After closing the books at month end on June 30, 2020, Slayter Corporation's shareholders' equity section shows the following balances: Contributed Capital Common shares, unlimited shares authorized 28,000 shares issued and outstanding $310,000 Retained Earnings $840,000 $1,150,000 Total Shareholders' Equity Do not enter dollar signs.or.commas in the input.boxes. Scenario 1 The company declared and immediately distributed a 50% stock dividend. Current market price was $15. The company recorded the stock dividend by debiting Retained Earnings. a) Calculate the balance of retained earnings after the stock dividend. Slayter Corporation Statement of Retained Earnings For the Month Ended June 30, 2020 Opening Balance Less: Stock Dividend Balance-June 30, 2020 b) Prepare the shareholders' equity section of balance sheet as at June 30, 2020 (after the stock dividend has been distributed).

After closing the books at month end on June 30, 2020, Slayter Corporation's shareholders' equity section shows the following balances: Contributed Capital Common shares, unlimited shares authorized 28,000 shares issued and outstanding $310,000 Retained Earnings $840,000 $1,150,000 Total Shareholders' Equity Do not enter dollar signs.or.commas in the input.boxes. Scenario 1 The company declared and immediately distributed a 50% stock dividend. Current market price was $15. The company recorded the stock dividend by debiting Retained Earnings. a) Calculate the balance of retained earnings after the stock dividend. Slayter Corporation Statement of Retained Earnings For the Month Ended June 30, 2020 Opening Balance Less: Stock Dividend Balance-June 30, 2020 b) Prepare the shareholders' equity section of balance sheet as at June 30, 2020 (after the stock dividend has been distributed).

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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On January 1, 2021, Pina Corporation had 119000 shares of its $0.001 par value common stock outstanding. On November 27, when the market price of the stock was $9, the corporation declared a 10% stock dividend to be issued to stockholders of record on December 28, 2021. What was the impact of the 10% stock dividend on the balance of the retained earnings account? $11900 decrease O $107100 decrease No effect ○ $95200 decrease
National Supply's shareholders' equity included the following accounts at December 31, 2020: $ Shareholders' Equity Common stock 6,000,000 shares $1 par $6,000,000 Paid-in Capital in excess of par $30,000,000 Retained earnings $6,500,000 REQUIRED: 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions 15-Feb-21 Reacquired 300,000 shares at $8 per share 17-Feb- 22 Reacquired 300,000 shares at $5.50 per share 9-Nov-23 Sold 200,000 shares at $7 per share 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2023, assuming the shares are a) retired and b) accounted for as treasury stock. Net income was $14,000,000 in 2021 $15,000,000 in 2022 $16,000,000 in 2023
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Accounting Madison Co had the following components of shareholders' equity at the beginning of 2020: Preferred shares, Class B, no par, $2, non-cumulative, redeemable $2,000,00 and retractable, 400,000 authorized, 100,000 issued and outstanding Common shares, unlimited number authorized, 600,000 issued and outstanding Retained earnings 6,000,000 11,400,000 The following events took place during 2020: Jan Issuance of 50,000, $3 cumulative preferred shares - Class C for $30 per 22 share Apr 3 10% common stock dividend declared and issued Oct Common dividends declared and paid by Board of Directors of $1.50 per 10 share Nov 5 Repurchase of 10,000 $2 no par value preferred shares for $26.50 per share Required: Prepare the financing activities section of the cash flow statement for the year ended December 31, 2020.
The balance sheet of Tampa Company included the following shareholders' equity accounts at December 31,2021 $240,000 Common stock,240,000 shares at $1 par Paid-in captalexcoss of par Retained eamings Total shareholder' equity 060,000 3,800,000 $5.000,000 During 2022, the following transactions occurred 1 On May 3, 2022, a 5-for-4 stock split was declared and distributed. The stock spit was effected in the form of a 25% stock dividend. The market value of the $1 par common stock was $10 per share, 2. On July 5, 2022, a 5% common stock dividend was declared and distributed. The markel value of the common stock was $13 per share. 3. On December 1, 2022, the board of directors declared a cash dividend of $0.8 per share on its common shares, payable on December 28 to sharehoiders Determine the amount of cash dividend paid to shareholders on December 28, 2022 O $240,000 O $252,000 O $201,600 O $192.000
Subject - account
On June 30, 2021, when ABC Co. stock was selling for $65 each, the equity accounts had the following balances: Common Stock ($50 par value, 50,000 issued) $2,500,000 Capital Contributed in Excess of Par Value—Common Stocks 600,000 Retained Earnings 4,200,000 How much will the Common Stock account balance be after declaring and distributing a 100% stock dividend? a. $5,000,000. b. $7,300,000. c. $2,500,000.
On June 30, 2020, when ABC shares were selling for $ 65 each, the equity accounts had the following balances: Common shares (par value $ 50: 50,000 issued) $ 2,500,000 Capital contributed in excess of par value 600,000 Retained earnings 4,200,000 A 100% share dividend is declared and distributed, the balance of the Common Shares account after recording the dividend will be: a. $2,500,000 b. $7,300,000 c. $3,100,000 d. $5,000,000
On January 1, 2021, Nichols Corporation had 500,000 shares of common stock outstanding. During 2021 there were the following changes: Mar 1 Issued 150,000 shares Apr 1 Issued a 15% stock dividend May 1 Acquired 50,000 shares of treasury stock July 1 Issued a 2-1 stock split Oct 1 Reissued 60,000 shares of treasury stock Instructions: Compute the weighted average shares outstanding for 2021 in the excel file.
On November 1, 2020, Skysong, Inc’s stockholders’ equity section is as follows: Common stock, $10 par value $750,000 Paid-in capital in excess of par value—common stock 180,000 Retained earnings 270,000 Total stockholders’ equity $1,200,000 On November 1, Skysong declares and distributes a 15% stock dividend when the fair value of the stock is $18 per share.Indicate the balances in the stockholders’ equity accounts after the stock dividend has been distributed. Common stock $enter a dollar amount Paid-in capital in excess of par value—Common Stock enter a dollar amount Retained earnings enter a dollar amount Total stockholders’ equity $enter a total amount for this section