The market value of Yeates Corporation's common stock had become excessively high. The stock was currently selling for $270 per share. To reduce the market price of the common stock, Yeates declared a 3-for-1 stock split for the 310,000 outstanding shares of its $12 par value common stock. Required: b. Determine the number of common shares outstanding and the par value after the split. Note: Round par value answer to 2 decimal places. Number of common shares outstanding Par value per share after the split
Q: Required information Problem 13-58 & 13-59 (Algo) (LO 13-4, 5) [The following information applies to…
A: A cash basis income statement is an income statement that reports revenue on the income statement…
Q: Eclipse Motor Company manufactures two types of specialty electric motors, a commercial motor and a…
A: The plantwide overhead rate is the single rate which calculated by dividing the total manufacturing…
Q: Land, a building and equipment are acquired for a lump sum of $900,000. The market values of the…
A: To determine the cost assigned to the equipment, we need to allocate the lump sum purchase price of…
Q: labor hour at a rate of $12 per hour. Variable overhead is budgeted at a rate of $2 per direct labor…
A: Direct labor budget is used for estimating the direct labor hours and for estimating the direct…
Q: 9:21 ▪ es Below are several amounts reported at the end of the year. Currency located at the company…
A: Cash & Cash Equivalents Cash and Cash Equivalents are reported under the Non Current Assets in…
Q: Kayak Company budgeted the following cash receipts (excluding cash receipts from loans received) and…
A: Budget means the expected value of future. Budget will be compared with actual value and variance is…
Q: The unadjusted trial balance of Newport Inn Ltd at 30 June 2021 and the data needed for the…
A: Unadjusted Trial balance is converted into Adjusted trial balance with help of adjusting journal…
Q: Steele Bicycle Manufacturing Company currently produces the handlebars used in manufacturing its…
A: Relevant cost primarily used in managerial accounting. The relevant cost concept useful for…
Q: Cardinal Company has finished goods inventory of 55,000 units on January 1. Its projected sales for…
A: The production budget is prepared to estimate the number of units to be produced during the period.…
Q: 1. Explain how businesses use the Internet to
A: Businesses use the Internet in a variety of ways to improve their purchasing, logistics, and other…
Q: On January 1, 2021, EG Corporation granted 30 million options under its executive stock option plan…
A: Stock options is a employee benefit offered to employee by his/her company. It is an option given to…
Q: Kraft Company made the following journal entry in late 2025 for rent received on property it leases…
A: Income taxis a tax which is levied by the government on a business's earnings and an individual's…
Q: Following are transactions for Vitalo Company. November 1 Accepted a $9,000, 180-day, 7% note from…
A: The accrued interest is the amount of interest due but not received in cash. The maturity amount is…
Q: MSRP or List Price Discount Purchase Price Freight Tire/Air Tax Gas Tax Administration Fee Taxable…
A: According to the time value of money theory, money that is available now is worth more than the same…
Q: Required Information [The following information applies to the questions displayed below.] The fixed…
A: Lets understand the basics. Management prepares budget in order to estimate future profit and loss…
Q: Riker receives $43,000 from Troy as payment for a vehicle that has a fair value of $54,300. The…
A: The practice of documenting and summarizing financial transactions associated with the selling of…
Q: Planned sales are 10,000 units at $7.00 per unit. Actual sales are 11,000 units at $6.50 per unit.…
A: Standard costs are estimates of the actual costs in a company’s production process Then, the…
Q: Year 0 1 2 3 4 01 5 6 7 8 9 10 Net Cash Outflows Amount Invested $ 4,600,000 Net Cash Inflows Annual…
A: Payback period is the time taken to recover the initial investment. It is one of the popular capital…
Q: How does the information provided in the cash flow statement explain changes in nonca
A: The cash flow statement explains changes in non-cash accounts on the balance sheet by showing the…
Q: Mark decided to allocate $4,000
A: As per IRS rules 2022 401[k] is a qualified profit sharing plan . It allows…
Q: sold 300 shares of the treasury stock for $53 per share. ed the balance of the Treasury Stock…
A: Treasury stock balance after repurchase Treasury stock balance after repurchase = No. of remaining…
Q: Addison Company budgets production of 2,860 units during the second quarter. Information on its…
