On December 10, Daniel Co. split its stock 5-for-2 when the market value was $65 per share.Prior to the split, Daniel had 200,000 shares of $15 par value stock. After the split, the par valueof the stock was
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On December 10, Daniel Co. split its stock 5-for-2 when the market value was $65 per share.Prior to the split, Daniel had 200,000 shares of $15 par value stock. After the split, the par valueof the stock was
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- On July 1, 2021, Funk Company has 400,000 shares of P25 par ordinary outstanding and the market price of the stock is P50 per share. The company also has 50,000 ordinary shares in the treasury reacquired at a total cost of P1,650,000 On the same date, Funk Company declared a 1 for 5 share split. Immediately before the split, the total Share premium was P1,500,000. If half of the treasury shares were reissued at P10 per share, the entry to record the reissuance shall involve: Debit to Accumulated profits at P425,000. Credit to Share premium at P850,000. Debit to Accumulated profits at P850,000. Credit to Share premium at P425,000.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 sharesOn October 31, the stockholders' equity section of Blossom Corporation's balance sheet consists of common stock $659,200 and retained earnings $877,000. Blossom is considering the following two courses of action: (1) declaring a 5% stock dividend on the 82.400 $8 par value shares outstanding or (2) effecting a 2-for-1 stock split that will reduce par value to $4 per share. The current market price is $15 per share. Prepare a tabular summary of the effects of the alternative actions on the company's stockholders' equity and outstanding shares. Stockholders' equity Paid-in capital Retained earnings Total stockholders equity $ Outstanding shares Before Action $ $ After Stock Dividend $ After Stock Split
- Sandhill Storage Products purchased 11600 shares of its own $0.75 par value common stock at a cost of $8 per share. The stock was originally issued at $7 per share. Which of the following is part of the journal entry to record the purchase? Credit Common Stock for $92800. O Debit Treasury Stock for $8700. Debit Treasury Stock for $92800. O Credit Common Stock for $8700.On January 1, 2019, ABC Corporation had 125,000 shares of its $2 par value ordinary shares outstanding. On March 1, ABC sold an additional 250,000 shares on the open market at $20 per share. ABC issued a 20% share dividend on May 1. On August 1, ABC purchased 140,000 shares and immediately retired the shares. On November 1, 200,000 shares were sold for $25 per share. What is the weighted-average number of shares outstanding for 2019?CNZ Co. had 1,270,000 shares outstanding at the beginning of the year—1 June 20X8. During the year, the following transactions occurred: 1 August 20X8—5,700 share options with an exercise price of $42 per share, were exercised. 1 October 20X8—A 5:1 stock split was completed. 1 February 20X9—The company repurchased 507,000 shares for $27 each. For the year ended 31 May 20X9, the company reported net earnings of $1,726,500. Required:Compute the basic EPS for the company for the year ended 31 May 20X9. (Do not round intermediate calculations and round your answer to 2 decimal places.) Basic EPS =
- Hideo Co. was organized on January 1, 2021, with 300,000 shares of common stock with a $6 par value authorized. During 2021, Hideo had the following stock transactions: January 4 Issued 60,000 shares at $10 per share. March 8 Issued 20,000 shares at $11 per share. May 17 Purchased 7,500 shares at $12 per share. July 6 Issued 15,000 shares at $13 per share. August 27 Sold 5,000 treasury shares at $14 per share. If Hideo uses the cost method to record treasury stock transactions, the total amount of additional paid-in capital at December 31, 2021 is:Elroy Corporation repurchased 3,800 shares of its own stock for $55 per share. The stock has a par of $5 per share. A month later Elroy resold 950 shares of the treasury stock for $63 per share. Required: What is the balance of the Treasury Stock account after these transactions are recognized?On July 1, 2021, Funk Company has 400,000 shares of P25 par ordinary outstanding and the market price of the stock is P50 per share. The company also has 50,000 ordinary shares in the treasury reacquired at a total cost of P1,650,000 On the same date, Funk Company declared a 1 for 5 share split. Immediately before the split, the total Share premium was P1,500,000. If half of the treasury shares were reissued at P10 per share, the entry to record the reissuance shall involve:A. Debit Accumulated profits of 425,000B. Credit to Share Premium at 850,000C. Credit to Share Premium at 425,000D. Debit Accumulated profits of 850,000 What should be the balance in Funk Company’s Ordinary share account after the share split is effected?
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