Vega Company reported the following shareholders’ equity section in its most recent balance sheet. Shareholders’ Equity...

Vega Company reported the following shareholders’ equity section in its most recent balance sheet. Shareholders’ Equity Common Stock ($1 par, 2,000,000 shares authorized, 100,000 shares issued, 95,000 shares outstanding) $ 100,000 Additional Paid-in Capital 1,900,000 Total Contributed Capital 2,000,000 Retained Earnings 3,100,000 Total Contributed Capital and Retained Earnings 5,100,000 Less: Cost of Treasury Stock (5,000 shares) (75,000) Total shareholders’ Equity 5,025,000 Prepare the Shareholders’ Equity section for Vega Company if a) Vega declares 100% stock dividend; b) Vega does a 2-for-1 stock split. Write any journal entry necessary..

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Wilma Corporation reported the following in its shareholders’ equity section on the January 1, 2019 Balance...

Wilma Corporation reported the following in its shareholders’ equity section on the January 1, 2019 Balance Sheet: Common shares, 100,000 authorized, 25,000 outstanding $100,000 On October 1, 2019, the company declared a 10% common stock dividend on the outstanding common shares when they were trading at $32 per share Record the journal entry for the stock dividends declared . Show calculations.

Question text Accounting for Shareholders' Equity Transactions The shareholders' equity section of the balance sheet of...

Question text Accounting for Shareholders' Equity Transactions The shareholders' equity section of the balance sheet of The Claremont Company appeared as follows at the end of the first year of operations: Common stock, $0.08 par value $480,000 Additional paid-in-capital 71,520,000 Retained earnings 25,600,000 Treasury stock (6,000,000) Shareholders' equity $91,600,000 During the second year of operations, the following transactions occurred: Generated net income of $4.8 million. Paid a cash dividend of $1.2 million. Purchased 100,000 shares of common stock at $7.6...

Included in the December 31, 2015, Jacobi Company balance sheet was the following shareholders’ equity section:...

Included in the December 31, 2015, Jacobi Company balance sheet was the following shareholders’ equity section: Jacobi Company Balance Sheet (Shareholders' Equity) December 31, 2015 1 Contributed Capital: 2 Preferred stock, 6%, $100 par $200,000.00 3 Additional paid-in capital on preferred stock 12,000.00 $212,000.00 4 Common stock, $5 par $150,000.00 5 Additional paid-in capital on common stock 240,000.00 390,000.00 6 Total contributed capital $602,000.00 7 Retained earnings 627,000.00 8 Accumulated other comprehensive income (loss): 9 Unrealized decrease in value of...

Question 1. Following is the shareholders' equity section of the balance sheet of the Everslim Corporation:...

Question 1. Following is the shareholders' equity section of the balance sheet of the Everslim Corporation: The number of common shares authorized and issued after the distribution of a 15% common stock dividend is: Select one: a. 115,000 and 74,750 b. 100,000 and 65,000 c. 115,000 and 65,000 d. 100,000 and 74,750 Question 2. Proceeds from the issuance of shares appear in which, if any, section of the cash flow statement? Select one: a. operating activities section b. investing activities...

The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts...

The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2017: Shareholders' Equity ($ in millions) Common stock, 310 million shares at $1 par $ 310 Paid-in capital—excess of par 2,790 Paid-in capital—share repurchase 1 Retained earnings 2,100 Required: 1. During 2018, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares...

The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts...

The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020: Shareholders' Equity ($ in millions) Common stock, 400 million shares at $1 par $ 400 Paid-in capital—excess of par 3,200 Paid-in capital—share repurchase 1 Retained earnings 3,000 Required: 1. During 2021, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares...

The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts...

The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020: Shareholders' Equity ($ in millions) Common stock, 270 million shares at $1 par $ 270 Paid-in capital—excess of par 1,890 Paid-in capital—share repurchase 2 Retained earnings 1,700 Required: 1. During 2021, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares...

The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts...

The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020: Shareholders' Equity ($ in millions) Common stock, 260 million shares at $1 par $ 260 Paid-in capital—excess of par 2,080 Paid-in capital—share repurchase 2 Retained earnings 1,600 Required: 1. During 2021, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares...

The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts...

The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2017: Shareholders' Equity ($ in millions) Common stock, 380 million shares at $1 par $ 380 Paid-in capital—excess of par 3,040 Paid-in capital—share repurchase 1 Retained earnings 2,800 Required: 1. During 2018, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares...

The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts...

The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2017: Shareholders' Equity ($ in millions) Common stock, 300 million shares at $1 par $ 300 Paid-in capital—excess of par 2,400 Paid-in capital—share repurchase 2 Retained earnings 2,000 Required: 1. During 2018, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares...

Subjects