In September, the board of directors of chaparral steel approved a 2 for 1 stock split. After the split, how many shares of chaparral steel stock will an investor have if he or she owned 230 shares before the split?
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- Hanmi Financial Corporation is the parent company of Hanmi Bank. The company’s stock split was announced in the following Business Wire: LOS ANGELES (BUSINESS WIRE) Jan. 20—Hanmi Financial Corporation (Nasdaq), announced that the Board of Directors has approved a two-for-one stock split, to be effected in the form of a 100 percent common stock dividend. Hanmi Financial Corporation stockholders of record at the close of business on January 31 will receive one additional share of common stock for every share of common stock then held. Distribution of additional shares issued as a result of the split is expected to occur on or about February 15. At the time of the stock split, 24.5 million shares of common stock, $.001 par per share, were outstanding. Required: 1. Prepare the journal entry, if any, that Hanmi recorded at the time of the stock split. 2. What is the probable motivation for declaring the 2-for-1 stock split to be effected by a dividend payable in shares of common stock? 3.…Sedunia Berhad was incorporated on 1 July 2020. On 1 August, it decided to issue300,000 ordinary shares on the following terms:Application RM1 per share Allotment RM2 per shareCall as required RM1 per shareTo the end of August, applications for 350,000 shares had been received together withthe application money due on each share. One applicant for 5,000 shares had forwardedRM20,000 in full payment of the shares.On 15 September, the directors proceeded to allot 300,000 ordinary shares on thefollowing basis. Applicants for 30,000 shares were refunded their application money infull, 5,000 shares were allotted to the applicant who paid for the shares in full, and theother successful applicants were allotted the remaining shares, excess application moneybeing transferred to allotment.On 7 October, all allotment money had been received.A first and final call was made on 1 November, and all call money was received by 30November with the exception of the amount due on 6,000 shares.Required:(a)…On August 15, 2021, EasyMoney, Inc.'s Board of Directors meets and declares that EasyMoney will pay a dividend to its stockholders. Each share of EasyMoney's Common Stock will be paid a dividend of $1.25 per share. There are currently 100,000 shares of EasyMoney's Common Stock held by EasyMoney's shareholders. The following are the facts related to this dividend: D Dividend per Share D Date of Declaration D Date of Record D Date of Payment $1.25 August 15, 2021 September 5, 2021 September 20, 2021 The following is a partial list of the accounts in EasyMoney, Inc.'s General Ledger. These are the only accounts you need for this problem. D Cash D Dividends Payable > Retained Earnings As of August 1, 2021, the Beginning Balance in the Dividends Payable account is $0 and the Beginning Balance in the Retained Earnings account is $625,000.
- Opus Corp has decided to issue equity in order to raise capital to expand operations. The company has received approval from the board of directors to issue 100,000 shares of the company’s common stock on May 1, 2020. On the date of issue, the common stock has a par value of $0.25 and a market value of $5. What amount will Opus Corp record as Common Stock on May 1, 2020?Highway 65, Incorporated, is going to elect Seven board members next month. Marisol owns 17.3 percent of the total shares outstanding. a. What percentage of stock is needed to have one of her friends elected under the cumulative voting rule? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What percentage of stock is needed to have one of her friends elected under the staggered cumulative voting rule, under which shareholders vote on One board member(s) at a time? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) a. Percent of stock needed b. Percent of stock needed % %The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020 and that Mulatto Company’s charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative preferred stock. They have asked you to prepare the company’s journal entries and statement of owner’s equity based on the following information. Issued 45,500 shares of common stock. Stock has par value of 0.30 per share and was issued at $30 per share. Issued 8, 000 shares of preferred stock at par value as payment in exchange for legal services. Exchanged 160,000 shares of common stock for land with an appraised value of $400,000.00 and a building with an appraised value of $650,000.00. Earned Net income $650,000.00. Paid dividends to preferred shareholders as well as $2 per share to common stockholders. Using the info above and as a guide: Prepare the…
- Copley Corporation is preparing their financial statements for the year ending February 28, 2022. Copley Corporation has two categories of stock: Preferred and Common. The preferred stock is structured such that the holders of the preferred stock may convert one share of preferred stocks into one share of common stock if the market price of the common stock is greater than $1,000. As of February 28, 2022, the market price of the common stock had never reached $1,000. In the preparation of the 2/28/22 Income Statement Copley’s staff accountant was calculating the Basic and Diluted EPS. While calculating the diluted EPS the staff accountant is unsure of whether to include the potential impact of the convertible preferred stock since the trigger conversion price had not been met as of 2/28/22. Based upon your response above calculate Basic & Diluted EPS using the following information: (round all calculations to the second decimal place… do not use dollar signs in your answer)…Kinmi Financial Corporation is the parent company of Kinmi Bank. The company’s stock split was announced in the following wire: LOS ANGELES Jan. 20 BUSINESS WIRE—Kinmi Financial Corporation (Nasdaq), announced that the Board of Directors has approved a two-for-one stock split, to be effected in the form of a 100 percent common stock dividend. Kinmi Financial Corporation stockholders of record at the close of business on January 31 will receive one additional share of common stock for every share of common stock then held. Distribution of additional shares issued as a result of the split is expected to occur on or about February 15. At the time of the stock split, 33.5 million shares of common stock, $0.001 par per share, were outstanding. Required:1. Prepare the journal entry, if any, that Kinmi recorded at the time of the stock split.3. If Kinmi’s stock price had been $45 at the time of the split, what would be its approximate value after the split (other things equal)The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020. In addition, E&B Comic Bookstore Company’s charter will authorize 1,200,000 shares of common stock (to be divided into two classes (700,000 shares class A -voting rights and 500,000 shares class B -nonvoting rights) and 400,000, $X par value (see info below), 5% cumulative preferred stock. Issued 20% of authorised shares of class A common stock. Stock has par value of $30.00 per share and was issued at $40.00 per share. Issued 20% of authorised shares of no-par class B stock at $38.00. Issued 40% of authorised shares of preferred stock at par value $110.00. Exchanged 50% of authorised shares of class A common stock for Office Furniture and Equipment with an appraised value of $ 4,000,000.00 and Motor Truck with an appraised value of $10,000,000.00. Earned Net income 1,800,000.00.…
- On February 15, Jewel Company buys 7,500 shares of Marcelo Corp. at $28.58 per share. The stock is classified as a stock investment with insignificant influence. This is the company's first and only stock investment. On March 15, Marcelo Corp. declares a dividend of $1.20 per share payable to stockholders of record on April 15. Jewel Company received the dividend on April 15 and ultimately sells half of the Marcelo Corp. stock on November 17 of the current year for $29.36 per share. The fair value of the remaining shares is $29.56 per share. The impact on Jewel's net income as a result of its investment in Marcelo Corp, was a(n): Multiple Choice Increase to income of $15.600 Increase to income of $9,000 Increase to income of $11.925 Decrease to income of $9.000 Decrease to income of $6,075The owners are desirous of comparing several financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020 and that Mulatto Company’s charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative preferred stock. Issued 65,000 shares of common stock. Stock has par value of 0.40 per share and was issued at $30 per share. Issued 10,000 shares of preferred stock at par value as payment in exchange for legal services. Exchanged 200,000 shares of common stock for land with an appraised value of $500,000 and a building with an appraised value of $700,000. Earned Net income $750,000. Paid dividends to preferred shareholders as well as $2 per share to common stockholders. Using the info above and as a guide: 2. Prepare the journal entries with narrations to record the following: The issuances of stock. Close out net income to retained earnings.…All of the following occurred in 2019. A Plc has 3,500,000 shares in issue on 1st January. On 1st April, a further 300,000 shares were issued in the market. Later in the year, on 1st November, the company bought back 100,000 shares. On the 10th December, a 3 for 1 stock split came into effect. The net income for the year was €17,000,000 and the company paid €1,600,000 in preferred dividends. In the notes disclosures relating to granting of options and warrants: 1,050,000 Stock options, exercise price €30 900,000 Warrants, exercise paid €33 (the option and warrant exercise prices have been adjusted to reflect the stock split). Over the year, the company’s average share price was 40€. Calculate the basic and diluted EPS and show all your workings. If the company hadn’t issued stock options and warrants but had given equity upside through the preferred shares being convertible into 100,000 ordinary shares. What would the diluted EPS be now?
