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

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E11-1
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.…
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 $ 1,500,000 Paid-in capital in excess of par value, common stock 80,000 Retained earnings 460,000 Total stockholders' equity $ 2,040,000 During the current year, the following transactions affected its stockholders’ equity accounts. January 2 Purchased 6,000 shares of its own stock at $15 cash per share. January 5 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 3,000 of its treasury shares at $19 cash per share. August 22 Sold 3,000 of its treasury shares at $11 cash per share. September 5 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend…
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 2% Stock, $100 par (100,000 shares authorized, 80,000 shares issued) $8,000,000 Paid-In Capital in Excess of Par—Preferred Stock 440,000 Common Stock, $5 par (5,000,000 shares authorized, 4,000,000 shares issued) 20,000,000 Paid-In Capital in Excess of Par—Common Stock 2,280,000 Retained Earnings 115,400,000 During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows: a. Issued 220,000 shares of common stock at $14, receiving cash. b. Issued 12,000 shares of preferred 2% stock at $110. c. Purchased 160,000 shares of treasury common for $10 per share. d. Sold 105,000 shares of treasury common for $16 per share. e. Sold 40,000 shares of treasury common for $8 per share. f. Declared cash dividends of $2.00 per share on preferred stock and $0.08 per share on…
The equity sections for Atticus Group at the beginning of the year (January 1) Stockholders' Equity (January 1) Common stock-$4 par value, 100,000 shares authorized, 40,000 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, 47,000 shares issued, 5,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($50,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a $0.40 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. April 5 July 5 Declared a $0.40 per share cash dividend, date of record April 10. Declared a $0.40 per share cash dividend, date of record July 10. July 31 August 14 Declared a 20% stock dividend when…
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