Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows:Jan.MarApr.JuneAugOctDec5 Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, therewere 1,051,500 common shares outstanding10Purchased 41,200 shares of the corporation's own common stock at $27, recording the stock at cost.30 Declared semiannual dividends of $0.90 on 71,600 shares of preferred stock and 50.13 on the commonstock to stockholders of record on May 15, payable on June 15.Paid the cash dividends.Sold 28,500 shares of treasury stock at $34, receiving cash.15 Declared semiannual dividends of $0.90 on the preferred stock and $0.13 on the common stock (beforethe stock dividend). In addition, a 3% common stock dividend was declared on the common stockoutstanding. The fair market value of the common stock is estimated at $38. The dividend date ofrecord in November 15 payable on December 19.19 Paid the cash dividends and issued the certificates for the common stock dividend4251520Required:Journalize the transactions. If no entry is required, simply skip to the next transaction. Refer to the chart of accounts for the exact wording of theaccount titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries CNOWjournals will automatically indent a credit entry when a credit amount is entered.

The journal entries are prepared to record the transactions on regular basis. The dividend is…

Answered: elected transactions completed by ATV…

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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On September 1, Ziegler Corporation had 71,000 shares of $5 par value common stock, and $213,000 of retained earnings. On that date, when the market price of the stock is $15 per share, the corporation issues a 2-for-1 stock split. The general journal entry to record this transaction is: Multiple Choice Debit Retained Earnings $355,000; credit Common Stock $355,000. Debit Retained Earnings $1,065,000; credit Common Stock Split Distributable $1,065,000. No entry is made for this transaction. Debit Retained Earnings $1,065,000; credit Common Stock $1,065,000. Debit Retained Earnings $355,000; credit Stock Split Payable $355,000.
4
Tunis Incorporated has a March 31 year-end. The following information pertains to the company’s shares:Common Shares: unlimited # authorized, 45,000 issued; $180,000Preferred Shares: unlimited # authorized, $6 cumulative; 0 issued; $0A transaction listing for Tunis Incorporated’s prior fiscal year is as follows:Issued 20,000 common shares at $5/share ................... Apr 5Issued 5,000 preferred shares at $30/share .................. May 17Declared/paid a $6/share dividend on preferred shares ... Jul 14Bought and retired 1,000 preferred shares at $37/share.. Aug 19Declared/paid a $1/share dividend on common shares .... Nov 16Issued 500 common shares in exchg. for $10K machine .. Dec 19RequiredPrepare the required journal entries in good form (with dates) for the above-listed transactions
Viceroy Ltd has a December 31 year-end. Its ledger account for Common Shares (Class A voting) showed the following information (dollars amounts are in thousands): Opening Balance Jan1 = 400,000 shares Shares issued June 30 = 200,000 Shares issued September 30 = 50,400 Net Income for the Year =$2,000,000 Preferred Shares (Class B Non Voting Cumulative) = 50,000 shares ($600) Preferred Share Dividend entitlement for the year $129,000 Hint: check EPS formula in the chapter of Financial Statement Analysis Required 1: What is the Basic Earnings Per Share that Viceroy will report this year? Hint: when number of shares change during the term, a simple average does not apply, instead use the weighted average number of common shares. $ Required 2: The weighted average number of common shares for the year is: Required 3: The total earnings considered in the EPS formula for the year is: $
When Crossett Corporation was organized in January Year 1, it immediately issued 4,700 shares of $48 par, 8 percent, cumulative preferred stock and 12,000 shares of $8 par common stock. Its earnings history is as follows: Year 1, net loss of $12,700; Year 2, net income of $58,700; Year 3, net income of $119,700. The corporation did not pay a dividend in Year 1. b. Assume that the board of directors declares a $55,596 cash dividend at the end of Year 2 (remember that the Year 1 and Year 2 preferred dividends are due). How will the dividend be divided between the preferred and common stockholders? (Amounts to be deducted should be indicated with minus sign.)
During May, Deckers Outdoor Corporation announced a 3-for-1 stock split. This brought the number of shares outstanding from 12,896,000 shares to _____ shares, and its $0.90 par value to _____ per share. A. 4,298,667; $2.70 B. 4,298,667; $0.30 C. 38,688,000; $0.30 D. 38,688,000; $2.70
Bridgeport SA uses a calendar year for financial reporting. The company is authorized to issue 8,210,000 R$12 par ordinary shares. At no time has Bridgeport issued any potentially dilutive securities. Listed below is a summary of Bridgeport’s ordinary share activities. 1. Number of ordinary shares issued and outstanding at December 31, 2021 2,040,000 2. Shares issued as a result of a 12% share dividend on September 30, 2022 244,800 3. Shares issued for cash on March 31, 2023 1,870,000 Number of ordinary shares issued and outstanding at December 31, 2023 4,154,800 4. A 2-for-1 share split of Bridgeport’s ordinary shares took place on March 31, 2024 (a) Compute the weighted-average ordinary shares used in computing earnings per ordinary share for 2022 on the 2023 comparative income statement. enter a number of shares shares
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