Identifying and Analyzing Financial Statement Effects of Stock TransactionsThe stockholders' equity of Verrecchia Company at December 31, 2011, follows:Common stock, $ 5 par value, 350,000 shares authorized; 180,000 shares issued and outstanding $ 900,000Paid-in capital in excess of par value600,000Retained earnings346,000During 2012, the following transactions occurred:Jan. 5 Issued 10,000 shares of common stock for $11 cash per share.Jan. 18 Purchased 4,000 shares of common stock for the treasury at $15 cash per share.Mar. 12 Sold one-fourth of the treasury shares acquired January 18 for $17 cash per share.July 17 Sold 500 shares of the remaining treasury stock for $14 cash per share.Oct. 1 Issued 5,000 shares of 8%, $21 par value preferred stock for $38 cash per share. This is the first issuance of preferred shares from the 50,000 authorized shares.(a) Use the financial statement effects template to indicate the effects of each transaction.Use negative signs with answers, when appropriate.Balance SheetIncome StatementNoncashContributedEarnedNetTransaction Cash AssetAssetsLiabilitiesCapitalCapitalRevenueExpensesIncomeJan. 5Jan. 18Mar. 12July. 17Oct. 1

Financial statements: Financial statements are condensed summary of transactions communicated in the…

Answered: Identifying and Analyzing Financial…

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

Weighted Average Shares At the beginning of Year 4, Hardin Company had 320,000 shares of $10 par common stock outstanding. During the year, it engaged in the following transactions related to its common stock: March 1 Issued 49,000 shares of stock at $25 per share. June 1 Issued a 15% stock dividend. July 1 Issued 12,000 shares of stock at $30 per share. Aug. 31 Issued a 2-for-1 stock split on outstanding shares, reducing the par value to $5 per share. Oct. 31 Reacquired 100,000 shares as treasury stock at a cost of $33 per share. Nov. 30 Reissued 47,000 treasury shares at a price of $36 per share. Required: 1. Determine the weighted average number of shares outstanding for computing the current earnings per share. Round your interim computations and final answer for the number of shares to nearest whole number. shares 2. Determine the number of common shares outstanding at December 31, Year 4. 772,700 X shares.
Hardaway Fixtures’ balance sheet at December 31, 2015, included the following: Shares issued and outstanding: Common stock, $1 par $800,000 Nonconvertible preferred stock, $50 par 20,000 On July 21, 2016, Hardaway issued a 25% stock dividend on its common stock. On December 12 it paid $50,000 cash dividends on the preferred stock. Net income for the year ended December 31, 2016, was $2,000,000. Required: Compute Hardaway’s earnings per share for the year ended December 31, 2016.
Weighted Average Shares At the beginning of Year 4, Hardin Company had 330,000 shares of $10 par common stock outstanding. During the year, it engaged in the following transactions related to its common stock: March 1 Issued 48,000 shares of stock at $25 per share. June 1 Issued a 20% stock dividend. July 1 Issued 8,000 shares of stock at $30 per share. Aug. 31 Issued a 2-for-1 stock split on outstanding shares, reducing the par value to $5 per share. Oct. 31 Reacquired 85,000 shares as treasury stock at a cost of $33 per share. Nov. 30 Reissued 43,000 treasury shares at a price of $36 per share. Required: 1. Determine the weighted average number of shares outstanding for computing the current earnings per share. Round your interim computations and final answer for the number of shares to nearest whole number. shares 2. Determine the number of common shares outstanding at December 31, Year 4. shares
Analysis of Stockholders' Equity The Stockholders' Equity section of the December 31, 2017, balance sheet of Eldon Company appeared as follows: Preferred stock, $50 par value, 5,000 shares authorized, ? shares issued $275,000 Common stock, ? par, 10,000 shares authorized, 8,000 shares issued 80,000 Additional paid-in capital—Preferred 9,900 Additional paid-in capital—Common 480,000 Additional paid-in capital—Treasury stock 1,000 Total contributed capital $845,900 Retained earnings 49,000 Treasury stock, preferred, 100 shares (3,500) Total stockholders’ equity $ ? The average per-share sales price of the common stock when issued$fill in the blank ___ per share 6. The cost of the treasury stock per share$fill in the blank ___ per share 8. The per-share book value of the common stock assuming that there are no dividends in arrears and that the preferred stock can be redeemed at its par value$fill in the blank ____per share
HiTech Manufacturing Company has 500,000 shares of $1 par value capital stock outstanding on January 1. The following equity transactions occurred during the current year: (35 points) June 1 Declared a cash dividend of $0.20 per share July 1 Paid the $0.20 cash dividend to stockholders Aug. 1 Declared a 10% stock dividend. Market price of stock was $15 per share Sept. 10 Issued shares resulting from 10% stock dividend declared on August 1 Show calculations and prepare journal entries to record June 1, July 1, Aug. 1 and Sept. 10 transactions Questions are in the IMAGE
Computing Basic and Diluted Earnings per Share Zeller Corporation began 2015 with 120,000 shares of common stock and 16,000 of convertible preferred stock outstanding. On March 1 an additional 10,000 shares of common stock were issued. On August 1, another 16,000 of common stock was issued. On November 1, 6,000 shares of common stock were acquired from the treasury. The preferred stock has a $2 corporate’s 2015 net income is $501,000. a. Compute basic earnings per share for 2015b. Compute diluted earnings per share for 2015c. If the preferred stock were not convertible, Zeller Corporation would have a simple capital structure
Answer urgent
Field Company should report total stockholders’ equity on December 31, 2007 at?
Presented below is the stockholders' equity section of Oaks Corporation at December 31, 2014: Common stock, par value $20; authorized 75,000 shares; issued and outstanding 45,000 shares $ 900,000 Paid-in capital in excess of par value 350,000 Retained earnings 300,000 $1,550,000 During 2015, the following transactions occurred relating to stockholders' equity: 3,000 shares were reacquired at $28 per share. 3,000 shares were reacquired at $35 per share. 1,800 shares of treasury stock were sold at $30 per share. For the year ended December 31, 2015, Oaks reported net loss of $150,000. Assuming Oaks accounts for treasury stock under the cost method, what should it report as total stockholders' equity…
(Entries for Stock Dividends and Stock Splits) The stockholders’ equity accounts of G.K. Chesterton Company have the following balances on December 31, 2017. Common stock, $10 par, 300,000 shares issued and outstanding $3,000,000 Paid-in capital in excess of par—common stock 1,200,000 Retained earnings 5,600,000 Shares of G.K. Chesterton Company stock are currently selling on the Midwest Stock Exchange at $37.InstructionsPrepare the appropriate journal entries for each of the following cases.(a) A stock dividend of 5% is declared and issued.(b) A stock dividend of 100% is declared and issued.(c) A 2-for-1 stock split is declared and issued.
On January 1, 2017, Ehrlich Corporation had the following stockholders’ equity accounts.Common Stock ($10 par value, 100,000 shares issued and outstanding) $1,000,000Paid-in Capital in Excess of Par—Common Stock 200,000Retained Earnings 540,000During the year, the following transactions occurred.Jan. 15 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15.Feb. 15 Paid the dividend declared in January.Apr. 15 Declared a 15% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $15 per share.May 15 Issued the shares for the stock dividend.Dec. 1 Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2018. 31 Determined that net income for the year was $250,000.Instructions(a) Journalize the…
On January 1, 2008, the stockholders' equity section of Gibbons Corporation's balance sheet showed the following:Common stock par 10, authorized 100, 000 shares, issued 10, 000 shares 100,000Share Premium 50,000Retained Earnings 160.000 During the year 2008, the accounts showed the following summarized transactions (assume they occurred in the order given):(I) Issued a10% stock dividend, 1.000 shares issued when the market price was 12(2) Purchased treasury stock (200 shares at 11)(3) Declared and paid a cash dividend of 19,800(4) Ne4 income, 30,000. How much is the stockholder's equity?How much is the retained earnings?

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS