Burton Inc. has two classes of stock, 5% $100 par cumulative Preferred Shares and $3 par CommonShares. The equity section shows:Common stock, $3 par value, 1,000,000 shares authorized andissued.........$595,000Paid in capital in excess of par value...........How many shares of common are issued?Respond rounded to whole dollars, without a dollar sign and without commas.Your Answer:Answershares$207,000

Paid in capital is the sum of par value of stock and additional paid in capital. Par value of…

Answered: Burton Inc. has two classes of stock,…

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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1. Prepare the journal entry to record Tamas Company’s issuance of 5,800 shares of $100 par value, 6% cumulative preferred stock for $104 cash per share.2. Assuming the facts in part 1, if Tamas declares a year-end cash dividend, what is the amount of dividend paid to preferred shareholders? (Assume no dividends in arrears.) Par Value per Preferred Share Dividend Rate Dividend per Preferred Share Number of Preferred Shares Preferred Dividend %
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! Required Information [The following information applies to the questions displayed below.] Refer to the following transactions. a. Sold 2,010 shares of $9 par value preferred stock at $14.50 per share. b. Declared the annual cash dividend of $3.6 per share on common stock. There were 9,000 shares of $1 par value common stock issued and outstanding throughout the year. c. Issued 3,400 shares of $11.5 par value preferred stock in exchange for a building when the market price of preferred stock was $16 per share. d. Purchased 180 shares of preferred stock for the treasury at a price of $12.00 per share. e. Sold 70 shares of the preferred stock held in treasury (see d) for $17.5 per share. f. Declared and issued a 20% stock dividend on the $1 par value common stock (see b) when the market price per share was $39. Required: Show the effect (if any) of each of the above transactions on each financial statement category by selecting a plus (+) or minus (-) sign and the amount in the…
Bower Corporation reported the following information: common stock, $1 par; 100,000 shares authorized; 67,000 shares issued and outstanding. Required: 1. What is the appropriate journal entry to record a 10% stock dividend if the market price of the common stock is $30 per share when the dividend is declared? (Record small stock dividend) 2. What is the appropriate journal entry to record a 30% stock dividend if the market price of the common stock is $30 per share when the dividend is declared? (Record large stock dividend) 3. How do these transactions affect Bower's total stockholders' equity? Total stockholders' equity is by these transactions.
Nov. 16, 2017 for the period Nov. 5, 2017 to Nov. 12, 2017 Employee: Tom Anderson Rate: $15.25 hourly Status: S3 Pay Hours: 42 Gross: _________ Net: ___________ Deductions: Fed Inc Tax __________ Medicare Ins __________ SS Ins __________ Medical/Dental 14.60 IRA 2
Sandpiper Company has 10,000 shares of cumulative preferred 3% stock, $50 par and 50,000 shares of $10 par common stock. The following amounts were distributed as dividends: $37,500 6,000 45,000 Determine the dividends per share for preferred and common stock for each year. Round all answers to two decimal places. If an answer is zero, enter '0'. Preferred Stock (dividends per share) 15,000 X 20Y1 20Y2 20Y3 20Y1 20Y2 20Y3 $ 0 X 0 X Common Stock (dividends per share) LA LA 0 X 0 0 X
The stockholders' equity section of the January 1, 2031 balance sheet for XYZ Company is given below: Common stock, $14 par value ................. $525,000 Paid-in capital – common stock .............. $150,000 Treasury stock (14,000 shares @ $16 cost) ... $224,000 Paid-in capital – treasury stock ............ $ 13,000 Retained earnings ........................... $107,000 XYZ Company entered into the following transactions during 2031: a. Re-issued 2,000 of the treasury shares for $11 per share. b. Re-issued 3,000 of the treasury shares for $13 per share. c. Issued 5,000 shares of previously un-issued common stock for $21 per share. d. Re-issued 6,000 of the treasury shares for $19 per share. Calculate the balance in the retained earnings account after all four transactions above are recorded.
Kingbird Company has outstanding 2,700 shares of $100 par, 6% preferred stock and 14,300 shares of $10 par value common. The following schedule shows the amount of dividends paid out over the last 4 years. Allocate the dividends to each type of stock under assumptions (a) and (b). Express your answers in per share amounts using the format shown below. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 2 decimal places, e.g. 6.85.) Paid- out $11,900 $ $25,800 $ $51,900 $ $69,400 $ (a) Preferred, noncumulative, and nonparticipating Preferred LA LA $ Common Assumptions LA LA LA $ (b) Preferred, cumulative, and fully participating Preferred LA LA $ Common
Mercury Corporation issued 6,500 shares of no-par common stock for $25 per share. Mercury also issued 3,200 shares of $25 par, 6 percent noncumulative preferred stock at $35 per share. a. Required Record these events in a horizontal statements model. b. Prepare journal entries to record these transactions.
Sunland Company has outstanding 2,800 shares of $100 par, 7% preferred stock and 15,900 shares of $10 par value common. The following schedule shows the amount of dividends paid out over the last 4 years. Allocate the dividends to each type of stock under assumptions (a) and (b). Express your answers in per share amounts using the format shown below. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 2 decimal places, e.g. 6.85.) Paid- out $12,200 $29,200 $53,800 $78,500 $ $ $ $ Preferred, noncumulative, and nonparticipating Preferred 4.36 7 7 (a) 7 $ $ $ LA Common Assumptions 0 .4898 1.7449 3.0051 $ $ LA $ $ Preferred Preferred, cumulative, and fully participating 4.36 9.6429 12.25 (b) 17.84 $ $ LA $ Commo

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