Forward Stock SplitOn March 1 of the current year, Sentry Corporation has 420,000 shares of $20 par value common stock that are issued and outstanding. The general ledger shows thefollowing account balances relating to the common stock:Common stock$8,400,000Paid-in capital in excess of par value 3,600,000On March 2, Sentry Corporation splits its stock 2-for-1 and reduces the par value to $10 per share.a. How many shares of common stock are issued and outstanding immediately following the stock split?sharesb. What is the balance in the Common Stock account immediately following the stock split?c. What is the balance in the Paid-in Capital in Excess of Par Value account immediately following the stock split?

Stock split is a corporate action whereby the company increases the number of shares outstanding by…

Answered: Forward Stock Split On March 1 of the…

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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MC Qu. 11-74 Anthem Inc. issues... Anthem Inc. issues 200,000 shares of stock with a par value of $0.11 for $160 per share. Three years later, it repurchases these shares for $90 per share. Anthem records the repurchase in which of the following ways? Multiple Choice Debit Common Stock for $22,000, debit Additional Paid-in Capital for $31,978,000 and credit Cash for $32.00 million. Debit Treasury Stock for $18.00 million and credit Cash for $18.00 million. Debit Common Stock for $22,000, debit Additional Paid-in Capital for $17,978,000 and credit Cash for $18.00 million. Debit Stockholders' Equity for $32.00 million, credit Additional Paid-in Capital for $18.00 million and credit Cash for $18.00 million.
Issuance of Common Stock Los Altos, Inc., is authorized to issue 1,500,000 shares of $1 par value common stock. The company actually sells 625,000 shares at $20 per share. What are the amounts recorded as Common Stock- $1 par value and Paid-in Capital in Excess of Par Value related to the issuance of the 625,000 shares? Common stock 24 Paid-in Capital in Excess of Par Value $ Check O Previous A Save Answers
Kelly Corporation 800 shares of common stock (no-par) at $60 per share Keefe Corporation 480 shares preferred stock ($10 par) at $20 per share On December 31, the company's year-end, the quoted market prices were as follows: Kelly Corporation common stock, $52, and Keefe Corporation preferred stock, $24. Following are the data for the following year (Year 2). Mar. 02: Dividends per share, declared and paid: Kelly Corp., $1, and Keefe Corp., $0.50. Oct. 01: Sold 160 shares of Keefe Corporation preferred stock at $25 per share. Dec. 31: Fair values: Kelly common, $46 per share, Keefe preferred, $26 per share. Year 1 Year 2 d. Prepare the entries required in Year 2 to record dividend revenue, the sale of stock, and the fair value adjustment. Update the Fair Value Adjustment account prior to recording any sale. Eliminate the associated Fair Value Adjustment account upon recording the sale of any investment. Date Mar. 2, Year 2 Oct. 1, Year 2 Oct. 1, Year 2 Cash Account Name Dividend…
1
On September 1, Reedy Company has 500,000 shares of $30 par value ($330 market value) common stock that are issued and outstanding. Its balance sheet on that date shows the following account balances relating to its common stock: Common stock 15,000,000 Paid-in capital in excess of par value 9,000,000 On September 2, Reedy splits its stock 3-for-2 and reduces the par value to $20 per share. How many shares of common stock are issued and outstanding immediately after the stock split? a. 500,000 shares b. 333,333 shares C. 750,000 shares d. 15,000,000 shares
Rendivir Company had the following transactions during the year: January 1 Ordinary shares outstanding 200,000 March 1 Isued a 20% share dividend 30,000 May 1 Issued ordinary shares 40,000 September 1 Treasury shares purchased 10,000 November 1 Issued 3 for 1 share split What is the weighted average number of shares outstanding?
Subject: accounting
Matthew Corporation is authorized to issue 1,500,000 shares of its P10 share, par Ordinary Shares. It has issued half of the stock for P16 recorded net income of P2,000,000, declared but has not yet paid cash dividend of P150,000 and has split its stock 2:1 all during the first year of per operations. How much is the total stockholders' equity at the end of its first year operations?
Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Jan. Mar Apr. June Aug Oct Dec 5 Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1,051,500 common shares outstanding 10 Purchased 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 common stock 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 (before the stock dividend). In addition, a 3% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $38. The dividend date of record in November 15 payable on December 19. 19 Paid the cash…
Identifying, Analyzing, and Explaining the Effects of a Stock Split On September 1, Apstein Company has 360,000 shares of $9 par value ($148 market value) common stock that are issued and outstanding. Its balance sheet on that date shows the following account balances relating to its common stock. Common stock $3,240,000 Paid-in capital in excess of par value 2,016,000 On September 2, Apstein splits its stock 3-for-2 and reduces the par value to $6 per share. a. How many shares of common stock are issued and outstanding immediately after the stock split? 0 b. What is the dollar balance of the common stock account immediately after the stock split? $ 0 Check shares
provide answer for A, B and C

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