Question

In: Accounting

Common stock (par $2; no changes during the current year). Shares authorized, 5,000,000. Shares issued,   ? ;...

Common stock (par $2; no changes during the current year).
Shares authorized, 5,000,000.
Shares issued,   ? ; issue price $7 per share.
Shares held as treasury stock, 10,200 shares, cost $5 per share.
Net income for the current year, $500,080.
Common Stock account, $152,000.
Dividends declared and paid during the current year, $2 per share.
Retained Earnings balance, beginning of year, $820,000
1. Shares issued
Shares outstanding
2. The balance in Additional Paid-in Capital would be
3. Earnings per share is
4. Total dividends paid on common stock during the current year is
5. Treasury stock should be reported in the stockholders’ equity section of the balance sheet in the amount of
6. Assume that the board of directors voted a 2-for-1 stock split. After the stock split, the par value per share will be

Solutions

Expert Solution

In case of any doubt please comment below.

Thank you. Please upvote it.......

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

A company with 100,000 authorized shares of $4 par common stock issued 50,000 shares at $9...
A company with 100,000 authorized shares of $4 par common stock issued 50,000 shares at $9 per share.  Subsequently, the company declared and issued a 10% stock dividend. The market price of the shares is $20 per share. 53. What is the effect of the dividend on Paid in Capital?    a. Paid-in Capital decreased b. Paid-in Capital increased c. Paid-in Capital remained the same d. None of the above 54. Refer to the previous question. By what amount did Paid...
A company with 50,000 authorized shares of $1 par common stock issued 10,000 shares at $10...
A company with 50,000 authorized shares of $1 par common stock issued 10,000 shares at $10 per share, Subsequently, the company declared and paid a $3 cash dividend per share. On the date the company declared the dividend, the market price of the shares was $30 per share. What is the effect of the dividend on Retained Earnings? Retained earnings decreased Retained earnings increased Retained earnings remained the same None of the above. Refer to the previous question. By what...
Preferred Stock- 5% $11 Par Value 5,500 shares authorized 4,000 shares issued and outstanding Common Stock...
Preferred Stock- 5% $11 Par Value 5,500 shares authorized 4,000 shares issued and outstanding Common Stock - $.20 Par Value 2,000,000 shares authorized, 1,650,000 shares issued and outstanding Requirement 1. Sapphire declares cash dividends of $28,000 for 2018. How much of the dividends goes to preferred? stockholders? How much goes to common? stockholders? ?(Complete all input boxes. Enter? "0" for any zero? amounts.) Sapphire dividend would be divided between preferred and common stockholders in this? manner: Total Dividend Dividend to...
Czar was authorized to issue 3,000,000 shares of $1 par Common Stock but has only issued...
Czar was authorized to issue 3,000,000 shares of $1 par Common Stock but has only issued 520,000 shares of common stock as of 12/31/2018. No new shares were issued during 2018. 1.         On the “Adjusting Journal Entries” worksheet, prepare in journal entry form all adjusting    and correcting journal entries based on the following information. All information was        provided to you as of 12/31/2018. (Round all numbers to the nearest dollar). Label            journal entries a through t. P-...
Czar was authorized to issue 3,000,000 shares of $1 par Common Stock but has only issued...
Czar was authorized to issue 3,000,000 shares of $1 par Common Stock but has only issued 520,000 shares of common stock as of 12/31/2018. No new shares were issued during 2018. 1.         On the “Adjusting Journal Entries” worksheet, prepare in journal entry form all adjusting    and correcting journal entries based on the following information. All information was        provided to you as of 12/31/2018. (Round all numbers to the nearest dollar). Label            journal entries a through t. P-...
2,000,000 shares of no-par common stock were authorized; 750,000 shares were issued on January 1, 2019,...
2,000,000 shares of no-par common stock were authorized; 750,000 shares were issued on January 1, 2019, at $35 per share. 800,000 shares of $100 par value, 7.5% cumulative, preferred stock were authorized; 540,000 shares were issued on January 1, 2019, at $105 per share. No dividends were declared or paid during 2019 or 2020. However, on December 22, 2021, the board of directors of Permabilt Corp. declared dividends of $15,000,000, payable on February 12, 2022, to holders of record as...
UCONN Group has the following items in its current balance sheet: Common Stock 5,000,000 shares authorized,...
UCONN Group has the following items in its current balance sheet: Common Stock 5,000,000 shares authorized, 1,200,000 issued. $6,000,000 Capital Surplus $3,600,000 Treasury Stock on Common 100,000 shares $1,320,000 Cumulative Preferred Stock 17,000,000 authorized {8%} $2 par $12,000,000 Retained Earnings $30,180,000 1.) Using the What was the average selling price of UCONN Group’s common stock shares that are listed on the current balance sheet.? 2.) What was the average selling price of UCONN Group’s preferred stock shares that are on...
UCONN Group has the following items in its current balance sheet: Common Stock 5,000,000 shares authorized,...
UCONN Group has the following items in its current balance sheet: Common Stock 5,000,000 shares authorized, 1,200,000 issued. $6,000,000 Capital Surplus $3,600,000 Treasury Stock on Common 100,000 shares $1,320,000 Cumulative Preferred Stock 17,000,000 authorized {8%} $2 par $12,000,000 Retained Earnings $30,180,000 1.) If UCONN Group were to provide for a 10% common stock dividend, then how many new shares are to be mailed to existing shareholders? 2.) Assume in question [8] the market price of the common stock was $20...
. Excalibur Corporation is authorized to issue 3,000,000 shares of $5 par value common stock. During...
. Excalibur Corporation is authorized to issue 3,000,000 shares of $5 par value common stock. During 2019, its first year of operation, the company has the following stock transactions. Jan.   15    Issued 600,000 shares of stock at $13 per share. July     2    Issued 100,000 shares of stock in exchange for a building. The building had an asking price of $1,000,000. The stock is currently selling at $9 per share. Sept.   5    Purchased 5,000 shares of common stock for the treasury...
create journal entries: Common stock—$10 par value, 100,000 shares authorized, 55,000 shares issued and outstanding $...
create journal entries: Common stock—$10 par value, 100,000 shares authorized, 55,000 shares issued and outstanding $ 550,000 Paid-in capital in excess of par value, common stock 80,000 Retained earnings 460,000 Total stockholders’ equity $ 1,090,000 In year 2016, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 5,000 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $4 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT