The annual report for General Mills disclosed that 1 billion shares of common stock have been authorized. At the beginning of 2017,755 million shares had been issued and the number of shares in treasury stock was 178 million. During 2017, the only common sharetransactions were that 11 million common shares were reissued from treasury and 27 million common shares were purchased and heldas 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)194

The treasury stock decreases the number of shares outstanding. The treasury stock decreases the…

Answered: The annual report for General Mills…

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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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
The stockholders’ equity accounts of Flint Corporation on January 1, 2017, were as follows. Preferred Stock (8%, $100 par noncumulative, 4,950 shares authorized) $297,000 Common Stock ($4 stated value, 321,000 shares authorized) 1,070,000 Paid-in Capital in Excess of Par Value—Preferred Stock 14,850 Paid-in Capital in Excess of Stated Value—Common Stock 513,600 Retained Earnings 686,500 Treasury Stock (4,950 common shares) 39,600 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 4,950 shares of common stock for $29,700. Mar. 20 Purchased 1,400 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 8% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Dec. 31…
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…
The stockholders’ equity accounts of Flint Corporation on January 1, 2017, were as follows. Preferred Stock (8%, $100 par noncumulative, 4,950 shares authorized) $297,000 Common Stock ($4 stated value, 321,000 shares authorized) 1,070,000 Paid-in Capital in Excess of Par Value—Preferred Stock 14,850 Paid-in Capital in Excess of Stated Value—Common Stock 513,600 Retained Earnings 686,500 Treasury Stock (4,950 common shares) 39,600 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 4,950 shares of common stock for $29,700. Mar. 20 Purchased 1,400 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 8% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Dec. 31…
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.
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.
As on January 1, 2021, Gerald corp had 480,000 common shares outstanding (no preferred shares issued). During 2021, the company has issued 70,000 shares on May 1, purchased 46,000 treasury shares on September 1, and issued 46,000 more shares on November 1. Find the weighted average of common shares outstanding for 2021. (Round off the number of shares)
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: Record on journal page 10: Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15 Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 16 Declared a dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. Journalize this transaction as a single entry. 26 Paid the cash dividends declared on May 16. Jun. 1 Purchased 7,500 shares of Solstice Corp. at $40 per share, plus a $150 brokerage commission. The investment is classified as an available-for-sale investment. 8 Purchased 8,000 shares of treasury common stock at $33 per share.…
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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