By Ahmed Riahi-Belkaoui
From the complexity of modern company global and its day-by-day transactions has come a proliferation of recent accounting criteria. The monetary Accounting criteria Board has weighed in with its personal pronouncements at the matters, yet are they really understandable and appropriate? Riahi-Belkaoui explores those questions in actual fact, with various illustrations of the accounting strategies embedded in them, and provides interpretations designed to assist accounting execs take care of those difficulties of their paintings. students, researchers, and scholars within the educational neighborhood also will locate his analyses valuable and compelling.
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Additional info for Critical Financial Accounting Problems: Issues and Solutions
The accounting treatment at the date of declaration consists of debiting retained earnings or scrip dividends declared and crediting notes payable to stockholders or scrip dividend payable. At the date of distribution, the firm debits the note payable or scrip payable, and the related interest expense and credit cash. For example, let’s assume that the Bannos Company declared, on June 17, 1996, a scrip dividend in the form of a three-month promissory note amount to $1 a share on 3,000,000 shares outstanding.
Additional capital arising in recapitalizations or revisions in the capital structure (quasi-reorganization) (credit). 8. Additional assessments on stockholders (credit). 9. Conversion of convertible bonds or preferred stock (credit). 10. Declaration of a ‘‘small’’ (ordinary) stock dividend (credit). Other items may be presented as contra or adjunct equity items, generally as adjustments to or below retained earnings. Examples of the items include: 1. Foreign currency translation adjustments. 2.
For example, let’s assume that the Bannos Company declared, on June 17, 1996, a scrip dividend in the form of a three-month promissory note amount to $1 a share on 3,000,000 shares outstanding. The interest rate on the notes is 10% per year. The following entries are required: 1. At the date of declaration, June 17, 1996 Retained Earnings (Scrip Dividends Declared) Notes Payable to Stockholders (Scrip Dividends Payable) ($1 ϫ 3,000,000) 2. 10 ϫ 3/12) Cash 3,000,000 3,000,000 3,000,000 75,000 3,075,000 Liquidating Dividends Dividends paid based on other than retained earnings are called liquidating dividends, as a return of contributed capital rather than a distribution of retained earnings.