At December 31, 2020 Paid-in Capital Common Stock, $9 par value, 3,000,000 shares authorized, $10,530,000 shares issued, and shares outstanding Additional Paid-in Capital in Excess of Par $4,680,000 Total Paid-in Capital $15,210,000 Retained Earnings $11,380,000 Total Shareholders' Equity $26,590,000 Instructions: Complete the following statements and show your calculations! c) During 2021 if Denia Corporation has issued common stock equal to 30% of the outstanding common stock at a price of 120% of the par value, the number of shares issued and outstanding would be_ and the total paid-in capital would be $ d) During 2021 if there is a net income of $2,550,000 then the total stockholders' equity balance after adding the calculation in point (C) will be

At December 31, 2020 Paid-in Capital Common Stock, $9 par value, 3,000,000 shares authorized, $10,530,000 shares issued, and shares outstanding Additional Paid-in Capital in Excess of Par $4,680,000 Total Paid-in Capital $15,210,000 Retained Earnings $11,380,000 Total Shareholders' Equity $26,590,000 Instructions: Complete the following statements and show your calculations! c) During 2021 if Denia Corporation has issued common stock equal to 30% of the outstanding common stock at a price of 120% of the par value, the number of shares issued and outstanding would be_ and the total paid-in capital would be $ d) During 2021 if there is a net income of $2,550,000 then the total stockholders' equity balance after adding the calculation in point (C) will be

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Bacon Inc. has the following stockholders’ equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 April 30, 2019 Paid-in capital: Preferred stock, $120 par value, 9%, cumulative, 200,000 shares authorized, 140,000 shares issued and outstanding $ 16,800,000 $ 16,800,000 Common stock, $5 par value, 1,000,000 shares authorized, 600,000 and 540,000 shares issued, respectively ? 2,700,000 Additional paid-in capital 26,100,000 23,220,000 Retained earnings 36,200,000 34,640,000 Less: Treasury common stock, at cost; 72,000 shares and 68,000 shares, respectively (4,412,000 ) (4,148,000 ) Total stockholders' equity $ ? $ 73,212,000 g. Assume that instead of the stock dividend described in f, the board of directors authorized a 2-for-1 stock split on June 1 when the market price of the common stock was $70 per share.1. What will be the par value, and how many shares of common stock will be…
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Bacon Inc. has the following stockholders’ equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 April 30, 2019 Paid-in capital: Preferred stock, $120 par value, 9%, cumulative, 200,000 shares authorized, 140,000 shares issued and outstanding $ 16,800,000 $ 16,800,000 Common stock, $5 par value, 1,000,000 shares authorized, 600,000 and 540,000 shares issued, respectively ? 2,700,000 Additional paid-in capital 26,100,000 23,220,000 Retained earnings 36,200,000 34,640,000 Less: Treasury common stock, at cost; 72,000 shares and 68,000 shares, respectively (4,412,000 ) (4,148,000 ) Total stockholders' equity $ ? $ 73,212,000 c. What was the average cost per share of the common stock purchased for the treasury during the month?
The following is the Stockholders' Equity section of the balance for Spencer Corporation as of December 31, 2019. Stockholders' Equity Common stock, $1 par value; authorized, 10,000,000 shares. Issued and outstanding, 500,000 shares Additional paid-in capital, common stock Retained earnings Total Stockholders' Equity $500,000 3,500,000 6,750,000 $10.750.000 Spencer Corporation declared a 10% stock dividend on January 1, 2020, at which date the fair value of Spencer Corporation common stock was trading at $35 per share. Prepare the January 1, 2020, journal entry to record the declaration of the stock dividend. Date Account Debit Credit
Arabian Gulf Corporation reports the following stockholders' equity section on December 31, 2020. - Common stock; $10 par value; 700,000 shares authorized; 300,000 shares issued and outstanding..... -Paid in capital in excess of par value, common stock $3,000,000 -Retained earnings... 400,000 900,000 Total $4,300,000 The Corporation completed the following transactions in 2021. - Jan. 10, Directors declared a $1 per share cash dividend payable on March 15 to the Jan. 31 stockholders of record. - Mar. 01, Purchased 30,000 shares of its own common for $15 per share. -Mar. 31, Paid the cash dividend declared on Jan. 10. May 01, Sold 10,000 of its treasury shares at $15 cash per share. -Sep. 30, Directors declared a 30% stock dividend when the share market price is $16. -Nov, 01, Distributed stock dividends declared on Sep. 30. -Nov. 15, The company implemented 5-for-1 stock split for the common stock. Required: Prepare journal entries to record each of these transactions for 2021. CLEARLY…
Lee Company has the following capital structure. Common stock, $1 par, 100,000 shares issued and outstanding On October 1, 2020, the company declared a 5% common stock dividend when the market price of the common stock was $15 per share. The stock dividend will be distributed on October 15, 2020, to stockholders on record on October 10, 2020. Upon declaration of the stock dividend, Lee Company would record Select one: a. A debit to Retained Earnings for $5,000. b. A credit to Dividends Payable for $70,000. c. A credit to Paid-in Capital in Excess of Par—Common Stock for $70,000. d. A credit to Retained Earnings for $75,000.
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G. The stock holders' equity section of the statement of financial position of Calubcub Company at December 31, 2019, is given below: Stock holders' equity: Commons stock, P10 par value. 200,000 shares authorized, 80,000 shares issued and outstanding Premium on Ordinary share capital 800,000 400,000 P 1,200,000 2,500,000 P 3,700,000 P Total paid in capital Retained earnings Total stockholders' equity
1. How much is the total contributed capital as of December 31,2019? 2. How much is the balance of the treasury shares as of December 31,2019? 3. What is the total amount of dividends charged to the retained earnings for the year 2019?
Arabian Gulf Corporation reports the following stockholders' equity section on December 31, 2020 - Common stock; $10 par value; 500,000 shares authorized; 200,000 shares issued and outstanding. - Paid in capital in excess of par value, common stock $2,000,000 ...400,000 -Retained earnings.. 900.000 Total $3,300,000 The Corporation completed the following transactions in 2021. 1- Jan. 10, Directors declared a $1 per share cash dividend payable on March 15 to the Jan. 31 stockholders of record. 2- Mar. 01, Purchased 10,000 shares of its own common for $15 per share. 3- Mar. 15, Paid the cash dividend declared on Jan. 10. 4- May 01, Sold 6,000 of its treasury shares at $15 cash per share. 5- Sep. 30, Directors declared a 30% stock dividend when the share market price is $16. 6- Nov. 01, Distributed stock dividends declared on Sep. 30. 7-Nov. 15, The company implemented 5-for-1 stock split for the common stock. Required: Prepare journal entries to record each of these transactions for…
Denia Corporation Balance Sheet (partial) At December 31, 2020 Paid-in Capital Common Stock, $9 par value, 3,000,000 shares authorized, $10,530,000 shares issued, and shares outstanding Additional Paid-in Capital in Excess of Par $4,680,000 Total Paid-in Capital $15,210,000 Retained Earnings $11,380,000 Total Shareholders’ Equity $26,590,000 Instructions: Complete the following statements and show your calculations! a) The number of shares of common stock issued and outstanding was b) The average sales price of the common stock when issued was $