cr Common stock $25,000
e.July 29 : Issued 9,000 common shares at $4.00 for cash
Dr Cash $36,000
Cr Common stock $36,000
f.July 31 : In addition to the declaration of the annual dividend on the preferred shares, dividends of $70,000 were declared on the common shares today.
Dr Dividends - preferred $66,000 (22,000 shares x $3)
Dr Dividends - common $70,000
Cr Dividends payable - preferred $66,000
Cr Dividends payable - common $70,000
I did the above to show you how the $136,000 was arrived at, but in your exam, you can add the $66k to the $70k to get your $136k. |
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EMINEM
 |
if you look at the question it say {{{ They are authorized to issue 400,000 shares of (( $3.00 )) cumulative preferred shares}}} NOW
IN JULY 4 there is 11,000 preferred shares
IN JULY 10 there is 11,000 prerferred shares
therefore, the total of preferred share is 22,000 and it is given that they had 400,000 of $ 3.00
so during the Month of JULY you issued 22,000 preferred share for $ 3.00
total is ( 22,000 * $3 = 66,000 pluse the Commen share which is given 70,000 Add they you will get 136,000 .... |
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