amounts debited to Stock Dividends 1. On December 31, 2013, Stock, Inc. has 3,000 shares of 6% $100 par value cumulative preferred stock and 45,000 shares of $10 par value common stock outstanding. On December 31, 2013, the directors declare a $15,000 cash dividend. The entry to record the declaration of the dividend would include: a. a credit of $3,000 to Cash Dividends. b. a note in the financial statements that dividends of $3 per share are in arrears on preferred stock for 2012. c. a debit of $15,000 to Common Stock. d. a credit of $15,000 to Dividends Payable. 2. Saint, Inc. declares a 10% common stock dividend when it has 30,000 shares of $10 par value common stock outstanding. If the market value of $24 per share is used, the amounts debited to Stock Dividends and credited to Paid-in Capital in Excess of Par are: Paid-in Capital in Stock Dividends Excess of Par a. $30,000 $0 b. $72,000 $42,000 c. $72,000 $30,000 d. $30,000 $42,000 3. Cloud Manufacturing declared a 10% stock dividend when it had 350,000 shares of $3 par value common stock outstanding. The market price per common share was $12 per share when the dividend was declared. The entry to record this dividend declaration includes a credit to a. Stock Dividends for $105,000. b. Paid-in Capital in Excess of Par for $315,000. c. Common Stock for $105,000. d. Common Stock Dividends Distributable for $420,000. 4. The following selected amounts are available for Clark Company. Retained earnings (beginning) $800 Net loss 150 Cash dividends declared 100 Stock dividends declared 100 What is its ending retained earnings balance? a. $650 b. $700 c. $450 d. $600 5. Car and Auto Sisters had retained earnings of $15,000 on the balance sheet but disclosed in the footnotes that $3,000 of retained earnings was restricted for plant expansion and $1,000 was restricted for bond repayments. Cash of $2,000 had been set aside for the plant expansion. How much of retained earnings is available for dividends? a. $11,000 b. $12,000 c. $15,000 d. $9,000 Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help
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