Solve and explain please Requlred Information -The following Informati.pdf

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Solve and explain please Requlred Information [The following Information applies to the questions displayed below.] The stockholders' equity section of TVX Company on February 4 follows. On February 5 , the directors declare a 2% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock's market value is $31 per share on February 5 before the stock dividend. 1. Prepare entrles to record both the dividend declaration and its distribution. Journal entry worksheet Record the declaration of a 2% stock dividend. Note: Enter debits before credits. Requlred Information [The following Information applies to the questions displayed below.] The stockholders' equity section of TVX Company on February 4 follows. On February 5, the directors declare a 2% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock's market value is $31 per share on February 5 before the stock dividend. 1. Prepare entrles to record both the dividend declaration and its distribution. Journal entry worksheet Record the distribution of a 2% stock dividend. Note: Enter debits before credits..

Solve and explain please
Requlred Information [The following Information applies to the questions displayed below.] The
stockholders' equity section of TVX Company on February 4 follows. On February 5 , the
directors declare a 2% stock dividend distributable on February 28 to the February 15
stockholders of record. The stock's market value is $31 per share on February 5 before the stock
dividend. 1. Prepare entrles to record both the dividend declaration and its distribution. Journal
entry worksheet Record the declaration of a 2% stock dividend. Note: Enter debits before credits.
Requlred Information [The following Information applies to the questions displayed below.] The
stockholders' equity section of TVX Company on February 4 follows. On February 5, the
directors declare a 2% stock dividend distributable on February 28 to the February 15
stockholders of record. The stock's market value is $31 per share on February 5 before the stock
dividend. 1. Prepare entrles to record both the dividend declaration and its distribution. Journal
entry worksheet Record the distribution of a 2% stock dividend. Note: Enter debits before
credits.

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Will’s Widget Company (WWC) incorporated near the end of 2017. Operations began in January of 2018. WWC prepares adjusting entries and financial statements at the end of each month. Balances in the accounts at the end of January are as follows: Account Title Dr Cr Cash 21,170 Accounts Receivable 12,200 Allowance for Doubtful Accounts 1,750 Inventory (45 units) 3,825 Unearned Revenue (40 units) 5,200 Accounts Payable (Jan Rent) 3,000 Notes Payable 14,500 Contributed Capital 6,700 Retained Earnings – Feb 1, 2012 6,045 Additional Information you need to know about WWC: • WWC establishes a policy that it will sell inventory at $165 per unit. • In January, WWC received a $5,200 advance for 40 units, as reflected in Unearned Revenue. • WWC’s February 1 inventory balance consisted of 45 units at a total cost of $3,825. • WWC’s note payable accrues interest at a 12% annual rate. • WWC will use the FIFO inventory method and record COGS on a perpetual basis. Below are transactions for February 2018: Record Journal Entries for following transactions: 02/01 Included in WWC’s February 1 Accounts Receivable balance is a $1,500 account due from Kit Kat, a WWC customer. Kit Kat is having cash flow problems and cannot pay its balance at this time. WWC arranges with Kit Kat to convert the $1,500 balance to a note, and Kit Kat signs a 6- month note, at 9% annual interest. The principal and all interest will be due and payable to WWC on August 1, 2012. 02/02 WWC paid a $900 insurance premium covering the month of February. The amount paid is recorded directly as an expense. 02/05 An additional 150 units of inventory are purchased on account by WWC for $11,250 – terms 2/15, n30. 02/05 WWC paid Federal Express $450 to have the 150 units of inventory delivered overnight. Delivery occurred on 02/06. (Hint--Recall company uses perpetual inventory system, record transportation fees as part of inventory costs—debit to inventory) 02/10 Sales of 120 units of inventory occurred during the period of 02/07 – 02/10. The sales terms are 2/10, net 30. (Hint --Recall company follows FIFO. What are the COGS of 120 sold units?) 02/15 The 40 units that were paid for in advance and recorded in January are delivered to the customer. (Hint --Recall WWC follows FIFO. What are the COGS of 40 sold units?) 02/15 10 units of the inventory that had been sold on 2/10 are returned to WWC. The units are not damaged and can be resold. Therefore, they are returned to inventory. Assume the units returned are from the 2/05 purchase. 02/16 WWC pays the first 2 weeks wages to the employees. The total paid is $2,500. 02/17 Paid in full the amount owed for the 2/05 purchase of inventory. WWC records purchase discounts as a reduction of inventory costs (credit to inventory). 02/18 Wrote off a customer’s account in the amount of $1,850. 02/19 $6,000 of rent for January and February was paid. Because all of the rent will soon expire, the February portion of the payment is charged directly to expense. 02.

Will’s Widget Company (WWC) incorporated near the end of 2017. Opera.pdf

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