c-1. What is the number of common shares outstanding at the end of Year 1? At the end of Year 2? How many common shares had been issued at the end of Year 1? At the end of Year 2? Note: Amounts to be deducted should be indicated with minus sign. Year 1 Totals Year 2 Totals Schedule of Number of Shares of Common Stock. Shares Issued Shares Outstanding c-2. Are there any differences between issued and outstanding common shares for Year 1 and Year 2? Issued common shares Outstanding common shares
c-1. What is the number of common shares outstanding at the end of Year 1? At the end of Year 2? How many common shares had been issued at the end of Year 1? At the end of Year 2? Note: Amounts to be deducted should be indicated with minus sign. Year 1 Totals Year 2 Totals Schedule of Number of Shares of Common Stock. Shares Issued Shares Outstanding c-2. Are there any differences between issued and outstanding common shares for Year 1 and Year 2? Issued common shares Outstanding common shares
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
H1.
Transcribed Image Text:c-1. What is the number of common shares outstanding at the end of Year 1? At the end of Year 2? How many common shares had
been issued at the end of Year 1? At the end of Year 2?
Note: Amounts to be deducted should be indicated with minus sign.
Year 1
Totals
Year 2
Totals
Schedule of Number of
Shares of Common Stock
Shares
Shares
Issued Outstanding
c-2. Are there any differences between issued and outstanding common shares for Year 1 and Year 2?
Issued common shares
Outstanding common shares
![Problem 11-26A (Algo) Recording and reporting stock transactions and cash dividends across two
accounting cycles LO 11-3, 11-6
[The following information applies to the questions displayed below.]
Sun Corporation received a charter that authorized the issuance of 90,000 shares of $8 par common stock and 19,000
shares of $100 par, 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its
first two years of operation.
Year 1
January 5
January 12
April 5
December 31
December 31
Year 2
Sold 13,500 shares of the $8 par common stock for $10 per share..
Sold 1,900 shares of the 6 percent preferred stock for $110 per share.
Sold 18,000 shares of the $8 par common stock for $12 per share.
During the year, earned $313,800 in cash revenue and paid $242,200 for cash operating.
expenses.
Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The
dividend will be paid on February 15 to stockholders of record on January 10, Year 2.
February 15 Paid the cash dividend declared on December 31, Year 1..
March 31
May 5
December 31
December 31
Sold 2,850 shares of the $100 par preferred stock for $120 per share.
Purchased 400 shares of the common stock as treasury stock at $16 per share.
During the year, earned $251,400 in cash revenues and paid $173,800 for cash operating
expenses.
Declared the annual dividend on the preferred stock and a $0.50 per share dividend on the
common stock.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0bbeec9f-c4d7-474e-9d3f-54b3d756ba9b%2Ff74a32c0-9bb2-402a-9c59-a39dd30915f1%2Fhuitlgk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 11-26A (Algo) Recording and reporting stock transactions and cash dividends across two
accounting cycles LO 11-3, 11-6
[The following information applies to the questions displayed below.]
Sun Corporation received a charter that authorized the issuance of 90,000 shares of $8 par common stock and 19,000
shares of $100 par, 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its
first two years of operation.
Year 1
January 5
January 12
April 5
December 31
December 31
Year 2
Sold 13,500 shares of the $8 par common stock for $10 per share..
Sold 1,900 shares of the 6 percent preferred stock for $110 per share.
Sold 18,000 shares of the $8 par common stock for $12 per share.
During the year, earned $313,800 in cash revenue and paid $242,200 for cash operating.
expenses.
Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The
dividend will be paid on February 15 to stockholders of record on January 10, Year 2.
February 15 Paid the cash dividend declared on December 31, Year 1..
March 31
May 5
December 31
December 31
Sold 2,850 shares of the $100 par preferred stock for $120 per share.
Purchased 400 shares of the common stock as treasury stock at $16 per share.
During the year, earned $251,400 in cash revenues and paid $173,800 for cash operating
expenses.
Declared the annual dividend on the preferred stock and a $0.50 per share dividend on the
common stock.
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