A: DIRECT LABOUR BUDGET Direct Labour Budget is the Estimation of Direct Labour Hour Used & Direct…
Q: Bramble Corporation has outstanding 400,000 shares of $10 par value common stock. The corporation…
A: The term "stock dividend" refers to a payout made in the form of additional shares to current…
Q: On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $21,600. What is…
A: Promissory notes, also known as notes payable, are a sort of debt that a person or company promises…
Q: Please answer parts d) e) and f)
A: Current assets are those assets which are convertible in to cash within one year from balance sheet…
Q: The following data are for Trendy Fashion Apparel: North South Sales volume (units): Blouses Skirts…
A: MARGINAL COSTING INCOME STATEMENT Marginal Costing Income Statement is One of the Important Cost…
Q: The board of directors of Tru Corporation declared cash dividends of $4.4 million, $9.0 million, and…
A: A dividend is a type of return given by a company to the different types of shareholders (equity and…
Q: Singer Company has a line of credit with United Bank. Singer can borrow up to $455,500 at any time…
A: A journal entry is a record of the business transactions in the accounting books of a business. A…
Q: Direct Materials Variances The following data relate to the direct materials cost for the production…
A: The variance is the difference between the actual and standard production data. The variance can be…
Q: Dristell Incorporated had the following activities during the year (all transactions are for cash…
A: Cash Flow Statement:— It is one of the financial statements that show changes in cash and cash…
Q: A manufactured product has the following Information for June. Standard Quantity and Cost 7 pounds @…
A: Direct labor is the labor who is directly engaged in production process. Labor variance is the…
Q: On January 1, 2024, Howell Enterprises purchases a building for $217,000, paying $47,000 down and…
A: Notes Payable is an amount borrowed for the specified period of time. It carries fixed term of…
Q: * Your answer is incorrect. Sheridan Inc. had beginning inventory of $11,700 at cost and $18,200 at…
A: Inventory means the detailed list or stock of items, goods, or materials held by a business or…
Q: Kisses Company manufactures spray cans of insect repellent. On August 1, 2019, the company had 9,800…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: Manuel Company predicts it will operate at 80% of its productive capacity. Its overhead allocation…
A: The overhead rate is calculated as estimated overhead cost divided by estimated base activity. The…
Q: Hunt Company and Indio Company are noncompeting lines of business and use a common database for…
A: The costs in a bundled cost can be allocated using the stand-alone method or incremental method.…
Q: an exercise price of $57 outstanding for all of 2022. The market price of the stock during 2022…
A: ESOPS or Employee Stock Option Plan Schemes wherein, an employer offers to it's existing employees…
Q: Chu Company provided the following information related to its inventory sales and purchases for…
A: Desired ending inventory = Budgeted March purchases*27% Beginning inventory = Februry purchases*27%…
Q: Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost…
A: The overhead is applied to the production on the basis of predetermined overhead rate. The overhead…
Q: Upton Manufacturing Corporation has a traditional costing system in which it applies manufacturing…
A: Lets understand the basics. Overhead can be allocated using two methods which are, (1) Traditional…
Q: The following data relate to direct labor costs for August: actual costs for 5,500 hours at $24.00…
A: The disparity between the estimated cost of direct labour at normal cost (i.e. direct labour hours…
Q: During the current year, the Town of Mashpee had a number of transactions that affected net position…
A: The balance sheet, also known as the financial statement, serves as a foundation for evaluating the…
Q: Required information [The following information applies to the questions displayed below.]…
A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…
Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its…
A: The taxes that are paid by both the employer and the employee to support the country's employee…
Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and…
A: 1. FIFO Method - Under FIFO Method, Inventory purchased first is sold first. 2. LIFO Method - Under…
Q: these answers were wrong?
A: Gross profit: The difference between the sales and the cost of goods sold is called gross profit.…
Q: Zisk Company purchases direct materials on credit. Budgeted purchases are April, $93,000; May,…
A: 80% of March purchases are paid in the month of June.
