Question : 157.West Company declared a $0.50 per share cash dividend. The : 1258363

157.West Company declared a $0.50 per share cash dividend. The company has 190,000 shares issued, and 10,000 shares in treasury stock. The journal entry to record the payment of the dividend is:   

A.Debit Retained Earnings $90,000; credit Common Dividends Payable $90,000.

B.Debit Common Dividends Payable $95,000; credit Cash $95,000.

C.Debit Retained Earnings $5,000; credit Common Dividends Payable $5,000.

D.Debit Common Dividends Payable $90,000; credit Cash $90,000.

E.Debit Retained Earnings $95,000; credit Common Dividends Payable $95,000.

158.Fetzer Company declared a $0.55 per share cash dividend. The company has 200,000 shares authorized, 190,000 shares issued, and 8,000 shares in treasury stock. The journal entry to record the payment of the dividend is:   

A.Debit Retained Earnings $104,500; credit Common Dividends Payable $104,500.

B.Debit Common Dividends Payable $104,500; credit Cash $104,500.

C.Debit Retained Earnings $100,100; credit Common Dividends Payable $100,100.

D.Debit Common Dividends Payable $100,100; credit Cash $100,100.

E.Debit Retained Earnings $110,000; credit Common Dividends Payable $110,000.

159.Fargo Company’s outstanding stock consists of 400 shares of noncumulative 5% preferred stock with a $10 par value and 3,000 shares of common stock with a $1 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends. 

YearDividend Declared

2015$20,000

2016$6,000

2017$32,000

The amount of dividends paid to preferred and common shareholders in 2015 is:    

A.$200 preferred; $19,800 common.

B.$4,000 preferred; $16,000 common.

C.$17,000 preferred; $3,000 common.

D.$10,000 preferred; $10,000 common.

E.$20,000 preferred; $0 common.

160.Halverstein Company’s outstanding stock consists of 7,000 shares of cumulative 5% preferred stock with a $10 par value and 3,000 shares of common stock with a $1 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends. 

2015$0

2016$6,000

2017$32,000

The amount of dividends paid to preferred and common shareholders in 2016 is:  A.$3,500 preferred; $2,500 common.

B.$3,000 preferred; $3,000 common.

C.$0 preferred; $6,000 common.

D.$4,200 preferred; $1,800 common.

E.$6,000 preferred; $0 common.

161.Prior to June 30, a company has never had any treasury stock transactions. A company repurchased 100 shares of its $1 par common stock on June 30 for $40 per share. On July 20, it reissued 50 of these shares at $46 per share. On August 1, it reissued 20 of the shares at $38 per share. What is the journal entry necessary to record the repurchase of stock on June 30?   

A.Debit Common Stock $4,000; credit Cash $4,000.

B.Debit Common Stock $100; debit Treasury Stock $3,900; credit Cash $4,000.

C.Debit Treasury Stock $3,900; debit Paid-in Capital, Treasury Stock $100; credit Cash $4,000.

D.Debit Treasury Stock, Common $4,000; credit Cash $4,000.

E.Debit Cash $4,000; credit Treasury Stock $4,000.

162.Prior to June 30, a company has never had any treasury stock transactions. A company repurchased 100 shares of its $1 par common stock on June 30 for $40 per share. On July 20, it reissued 50 of these shares at $46 per share. On August 1, it reissued 20 of the shares at $38 per share. What is the journal entry necessary to record the reissuance of treasury stock on July 20?   

A.Debit Common Stock $2,300; credit Cash $2,300.

B.Debit Common Stock $20; debit Treasury Stock $2,290; credit Cash $2,300.

C.Debit Common Stock $2,300; credit Treasury Stock $2,000; credit Paid-In Capital, Treasury Stock $300.

D.Debit Cash $2,300; debit Paid-in Capital, Treasury Stock $300; credit Treasury Stock $2,000.

E.Debit Cash $2,300; credit Treasury Stock $2,300.

163.A corporation issued 2,500 shares of its no par common stock at a cash price of $11 per share. The entry to record this transaction would be:   

A.Debit Cash $27,500; credit Paid-in Capital in Excess of Par Value, Common Stock $2,500; credit Common Stock $25,000.

B.Debit Cash $27,500; credit Common Stock $27,500.

C.Debit Common Stock $27,500; credit Cash $27,500.

D.Debit Treasury Stock $27,500; credit Cash $27,500.

E.Debit Treasury Stock $2,500; debit Paid-in Capital in Excess of Par Value, Treasury Stock $25,000; credit Common Stock $27,500.

164.A corporation issued 5,000 shares of its no par common stock that was assigned a $1 stated value per share. The issue price was $10 per share. The entry to record this transaction would be:   

A.Debit Cash $50,000; credit Paid-in Capital in Excess of Par Value, Common Stock $45,000; credit Common Stock $5,000.

B.Debit Cash $50,000; credit Common Stock $50,000.

C.Debit Common Stock $50,000; credit Cash $50,000.

D.Debit Treasury Stock $50,000; credit Cash $50,000.

E.Debit Common Stock $25,000; debit Paid-in Capital in Excess of Par Value, Common Stock $5,000; credit Common Stock $45,000.