Common stock-$15 par value, 150,000 shares authorized, 65,000shares issued and outstanding$ 975,000Paid-in capital in excess of par value, common stock428,000Retained earnings554,000Total stockholders' equity1,957,000On February 5, the directors declare a 2% stock dividend distributable on February 28 to theFebruary 15 stockholders of record. The stock's market value is $36 per share on February 5 beforethe stock dividend.2. Prepare the stockholders' equity section after the stock dividend is distributed. (Assume no otherchanges to equity.)TVX companyStockholders equity section of the balance sheetFebruary 28

Stock dividend is the distribution of dividend in the form of stock instead of cash. Generally,…

Answered: Common stock-$15 par value, 150,000…

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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The stockholders' equity section of TVX Company on February 4 follows. Common stock-$20 par value, 150,000 shares authorized, 57,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity On February 5, the directors declare a 2% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock's market value is $31 per share on February 5 before the stock dividend. Exercise 11-10 (Algo) Part 2 $ 1,140,000 420,000 554,000 $ 2,114,000 2. Prepare the stockholders' equity section after the stock dividend is distributed. (Assume no other changes to equity.) TVX COMPANY Stockholders' Equity Section of the Balance Sheet February 28 Total stockholders' equity
Journalize the following selected transactions completed during the current fiscal year: Date Transaction February 1 The board of directors declared a stock split that reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 500,000. February 11 Purchased 25,000 shares of the company's own stock at $44, recording the treasury stock at cost. May 1 Declared a dividend of $2.50 per share on the outstanding shares of common stock. May 15 Paid the dividend declared on May 1. October 19 Declared a 2% stock dividend on the common stock outstanding (the fair market value of the stock to be issued is $55). November 12 Issued the certificates for the common stock dividend declared on October 19. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
Using the following accounts and balances, prepare the stockholders' equity section of the balance sheet. Fifty thousand shares of common stock are authorized, and 1,000 shares have been reacquired. Common Stock, $70 par $2,730,000 Paid-In Capital in Excess of Par 123,070 Paid-In Capital from Sale of Treasury Stock 6,070 Retained Earnings 125,000 Treasury Stock 4,570
Stockholders’ Equity: Transactions and Balance Sheet Presentation Beaker Corporation was organized on July 1, with an authorization of 50,000 shares of $5 no-par value preferred stock ($5 is the annual dividend) and 100,000 shares of $10 par value common stock. During July, the following transactions affecting stockholders’ equity occurred: July 1 Issued 31,000 shares of common stock at $21 cash per share. 12 Issued 3,500 shares of common stock in exchange for equipment with a fair market value of $71,000. 15 Issued 5,000 shares of preferred stock for cash at $40 per share. Required a. Prepare journal entries to record the foregoing transactions. General Journal Date Description Debit Credit Jul.01 Paid-in-Capital in Excess of Par Value - Common Stock Issued shares of common stock. Jul.12 Common Stock Issued common stock for equipment. Jul.15…
Delray Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 120,000 shares authorised, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stoak at $23 cash per share. January 5 Directors declared a $2 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 & Sold 2,500 of its treasury shares at $27 cash per share. August 22 Sold 2,500 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Requirement October 28 Paid the dividend declared on September 5. December 31 Closed the $259,500 credit balance (from net income)…
Stockholders’ Equity: Transactions and Balance Sheet Presentation The stockholders’ equity accounts of Scott Corporation at January 1 follow: Common stock, $5 par value, 350,000 shares authorized; 150,000 shares issued and outstanding $750,000 Paid-in capital in excess of par value (common stock) 600,000 Retained earnings 346,000 During the year, the following transactions occurred: Jan. 5 Issued 10,000 shares of common stock for $13 cash per share. 18 Purchased 4,000 shares of common stock as treasury stock at $15 cash per share. Mar. 12 Sold one-fourth of the treasury shares acquired January 18 for $18 per share. July 17 Sold 500 shares of the remaining treasury stock for $14 per share. Oct. 1 Issued 5,000 shares of eight percent, $25 par value preferred stock for $36 cash per share. These are the first preferred shares issued out of 50,000 authorized shares. Dec. 31 Closed the net income of $73,500 to the Retained Earnings account.…
Mt. Everest Company has $1,000,000 shares of 10%, $20 Par Value Preferred Stock outstanding. On December 1st, the Board of Directors declares a 4% Stock Dividend to be issued to the shareholders of record on December 15th and distributed on December 30th. The market price of the stock on December 1st was $25 per share. Calculate the amount the Company would Debit to Stock Dividends on December 15th:Calculate the amount the Company would Credit to Additional Paid-in Capital…Preferred Stock on December 15:
Can you please check my work
Vincent corporation has 90,000 shares of $105 per common stock outstanding. On June 30 Vincent corporation declared 3% stock dividend to be issued on July 30 to stockholders of record July 13. The market price of the stock was $123 a share on June 30. Journalize
Treasury Shares On October 10, the capital of the shareholders (stockholders' equity) of Sherman Systems, Inc. it consisted of the following: Common stock–$10 par value, 72,000 shares authorized, issued, and outstanding $ 720,000 Paid-in capital in excess of par value, common stock 216,000 Retained earnings 864,000 Total stockholders’ equity $ 1,800,000 Prepare the daily entries to record the following transactions: October 11 – Sherman Systems purchased 5,000 of its own common stock at a price of $25 per share. November 1 – Sherman Systems sold 1,000 of its shares in treasury stock at a price of $31 per share. November 25 – Sherman Systems sold the remaining shares in treasury at a price of $20 per share.
Kohler Corporation reports the following components of stockholders’ equity on January 1. Common stock—$10 par value, 100,000 shares authorized, 40,000 shares issued and outstanding $ 400,000 Paid-in capital in excess of par value, common stock 60,000 Retained earnings 270,000 Total stockholders' equity $ 730,000 During the 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 Directors declared a $2 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 2,000 of its treasury shares at $24 cash per share. August 22 Sold 2,000 of its treasury shares at $16 cash per share. September 5 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.…
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