Reference no: EM13392516

Question 1: Buttercup Corporation issued 250 shares of $11 par value common stock for $4,125. Prepare Buttercup' journal entry.

Question 2: Wilco Corporation has the following account balances at December 31, 2012.

Common stock, $5 par value $511,670

Treasury stock 95,260

Retained earnings 2,400,840

Paid-in capital in excess of par 1,320,150

Prepare Wilco's December 31, 2012, stockholders' equity section

Question 3: Woolford Inc. declared a cash dividend of $1.38 per share on its 2.22 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15. Prepare the journal entries necessary on those three dates.

Question 4: The outstanding capital stock of Pennington Corporation consists of 3,100 shares of $109 par value, 6% preferred, and 5,700 shares of $52 par value common.

Assuming that the company has retained earnings of $83,000, all of which is to be paid out in dividends, and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following conditions.

Question 5: Martinez Company's ledger shows the following balances on December 31, 2012.

5% Preferred stock-$10 par value, outstanding 22,480 shares $224,800

Common stock-$100 par value, outstanding 33,720 shares 3,372,000

Retained earnings 708,120

Assuming that the directors decide to declare total dividends in the amount of $298,984, determine how much each class of stock should receive under each of the conditions stated below. One year's dividends are in arrears on the preferred stock.