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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 18
Sources of equity, stock issuance, and dividends
Tree Comfort Specialists, Inc., reported the following stockholders' equity on its balance sheet at April 30, 2012.
Requirements
1. Identify the different issues of stock that Tree has outstanding.
2. What is the par value per share of Tree's preferred stock
3. Make two summary journal entries to record issuance of all the Tree stock for cash. Explanations are not required.
4. No preferred dividends are in arrears. Journalize the declaration of a $300,000 dividend at April 30, 2012. Use separate Dividends payable accounts for preferred and common. An explanation is not required.
Tree Comfort Specialists, Inc., reported the following stockholders' equity on its balance sheet at April 30, 2012.
Requirements
1. Identify the different issues of stock that Tree has outstanding.
2. What is the par value per share of Tree's preferred stock
3. Make two summary journal entries to record issuance of all the Tree stock for cash. Explanations are not required.
4. No preferred dividends are in arrears. Journalize the declaration of a $300,000 dividend at April 30, 2012. Use separate Dividends payable accounts for preferred and common. An explanation is not required.
Explanation
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2.
Step 1. Read the exercise.
Step 2. ...
Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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