Accounting for SharesKress Products' corporate charter authorized the firm to sell 800,000 shares of $10 par common stock. Kress sold 258,300 shares and reacquired 1,650 of those shares.The reacquired shares were held as treasury stock. Later Kress sold an additional 16,300 shares and purchased 3,100 more treasury shares.Required:Snow Me HowDetermine the number of issued and outstanding shares.Issued sharesOutstanding sharessharesshares

Shares Issued and Outstanding -Shares Issued are those shares that are issued to the shareholders of…

Answered: Accounting for Shares Kress Products…

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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Required information The following information applies to the questions displayed below] Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1 par value. During its first year, the following selected transactions were completed: a. Issued 5,400 shares of common stock for cash at $24 per share. b. Issued 1,400 shares of common stock for cash at $27 per share. 3. Prepare the stockholders' equity section as it should be reported on the year-end balance sheet. At year-end, the accounts reflected net income of $200. INCENTIVE CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Total Contributed Capital Total Stockholders' Equity
Stock transaction for corporate expansion Pulsar Optics produces medical lasers for use in hospitals. The accounts and their balances appear in the ledger of Pulsar Optics on April 30 of the current year as follows: Preferred 1% Stock, $25 par (300,000 shares authorized, 130,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $100 par (1,000,000 shares authorized, 280,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings At the annual stockholders' meeting on August 5, the board of directors presented a plan for modernizing and expanding plant operations at a cost of approximately $13,450,000. The plan provided (a) that the corporation borrow $3,100,000 (b) that $65,000 shares of the unissued preferred stock be issued through an underwriter, and (c) that a building, valued at 3,400,000 and the land on which it is located, valued at 5,000,000 be acquired in accordance with preliminary negotiations by the issuance of 80,000.…
A corporation had the following information related to its shares of common stock during the current year. January 1 May 30 October 1 Common shares outstanding Acquired common shares Reissued treasury stock November 30 Declared 2-for-1 stock split At December 31, how many shares of common stock did this corporation have outstanding? O 19,900 O 39,800 41,000 39,900 20,000 300 200
answer in proper format or skip answer with explanation , computation , for each steps answer in text form
Prepare the journal entry to record Jevonte Company's issuance of 36,000 shares of its common stock assuming the shares have a: a. $4 par value and sell for $14 cash per share. b. $4 stated value and sell for $14 cash per share. View transaction list Journal entry worksheet 1 Record the issuance of 36,000 shares of common stock assuming the shares have a $4 par value and sell for $14 cash per share. 2 Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journal
MAKE T-ACCOUNT for the following: Ordinary shares Preference shares Share premium- Ordinary shares Share premium- Preference shares Share premium- Treasury shares Total additional paid-in capital Total contributed capital Total stockholders’ equity
The charter of a corporation provides for the issuance of 93,872 shares of common stock. Assume that 44,236 shares were originally issued and 3,223 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2-per-share dividend is declared? Oa. $3,223 Ob. $93,872 Oc. $44,236 Od. $82,026
Stock transaction for corporate expansion Pulsar Optics produces medical lasers for use in hospitals. The accounts and their balances appear in the ledger of Pulsar Optics on April 30 of the current year as follows: Preferred 4% Stock, $75 par (400,000 shares authorized, 140,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $100 par (800,000 shares authorized, 200,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $10,500,000 2,100,000 20,000,000 1,600,000 40,000,000 At the annual stockholders' meeting on August 5, the board of directors presented a plan for modernizing and expanding plant operations at a cost of approximately $23,600,000. The plan provided (a) that the corporation borrow $10,000,000 (b) that $65,000 shares of the unissued preferred stock be issued through an underwriter, and (c) that a building, valued at 3,400,000 and the land on which it is located, valued at 5,000,000 be acquired in accordance with…
Treasury Stock Coastal Corporation issued 25,000 shares of $9 par value common stock at $21 per share and 6,000 shares of $54 par value, eight percent preferred stock at $82 per share. Later, the company purchased 3,000 shares of its own common stock at $24 per share.a. Prepare the journal entries to record the share issuances and the purchase of the common shares.b. Assume that Coastal sold 2,000 shares of the treasury stock at $30 per share. Prepare the general journal entry to record the sale of this treasury stock.c. Assume that Coastal sold the remaining 1,000 shares of treasury stock at $19 per share. Prepare the journal entry to record the sale of this treasury stock. General Journal Ref. Description Debit Credit a. Answer Answer Answer Common Stock Answer Answer Answer Answer Answer Issued common stock. Answer Answer Answer 8 Percent Preferred Stock Answer Answer Answer Answer Answer Issued preferred stock. Answer Answer Answer…
Question Content Area The charter of a corporation provides for the issuance of 115,018 shares of common stock. Assume that 35,485 shares were originally issued and 3,170 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2-per-share dividend is declared? a. $64,630 b. $35,485 c. $3,170 d. $115,018
Question Content Area The charter of a corporation provides for the issuance of 110,854 shares of common stock. Assume that 36,504 shares were originally issued and 3,924 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2-per-share dividend is declared? a. $36,504 b. $65,160 c. $3,924 d. $110,854
Question: Stock transactions for Careful Driving School, Inc: March 4 May 22 Sep. 22 Oct. 14 Issued 22,000 shares of $1 par value common stock at $18 per share. Purchased 1,400 shares of treasury stock-common at $11 per share. Sold 500 shares of treasury stock-common at $24 per share. Sold 900 shares of treasury stock-common at $9 per share. Journalize the transactions. Computer Graphics has announced a rights offering for its shareholders. Carol Stevens owns 1,400 shares of Computer Graphics stock. Four rights plus $54 cash are needed to buy one of the new shares. The stock is currently selling for $66 rights-on. How many of the new shares could Carol buy if she exercised all her rights? How much cash would this require?

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