ACC 423 Week 5 Learning Team Reflection
ACC 423 Week 5 DQ (New)
ACC 423 Week 5 Individual WileyPLUS Assignment Exercise E207, Problem P20-4, Exercise E22-19, Problem P22-6
ACC 423 Week 5 Learning Team Assignment P20 - 8 And P22 – 3
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ACC 423 Final Exam Guide 1
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Question 1
Buttercup Corporation issued 250 shares of $11 par value common st
ock for $4,125. Prepare Buttercup‟ journal entry.
Question 2
Wilco Corporation has the following account balances at December 3
1, 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, p
ayable on September 9 to all stockholders of record on August 15. Pre
pare 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 w
hich 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 conditi
ons.