Ogilvie Corp. issued 30,000 shares of no-par stock for $40 per share. Ogilvie was authorized to issue 53,000 shares. What effect will this event have on the elements of the company's financialstatements?Multiple ChoiceIncrease assets and increase stockholders' equity by $2,120,000Increase assets and increase stockholders' equity by $1,200,000Increase cash inflows from investing activities by $1,200,000None of these answer choices are correct.

Entry for stock issued: Cash a/c Dr $1,200,00 To Paid in excess capital a/c $1,200,000

Answered: Ogilvie Corp. issued 30,000 shares of…

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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Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,400,000 shares issued; Additional Paid-in Capital, $17.40 million; Retained Earnings, $10.40 million; and Treasury Stock, 54,000 shares, $1.188 million. Prepare the stockholders' equity section of the balance sheet. (Amounts to be deducted should be indicated by a minus sign. Enter your answer in dollars, not millions. For example, $5.5 million should be entered as 5,500,000.) SUMMIT APPAREL Balance Sheet (Stockholders' Equity Section) December 31 Stockholders' equity: Total Paid-in Capital Total Stockholders' Equity
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The balance sheet for Tempest, Inc., is shown here in market value terms. There are 29,000 shares of stock outstanding. Market Value Balance Sheet Cash Fixed assets $156,000 560,010 Equity $716,010 Total $ 716,010 Total $716,010 The compay has announced it is going to repurchase $49,300 worth of stock instead of paying a dividend of $1.70. a. What effect will this transaction have on the equity of the firm? (Input the answer as positive value. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. How many shares will be outstanding after the repurchase? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c. What will the price per share be after the repurchase? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. The transaction will b. New shares outstanding c. Share price shareholders' equity by
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