Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. entries for stock dividends advanced ufe ca. is an

Entries for Stock Dividends Advanced Ufe Ca. is an HMO for businesses in the Abuquerque...

90.2K

Verified Solution

Question

Accounting

image
image
Entries for Stock Dividends Advanced Ufe Ca. is an HMO for businesses in the Abuquerque area. The following account balances appear on the balance sheet of Advanced tife Co.t Comman stock (220,000 shares authorzed; ; 4,000 shares issued), $25 pat, $100,000; Paid-in capitat in excess of par-common stock, $20,000; and Retained earmings, $1,200,000. The board of directors declared a 2% stock dividend when the market price of the stock was $34 a share. Advanced Life. Co, reported no income or loss for the current vear; 2. Journalize the entry to record the issuance of the stock certificates. If an amount box does not require an entry, leave it blank. Determine the following amounts before the stock dividend was declared: (1) total paid-in capital, (2) total retained earnings, and (3) totai stockhoiders c. Determine the following amounts after the stock dividend was declared and closing entries were recorded at the end of the year: (1) totai paid-in capital, retained earnings, and (3) total stockholders' equity

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Activity-based costing (ABC)Marconi is a Portuguese telecommunications company thatencountered problems with its ABC system....Activity-based...

Accounting
Q

A local trucking company fitted a regression to relate the travel time (days) of its shipments...

Basic Math
Q

[H3O^+(aq)] Drops of Stock Solutions Reaction Time Test Tube KMnO4 H2O H3O^+/H2SO4 C2O4H2 C-1 15 25 5 5 14mins 3 sec C-2 15 15 15 5 8mins 10sec C-3 15 5 25 5 3mins 8 sec a)     What are the molecules...

Chemistry
Q

IN LINUX/UNIX 1. Based on the example “awkc7” introduced in the handouts, please write an awk script...

Programming
Q

IS Some viruses such as have a broad host range and can infect a wide...

Biology
Q

The Serengeti region of Africa contains a population of cheetahs and a population of lions....

Biology
Q

Hint Questions 4 and 5 You don t have to do the z score transformation...

Statistics
Q

Garrett Boone. Flint Enterprises' vice president of operations, needs to replace an automatic lathe on...

Accounting
Q

The home the Bensons purchased 12 years ago for $88,000 is now appraised at $218,000....

Accounting
Q

There are some excellent free personal finance apps available: Mint.com, GoodBudget, Mvelopes, BillGuard, PocketExpense, HomeBudget,...

Accounting
Q

Financial data for Joel de Paris, Inc., for last year follow. Joel de Paris, Ind...

Accounting
Q

The Cloud Burst Sprinkler Company of Benicia, California has been manufacturing and selling a water...

Accounting