FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

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Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
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Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…
Question

Question-based on, "tabular summary prepare".

 

I have tried it but incorrect.

After After Before Stock Stock Action Dividend Split Stockholders' equity Paid-in capital Common stock $ $ $ In excess of par Total paid-in capital Retained earnings Total stockholders' $ $ $ equity Outstanding shares Par value per share $ 2$ 2$
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Transcribed Image Text:After After Before Stock Stock Action Dividend Split Stockholders' equity Paid-in capital Common stock $ $ $ In excess of par Total paid-in capital Retained earnings Total stockholders' $ $ $ equity Outstanding shares Par value per share $ 2$ 2$
On October 31, the stockholders' equity section of Sheridan Company consists of common stock $335,000 and retained earnings $897,000. Sheridan is considering the following two courses of action: (1) declaring a 6% stock dividend on the 33,500, $10 par value shares outstanding, or (2) effecting a 2-for-1 stock split that will reduce par value to $5 per share. The current market price is $16 per share. Prepare a tabular summary of the effects of the alternative actions on the components of stockholders' equity, outstanding shares, and par value per share.
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Transcribed Image Text:On October 31, the stockholders' equity section of Sheridan Company consists of common stock $335,000 and retained earnings $897,000. Sheridan is considering the following two courses of action: (1) declaring a 6% stock dividend on the 33,500, $10 par value shares outstanding, or (2) effecting a 2-for-1 stock split that will reduce par value to $5 per share. The current market price is $16 per share. Prepare a tabular summary of the effects of the alternative actions on the components of stockholders' equity, outstanding shares, and par value per share.
Expert Solution
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Working:

No. of shares issued under stock dividend = No. of shares outstanding x stock dividend rate

= 33500 x 6%

= 2010 shares

No. of shares after stock dividend  = No. of shares outstanding + No. of shares issued under stock dividend

= 33500 + 2010 = 35510 shares

Decrease in retained earnings = No. of shares issued under stock dividend  x market price per share

= 2010 shares x $16 per share

= $32,160

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