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At the beginning of the year, the
| Common stock ($13 par value; 70,000 shares authorized, 39,000 shares outstanding) | $ 507,000 |
|---|---|
| Additional paid-in capital | 127,000 |
| 750,000 |
On February 1, the board of directors declared a 65 percent stock dividend to be issued April 30. The market value of the stock on February 1 was $16 per share. The market value of the stock on April 30 was $18 per share.
Required:
1. Complete the following table:
|
|
|
3. How a stock split would affect total stockholders’ equity?
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- Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$15 par value, 100,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, cormon stock Retained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,000 shares of its own stock at $20 cash per share. January 5 February 28 July 6 August 22 September 5 Directora declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. Paid the dividend declared on January 5. Sold 2,000 of its treasury shares at $24 cash per share. Sold 2,000 of its treasury shares at $16 cash per share. Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $408,000 credit…Altoona Company began the year with 300, 000 shares of $4 par common stock. On May 1, they issued 150,000 shares. On July 1, they issued 25, 000 shares. On September 1, Altoona experienced a 4 for 1 stock split, and on October 1, they repurchased 25,000 shares and placed them in the treasury. Prepare a schedule showing the weighted average shares for the year to be used in earnings per share calculations. Please show all work.During its first year of operations, Vader Corp. issued 15,000 shares of its $1 par common stock for $65,000. In June, Vader issued an additional 5,000 shares of the same $1 par common stock for $8.25 each. During September, Vader repurchased 2,500 shares for $25,000; this left Vader with 17,500 shares outstanding. What is the balance in the Common Stock account as of December 31st? $81.250 O $106,250 O $17,500 O $20,000 O None of the above.
- On January 1, Vermont Corporation had 43,000 shares of $9 par value common stock issued and outstanding. All 43,000 shares had been issued in a prior period at $21 per share. On February 1, Vermont purchased 1,040 shares of treasury stock for $26 per share and later sold the treasury shares for $22 per share on March 1. The journal entry for the purchase of the treasury shares on February 1 would include a Oa. credit to a gain account for $5,200 Ob. debit to a loss account for $5,200 Oc. debit to Treasury Stock for $27,040 Od. credit to Treasury Stock for $27,040Langley Corporation has 57,000 shares of $11 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $16. The dividend shares are issued on December 31.Prepare the entries for the declaration and issuance of the stock dividend.The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $9,000 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 900 units, 60% completed 10,566 30 Direct materials, 12,900 units 123,840 134,406 30 Direct labor 21,650 156,056 30 Factory overhead 16,870 172,926 30 Goods transferred, ? units ? ? 30 Bal., 1,400 units, 70% completed Cost per equivalent units of $9.60 for Direct Materials and $3.00 for Conversion Costs. Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. b. Cost of units transferred to…
- Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$25 par value, 100,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 6,000 shares of its own stock at $20 cash per share. January 5 Directors declared a $6 per share cash dividend payable on February 28 to the February 5 stockholders of record. Paid the dividend declared on January 5. February 28 Sold 3,000 of its treasury shares at $24 cash per share. Sold 3,000 of its treasury shares at $16 cash per share. July 6 August 22 September 5 October 28 December 31 Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of record. Paid the dividend declared on September 5. Closed the $408,000 credit…On January 1, Oriole Corporation had 61,400 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Issued 11,250 additional shares of common stock for $11 per share. Declared a cash dividend of $1.90 per share to stockholders of record on June 30. Paid the $1.90 cash dividend. Issued 5,000 additional shares of common stock for $12 per share. Dec. 15 Declared a cash dividend on outstanding shares of $2.00 per share to stockholders of record on December 31. Apr. 1 June 15 July 10 Dec. (a) Prepare a tabular summary to record the three dates that involved dividends. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Round answers to O decimal places, e.g.…The following information was extracted from the records of Cascade Company at the end of the fiscal yea were completed: Common stock ($0.01 par value; 230,000 shares authorized, 55,500 shares issued, 53,500 shares outstanding) Additional paid-in capital Dividends declared and paid during the year Retained earnings at the end of the year Treasury stock at cost (2,000 shares) Net income Current stock price Required: 1. Prepare the stockholders' equity section of the balance sheet at the end of the fiscal year. 2. Compute the dividend yield ratio. Determine the number of shares of stock that received dividends. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the dividend yield ratio. Determine the number of shares of stock that received dividends. Note: Do not round your intermediate calculations. Round Dividend yield ratio to 2 decimal places. Dividend yield ratio Number of shares % $ 555 459,000 23,500 315,000 (16;500) $ 96,500 $ 10 >
- On January 1st, Admiral Nelson Company had 300,000 shares of common stock issued and outstanding. Admiral issued a 10% stock dividend on June 30th. On September 30th, 12,000 shares of common stock were reacquired as treasury stock. What is the appropriate number of shares to be used in calculating basic earnings per share for the year?The records of Seahawks Company reflected the following balances in the stockholders' equity accounts at the end of the current year: Common stock, $11 par value, 49,000 shares outstanding Preferred stock, 8 percent, $9 par value, 9,000 shares outstanding Retained earnings, $231,000 On September 1 of the current year, the board of directors was considering the distribution of a(n) $71,000 cash dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions: a. The preferred stock is noncumulative. b. The preferred stock is cumulative. Required: 1. Determine the total and per share amounts that would be paid to the common stockholders and the preferred stockholders under the two independent assumptions. Note: Round your "per share" amounts to 2 decimal places. Noncumulative: Total Per share Cumulative: Total Per share $ Preferred stock Common stock 35,280 $ 64,520On June 13, the board of directors of Siewert Inc. declared a 5% stock dividend on its 40 million, $1 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $15 on June 13. Complete the below table to calculate the stock dividend.Prepare a journal entry that summarizes the declaration and distribution of the stock dividend.
