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Financial Accounting | Finance homework help

On March 1, 2014, Kissell Corporation began operations with a charter from the state that authorized 100,000 shares of $4 par value common stock. Over the next quarter, the company engaged in the transactions that follow.

Mar.1 Issued 30,000 shares of common stock, $200,000.
2 Paid fees associated with obtaining the charter and starting up and organizing the corporation, $24,000.
Apr.10 Issued 13,000 shares of common stock, $130,000.
15 Purchased 5,000 shares of common stock, $50,000.
May 31 The board of directors declared a $0.20 per share cash dividend to be paid on June 15 to shareholders of record on June 10.

Record the T accounts for Dividends and Dividends Payable using the information above.

An option for a customer to purchase additional goods at a discount from the list price is only a performance obligation if the discount is a material right that the customer would not receive otherwise.

(a) True
(b) False

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