Q: Charla owns land used in he exchange the land for a ware and a fair market value of $11
A: Realized gains are important for tax purposes because they are typically subject to capital gains…
Q: The Ski department reports sales of $630,000 and cost of goods sold of $441,000. Its expenses…
A: The income statement records the revenue and expenses of the current period. The income statement…
Q: Gary Corporation produces products X, Y, and Z Budgeted data for the next month is as follows:
A: A split-off is a type of corporate reorganization in which a parent company separates a subsidiary…
Step by step
Solved in 3 steps
- The income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows: Includes both state and federal taxes. Brief Exercise 15-20 Calculating the Average Common Stockholders Equity and the Return on Stockholders Equity Refer to the information for Somerville Company on the previous pages. Required: Note: Round answers to four decimal places. 1. Calculate the average common stockholders equity. 2. Calculate the return on stockholders equity.Beacon Corporation issued a 4 percent stock dividend on 37,500 shares of its $8 par common stock. At the time of the dividend, the market value of the stock was $21 per share. Required a. Compute the amount of the stock dividend. b. Show the effects of the stock dividend on the financial statements using a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required B Compute the amount of the stock dividend. Slock dividend C Raquired A Required B >Beacon Corporation issued a 3 percent stock dividend on 37,000 shares of its $7 par common stock. At the time of the dividend, the market value of the stock was $26 per share. Required a. Compute the amount of the stock dividend. b. Show the effects of the stock dividend on the financial statements using a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. Complete this question by entering your answers in the tabs below. Required A Required B Compute the amount of the stock dividend. Stock dividend Required >
- Beacon Corporation issued a 8 percent stock dividend on 35,000 shares of its $7 par common stock. At the time of the dividend, the market value of the stock was $30 per share. Required a. Compute the amount of the stock dividend. b. Show the effects of the stock dividend on the financial statements using a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. Complete this question by entering your answers in the tabs below. Required A Required B Show the effects of the stock dividend on the financial statements using a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. (Enter any decreases to account balances with a minus sign.)…Beacon Corporation issueda 4 percent stock dividend on 37,000 shares of its $8 par common stock. At the time of the dividend, the market value of the stock was S28 per share. Required a. Compute the amount of the stock dividend. b. Show the effects of the stock dividend on the financial statements using a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. Complete this question by entering your answers in the tabs below. Required A Required B Compute the amount of the stock dividend. Stock dividend Required B > Prev 18 of 20 Next >Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet using Method 1 ofExhibit 8. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. One hundred thousand shares of common stock are authorized, and 5,000 shares have been reacquired. Common Stock, $2 par$ 150,000Paid-In Capital from Sale of Treasury Stock60,000Paid-In Capital in Excess of Par—Common Stock2,250,000Retained Earnings10,880,000Treasury Stock140,000.
- Requirement 1. Record the transactions in Halborn's general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.)\\nJan. 16: Declared a cash dividend on the 5%, $99 par noncumulative preferred stock (1,100 shares outstanding). Declared a $0.40 per share dividend on the 80,000 shares of $8 par value common stock outstanding. The date of record is January 31, and the payment date is February 15.(b) Post to the stockholders' equity accounts. (Use T-accounts.) (c) Discuss the statement presentation of the accounts. E11-4 The stockholders' equity section of Lachlin Corporation's balance sheet at Decem- ber 31 is presented here. Answer qu stockhold LACHLIN CORPORATION (LO 2, 4), Balance Sheet (partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding Common stock, no par, 750,000 shares authorized, 580,000 shares issued $ 600,000 bro 2,900,000 Total paid-in capital Retained earnings ibaonsupbsorl 3,500,000 1,158,000 Total paid-in capital and retained earnings Less: Treasury stock (6,000 common shares) Total stockholders' equity 4,658,000 32,000 $4,626,000 00 bosnonlin Instructions From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? (b) Assuming there is a stated value, what is the stated value of the common stock? (c)…Vaughn Company had the following transactions. 1. 2. Issued 4,600 shares of common stock with a stated value of $10 for $131,000. Issued 2,200 shares of $100 par preferred stock at $110 for cash. Prepare the journal entries to record the above stock transactions. (List all debit entries before automatically indented when the amount is entered. Do not indent manually.)
- Stevie Systems completed the following stock issuance transactions: i (Click the icon to view the transactions.) Requirements 1. Journalize the transactions. Explanations are not required. 2. How much paid-in capital did these transactions generate for Stevie Systems? Requirement 1. Journalize the transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) June 19: Issued 1,100 shares of $3 par common stock for cash of $13.00 per share. Journal Entry Date Jun More info Jun Jul 19 11 Accounts *** Print Debit 19 Issued 1,100 shares of $3 par common stock for cash of $13.00 per share. 3 Sold 340 shares of $3.50, no-par preferred stock for $17,000 cash. Received inventory with a market value of $28,000 and equipment with market value of $11,000. Issued 3,000 shares of the $3 par common stock in exchange. Credit DonePrepare the journal entry to record Zende Company's issuance of 79,000 shares of $8 par value common stock assuming the shares sell for: a. $8 cash per share. b. $9 cash per share. View transaction list Journal entry worksheetore Info re info May 19 Jun. 3 Jun. 11 Issued 1,300 shares of $1 par value common stock for cash of $11.50 per share. Isssued 240 shares of $5, no-par preferred stock for $12,000 cash. Received equipment with a market value of $68,000 in exchange for 11,000 shares of the $1 par value common stock.