Exam 1

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Author:
Anonymous
ID:
271510
Filename:
Exam 1
Updated:
2014-04-22 23:58:09
Tags:
Accounting 302
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Description:
ch 13-16
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  1. Treasury Stock
    JE-Issue
    • Dr. Cash
    • Cr. Common Stock
    • Cr. PIC
  2. Treasury Stock
    JE-BuyBack
    • Dr. Treasury Stock (buy-back price)
    • Cr. Cash
  3. Treasury Stock
    JE-Re-Issuue
    • Cash > Cost
    • Dr. Cash
    • Cr. Treasury Stock
    • Cr. PIC (TS)

    • Cash < Cost
    • Dr. Cash
    • Dr. PIC (TS) or RE (if PIC(TS) is $0)
    • Cr. Treasury Stock
  4. Treasury Stock
    JE-Retire
    • If original issue price > buy back
    • Dr. PIC (original)¬†
    • Dr. Commons Stock (par)
    • Cr. Treasury Stock (cost)
    • Cr. PIC (Retirements) plug

    • If original issue price < buy back
    • Dr. PIC Retirement or RE (if PIC (ret.)is $0
    • Dr. PIC (original)
    • Dr. Common stock (par)
    • Cr. Treasury Stock (Cost)
  5. Cash Dividend
    JE-Declare and Distribute
    • Dr. RE or Div
    • Cr. Div Payable

    • Dr. Div Payable
    • Cr. Cash
  6. Property Dividend
    JE-Declare and Distribute
    • Dr. Property
    • Dr./Cr. Loss or Gain
    • Dr. R/E
    • Cr. Div Payable

    • Dr Div Pay
    • Cr. Cash
  7. Stock Dividend
    JE-Declare and Distribute
    • Dr. RE or Div
    • Cr. C/S ditributable @par
    • Cr. APIC
    • *small <25% use MV
    • ¬†large > 25@ use par value

    • Dr. C/S Distribuable
    • Cr. Common Stock
  8. Stock Divident vs Stock Split
    • Object- no cash vs affortable Market share
    • J/E- Dr RE, Cr C/S, APIC vs no entry footnote
    • Total Stockholders equity- no change
    • Contributed Capital- increase vs no change
    • Par Value Per Share- no change vs reduce
    • Shares O/S- increases
    • Total Assets- no changes
    • EPS decreases
    • APIC increase vs no change
  9. Dividend Preferences
    • Non-Cummulative- current year only
    • Non- Participationg- ceiling on amounts paid
    • Cumulative- money from arrears
    • Participation= extra amounts during good times
  10. Convertible Debt
    BP -> CS
    • Eliminate B/P and related accounts; Credit C/S for par and APIC
    • no gain o Loses plug APIC as necessary
  11. Convertible Debt
    Pref Stock -> Com Stock
    • Dr. Pref Stock
    • Dr. APIC-Pref Stock
    • Cr Com Stock
    • Cr APIC-Com Stock
    • no gain or losses plug APIC
  12. Detachable Stock Warrants issued with Bonds
    Allocate cash received to Bonds and Stock Warrants using Wtd Ave of their FMV

    • Issueance:
    • Dr. Cash
    • Dr/Cr Dis/Pre on B/P
    • Cr. PIC-SW

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