User Account

All Pages

What was the effect on Garrett shareholders equity accounts

Assignment Help Accounting Basics
Reference no: EM132889606

Problem - Cash dividends on the $10 par value common stock of Garrett Company were as follows:

1st quarter of 2019 $ 800,000

2nd quarter of 2019 900,000

3rd quarter of 2019 1,000,000

4th quarter of 2019 1,100,000

The 4th-quarter cash dividend was declared on December 21, 2019, to shareholders of record on December 31, 2019. Payment of the 4th-quarter cash dividend was made on January 18, 2020.

In addition, Garrett declared a 5% stock dividend on its $10 par value common stock on December 3, 2019, when there were 300,000 shares issued and outstanding and the market value of the common stock was $20 per share. The shares were issued on December 24, 2019.

Required - What was the effect on Garrett's shareholders' equity accounts as a result of the preceding transactions?

Reference no: EM132889606

Questions Cloud

Uncharted waters for the ncaa : It has been a long-held practice that the NCAA does not believe in paying players from any sport to play or profit from the use of their name or image.
Comprehensive business governance plan : Create a comprehensive business governance plan for the organization you selected.
Advise cas of her australian tax residency status : Advise Cas of her Australian tax residency status for the financial years 2017/2018 and 2018/2019 and Is Cas an Australian resident for the financial year 2019
Global principles : Some companies have certain Global Principles for Ethical Business Conduct to which they adhere, while doing business globally.
What was the effect on Garrett shareholders equity accounts : In addition, Garrett declared a 5% stock dividend on its $10 par value common stock on December 3, 2019, What was the effect on Garrett shareholders equity
Moving jobs or business operations out of state : Moving jobs or business operations out of state, country, or overseas is not new. Is it ever unethical for a company to do so?
What should be the current balance of retained earnings : Additional paid-in capital from treasury stock 140,000. What should be the current balance of retained earnings
What psychological methodology does nlp stand for : Albert Mehrabian researched and published a now widely referenced set of statistics for the effectiveness of spoken communications relating to feelings and atti
Explore the pros and cons for identifying the nurse leader : Based on the evidence from your research and resources, state if you agree or disagree on these roles meeting advanced practice nurse statue.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is estimated percent increase in net operating income

Using the degree of calculated operating leverage, what is the estimated percent increase in net operating income of a 5% increase in sales?

  Calculate cost of goods available for sale for coronado co

Calculate cost of goods available for sale. Assume a sale of 500 units occurred on June 15 for a selling price of $8 and a sale of 420 units on June 27 for $9.

  In practice-customized bonds

In keeping with the notion of customizing bonds to match asset cash flows, firms have come up with increasingly creative solutions in recent years.

  Prepare a detailed multi-step income statement

Other revenues consist of sales discounts $18,000 and rent revenue $4,000. Prepare a detailed multi-step income statement

  How to record the acceptance of an industrial partner

How to record the acceptance of an industrial partner to the partnership? What The interest on the money borrowed by the partner from the partnership is

  Expected economic life of the asset

The expected economic life of the asset is ten years. The lease term is 5 years. The asset is expected to have a residual value of $2,000 at the end of ten years. Using the straight-line method, what would Best record as annual depreciation?

  Advantages and disadvantages of expensing

What are the advantages and disadvantages of expensing R&D, and what effect would such policy have on current and future expenditures?

  Prepare journal entries to close balances

Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage

  Prepare a partial balance sheet showing investments account

Problem - Equity Investments-Available-for-Sale, Prepare a partial balance sheet showing the Investments account at December 31, 2010 and 2011

  How long is the payback period for this project

The company plans to fund the purchase of the new machine using a bank loan with an interest rate of 13%. How long is the payback period for this project

  How effectively you managed your budget

FNS50215 Diploma of Accounting - FNSACC503 Manage Budgets and Forecasts - In this task, you will apply your skills in preparing a personal monthly budget for yourself. You may use a personal budgeting template from online resources with appropriate..

  Which is not considered a characteristic of a liability

Which is not considered a characteristic of a liability? Which Liabilities are? any accounts having credit balances after closing entries are made.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd