Chapter 12: Stock The following accounts appear in the ledger of Biscayne Bay Water Inc. at the beginning of the current year: Preferred 2% Stock, $125 par (70,000 shares authorized, 35,000 shares issued) $4,375,000 Paid-In Capital in Excess of Par-Preferred Stock 840,000 Common Stock, $25 par (500,000 shares authorized, 200,000 shares issued) 5,000,000 Paid-In Capital in Excess of Par-Common Stock 430,000 Retained Earnings 2,818,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 20,000 shares of treasury common for $29 per share. b. Sold 10,000 shares of treasury common for $32 per share. Issued 15,000 shares of preferred 2% stock at $133. d. Issued 55,000 shares of common stock at $31, receiving cash. Sold 12,000 shares of treasury common for $27 per share. f. Declared cash dividends of $3.00 per share on preferred stock and $0.08 per share on common stock. g. Paid the cash dividends. C. е.

Chapter 12: Stock The following accounts appear in the ledger of Biscayne Bay Water Inc. at the beginning of the current year: Preferred 2% Stock, $125 par (70,000 shares authorized, 35,000 shares issued) $4,375,000 Paid-In Capital in Excess of Par-Preferred Stock 840,000 Common Stock, $25 par (500,000 shares authorized, 200,000 shares issued) 5,000,000 Paid-In Capital in Excess of Par-Common Stock 430,000 Retained Earnings 2,818,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 20,000 shares of treasury common for $29 per share. b. Sold 10,000 shares of treasury common for $32 per share. Issued 15,000 shares of preferred 2% stock at $133. d. Issued 55,000 shares of common stock at $31, receiving cash. Sold 12,000 shares of treasury common for $27 per share. f. Declared cash dividends of $3.00 per share on preferred stock and $0.08 per share on common stock. g. Paid the cash dividends. C. е.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The stockholders’ equity section of Bramble Corp.’s balance sheet at December 31 is presented here. BRAMBLE CORP.Balance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 12,500 shares authorized, 7,500 shares issued and outstanding $ 787,500 Common stock, no par, 735,000 shares authorized, 565,000 shares issued 2,260,000 Total paid-in capital 3,047,500 Retained earnings 1,158,000 Total paid-in capital and retained earnings 4,205,500 Less: Treasury stock (6,900 common shares) 36,800 Total stockholders’ equity $4,168,700 From a review of the stockholders’ equity section, answer the following questions.(a) How many shares of common stock are outstanding? Common stock outstanding enter a number of shares shares (b) Assuming there is a stated value, what is the stated value of the common stock? The stated value of the common stock…
The stockholders’ equity section of Creighton Company’s balance sheet is shown as follows: CREIGHTON COMPANY As of December 31, Year 3 Stockholders’ equity Preferred stock, $10 stated value, 7% cumulative,300 shares authorized, 50 issued and outstanding $ 500 Common stock, $10 par value, 250 shares authorized,100 issued and outstanding 1,000 Common stock, class B, $20 par value, 400 sharesauthorized, 150 issued and outstanding 3,000 Common stock, no par, 150 shares authorized,100 issued and outstanding 2,200 Paid-in capital in excess of stated value—preferred 600 Paid-in capital in excess of par value—common 1,200 Paid-in capital in excess of par value—class B common 750 Retained earnings 7,000 Total stockholders’ equity $ 16,250 Requireda. Assuming the preferred stock was originally issued for cash, determine the amount of cash collected when the stock was issued.b. Based on the class B common stock alone,…
Identifying and Analyzing Financial Statement Effects of Stock Transactions Melo Company reports the following transactions relating to its stock accounts in the current year. Use the financial statement effects template to indicate the effects from each of these transactions. (a) Mar. 2 Issued 14,000 shares of $1 par value common stock at $30 cash per share. (b) Apr. 14 Issued 21,000 shares of $100 par value, 8% preferred stock at $250 cash per share. (c) June. 30 Purchased 4,200 shares of its own common stock at $22 cash per share. (d) Sep. 25 Sold 2,100 shares of its treasury stock at $26 cash per share. Note: For each account category, indicate the appropriate account name. Enter "N/A" for
A company with 118,808 authorized shares of $5 par common stock issued 31,951 shares at $16 per share. Subsequently, the company declared a 2% stock dividend on a date when the market price was $33 a share. What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend? Oa. $17,893 Ob. $21,088 Oc. $3,195 Od. $78,413
< Reporting Stockholders' Equity Using the following accounts and balances, prepare the "Stockholders' Equity" section of the balance sheet. 80,000 shares of common stock authorized, and 2,000 shares have been reacquired. Common Stock, $50 par Paid-In Capital from Sale of Treasury Stock Paid-In Capital in Excess of Par-Common Stock Retained Earnings Treasury Stock Stockholders' Equity Paid-in capital: Balance Sheet Paid-in capital, common stock Total paid-in capital Total 8 $2,400,000 48,000 576,000 1,152,000 24,000
The stockholders’ equity section of Day Corporation’s balance sheet at January 1 follows: Common stock, $10 par value, 200,000 shares authorized,27,000 shares $270,000 issued, 8,000 shares are in the treasury Additional paid-in capital In excess of par value $315,000 From treasury stock 18,000 333,000 Retained earnings 298,000 901,000 Less: Treasury stock (8,000 shares) at cost 208,000 Total Stockholders' Equity $693,000 The following transactions affecting stockholders’ equity occurred during the year: Jan. 8 Issued 10,000 shares of previously unissued common stock for $27 cash per share. Mar. 12 Sold all of the treasury shares for $30 cash per share. June 30 Declared a six percent stock dividend on all outstanding shares of common stock. The market value of the stock was $40 per share. July 10 Issued the stock dividend declared on June 30. Oct. 7 Acquired 1,500 shares of common stock as treasury stock at $32 cash per share.…
6
The stockholders' equity section of the balance sheet for Mann Equipment Co. at December 31, Year 2, is as follows. Stockholders' Equity Paid-in capital Preferred stock, ? par value, 6% cumulative, 110,000 shares authorized, 41,000 shares issued and outstanding Common stock, $20 stated value, 160,000 shares authorized, 41,000 shares issued and ?? shares outstanding Paid-in capital in excess of par-Preferred Paid-in capital in excess of stated value-Common Total paid-in capital Retained earnings Treasury stock, 3,000 shares Total stockholders' equity Note: The market value per share of the common stock is $42, and the market value per share of the preferred stock is $13. Required a. What is the par value per share of the preferred stock? b. What is the dividend per share on the preferred stock? c. What is the number of common stock shares outstanding? d. What was the average issue price per share (price for which the stock was issued) of the common stock? f. If Mann Equipment Company…
S The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity (January 1) Common stock-$4 par value, 100,000 shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Stockholders' Equity (December 31) Common stock-$4 par value, 100,000 shares authorized, 41,000 shares issued, 5,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($40,000 restricted by treasury stock) Less cost of treasury stock Total stockhold equity The following transactions and events affected its equity during the year. January 5 Declared a $0.50 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. Declared a $0.50 per share cash dividend, date of record April 10. Declared a $0.50 per share cash dividend, date of record July 10. Declared a 20% stock…
Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 2% Stock, $175 par (80,000 shares authorized, 40,000 shares issued) $7,000,000 Paid-In Capital in Excess of Par—Preferred Stock 1,120,000 Common Stock, $10 par (800,000 shares authorized, 210,000 shares issued) 2,100,000 Paid-In Capital in Excess of Par—Common Stock 270,000 Retained Earnings 22,239,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Issued 80,000 shares of common stock at $13, receiving cash. Issued 20,000 shares of preferred 2% stock at $188. Purchased 48,000 shares of treasury common for $15 per share. Sold 24,000 shares of treasury common for $18 per share. Sold 16,000 shares of treasury common for $13 per share. Declared cash dividends of $3.50 per share on preferred stock and $0.08 per share on common stock.…
Selected stock transactionsThe following selected accounts appear in the ledger of ParksConstruction Inc. at the beginning of the current year: During the year, the corporation completed a number of transactionsaffecting the stockholders' equity. They are summarized as follows: a. Issued 400,000 shares of common stock at $11, receiving cash.b. Issued 5,000 shares of preferred 2% stock at $90.c. Purchased 150,000 shares of treasury common for $10 per share. d. Sold 80,000 shares of treasury common for $13 per share.e. Sold 20,000 shares of treasury common for $9 per share.f. Declared cash dividends of $1.50 per share on preferred stockand $0.06 per share on common stock.g. Paid the cash dividends. InstructionsJournalize the entries to record the transactions. Identify each entry byletter
Please help me