The annual report for CornFlower Ranch disclosed that 1 billion shares of common stock have been authorized. At the beginning of2017, 815 million shares had been issued and the number of shares in treasury stock was 112 million. During 2017, the only commonshare transactions were that 16 million common shares were reissued from treasury and 31 million common shares were purchasedand held as treasury stock.Required:Determine the number of common shares (a) issued, (b) in treasury, and (c) outstanding at the end of 2017. (Enter your answers inmillions.)(a) Issued Stock(b) Treasury Stock(c) Shares OutstandingNumber ofCommon Shares(in millions)

STATEMENT OF SHAREHOLDERS EQUITYStatement of Shareholders Equity is also Known as Changes in…

Answered: The annual report for CornFlower Ranch…

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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Cool Company has decided to take their company public on January 1, 2014. Cool company had 1,000 shares authorized. The following transactions occurred. e.) on January 1, 2015, cool company re-issued 1,000 shares of treasury stock at a price of $30 per share. Record the journal entry for this share reissuance. Label debits and credits and include classification of each account. f.) on March 30, 2016, Cool company reissued 500 shares of treasury stock at a price of $20 per share. Record the journal entry for this share reissuance. Make sure to clearly label debits and credits and include the classification of each account.
In 2018, Western Transport Company entered into the treasury stock transactions described below. In 2016, Western Transport had issued 140 million shares of its $1 par common stock at $17 per share.Required:Prepare the appropriate journal entry for each of the following transactions:1. On January 23, 2018, Western Transport reacquired 10 million shares at $20 per share.2. On September 3, 2018, Western Transport sold 1 million treasury shares at $21 per share.3. On November 4, 2018, Western Transport sold 1 million treasury shares at $18 per share.
Required information Lego Group in Bellund, Denmark, manufactures Lego toy construction blocks. The company is considering two methods for producing special-purpose Lego parts. Method 1 will have an initial cost of $480,000, an annual operating cost of $110,000, and a life of 3 years. Method 2 will have an initial cost of $580,000, an operating cost of $110,000 per year, and a 6-year life. Assume 9% salvage values for both methods. Lego uses an MARR of 11% per year. Which method should it select on the basis of a present worth analysis? The present worth of method 1 is $ Method 2 ✓is selected. and that of method 2 is $
In 2016, Western Transport Company entered into the treasury stock transactions described below. In 2014, Western Transport had issued 140 million shares of its $1 par common stock at $17 per share. Required: Prepare the appropriate journal entry for each of the following transactions: 1. On January 23, 2016, Western Transport reacquired 10 million shares at $20 per share. 2. On September 3, 2016, Western Transport sold 1 million treasury shares at $21 per share. 3. On November 4, 2016, Western Transport sold 1 million treasury shares at $18 per share.
Data Controls Corporation had 250,000 shares of common stock outstanding at the end of 2017. During 2018, the following transaction took place: March 1 Issued 24,000 shares June 1 3 for 1 stock split August 1 Issued 60,000 shares September 1 Issued a 20 percent stock dividend October 1 Issued 16,000 shares November 1 Purchased 15,000 shares to be held as a treasury stock December 1 Reissued 5,000 of the shares held in treasury Required: You may use the Data COntrol Corp. has a simple capital structure. Compute the Weighted average of shares outstanding to be used in the earnings per share computations for 2018 and the number of outstanding shares on December 31, 2018. Answer must include: a table with Event/ Average Data shares, # of shares, Stock split, stock dividends, pd. of time, weighted No. of
In a recent annual report, Rosh Corporation disclosed that 60,800,000 shares of common stock have been authorized. At the beginning of the fiscal year, a total of 36,436,357 shares had been issued and the number of shares in treasury stock was 7,251,269. During the year, 562,765 additional shares were issued, and the number of treasury shares increased by 3,074,188. Determine the number of shares outstanding at the end of the year. Note: Amounts to be deducted should be indicated by a minus sign. Computation of Shares Outstanding Issued shares Treasury stock Shares outstanding
.
Calculate weighted avg common stock outstanding and basic eps for year ended December 31, 2016. Corporation December 31, 2016. information: 1. authorized to issue 10,000,000 shares of $10 par value common stock. January 1, 2016, 1,500,000 shares of common stock issued and outstanding. also authorized to issue 2,000,000 shares of 5% $100 par value cumulative preferred stock. January 1, 2016, 400,000 shares of cumulative preferred stock issued and outstanding. net income 2016 - 13,480,000 during 2016:January 1 – a 15% stock dividend February 1—250,000 shares of common stock issued toexecutive employees as restricted stock compensation.market value on grant date - $25 per share.April 1— A 10% common stock dividendJuly 1— 300,000 shares common stock issued for a factory building.September - 2-for-1 split common stockOctober 1—f 50,000 shares common stockpurchased on market at $8 per share. to be held as treasury stock and still in the treasury as of December 31, 2016.Common stock cash…
Chauncey Corporation began business on June 30, 2016. At that time, it issued 20,000 shares of $50 par value, six percent, cumulative preferred stock and 90,000 shares of $10 par value common stock. Through the end of 2018, there had been no change in the number of preferred and common shares outstanding. Assume that Chauncey declared dividends of $0 in 2016, $120,000 in 2017, and $186,000 in 2018. Calculate the total dividends and the dividends per share paid to each class of stock in 2016, 2017, and 2018. Round to two decimal places.
On December 31, 2017, Jackson Company had 100,000 shares of common stock outstanding and 24,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2018, Jackson purchased 16,000 shares of common stock on the open market as treasury stock for $27 per share. Jackson sold 5,200 treasury shares on September 30, 2018, for $29 per share. Net income for 2018 was $172,905. Also outstanding during the year were fully vested incentive stock options giving key personnel the option to buy 42,000 common shares at $32. The market price of the common shares averaged $31 during 2018. Required: Compute Jackson's basic and diluted earnings per share for 2018. (Round your answers to 2 decimal places.)
Glen Tay Inc. had issued 24,000 shares of its no-par common shares on April 1, 2017 for property with an appraisal value of $320,000. The common shares of the company were being traded at $13.15 each on that day. What is the journal entry required to record the issuance of the shares? Select one: a. DR Common Shares Receivable, $320,000; CR Common Share Capital, $315,600; CR Gain On Issue Of Shares, $4,400. b. DR Common Shares Receivable, $320,000; CR Common Share Capital, $315,600; CR Contributed Surplus - Common Shares, $4,400. c. DR Property, $320,000; CR Common Share Capital, $315,600; CR Retained Earnings -Issue Of Shares, $4,400. d. DR Property, $320,000; CR Common Share Capital, $315,600; CR Gain On Issue Of Shares, $4,400. e. None of the above entries.
Blue Corporation had 306,000 shares of common stock outstanding on January 1, 2025. On May 1, Blue issued 33,000 shares. (a) Compute the weighted-average number of shares outstanding if the 33,000 shares were issued for cash. Weighted-average number of shares outstanding I (b) Compute the weighted-average number of shares outstanding if the 33,000 shares were issued in a stock dividend. Weighted-average number of shares outstanding

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