On June 30, Sharper Corporation's stockholders' equity section of its balance sheet appears as follows before any stockdividend or split. Sharper declares and immediately distributes a 50% stock dividend.Common stock-$10 par value, 50,000 shares issued andoutstandingPaid-in capital in excess of par value, common stockRetained earningsTotal stockholders' equityAssume that instead of distributing a stock dividend, Sharper did a 3-for-1 stock split.(1) Prepare the updated stockholders' equity section after the split.(2) Compute the number of shares outstanding after the split.Complete this question by entering your answers in the tabs below.Required 1Required 2X Answer is complete but not entirely correct.$ 500,000200,000660,000$ 1,360,000Compute the number of shares outstanding after the split.Number of common shares outstanding750,000 X

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Answered: On June 30, Sharper Corporation's…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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On June 30, Sharper Corporation's stockholders' equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50% stock dividend. Common stock-$10 par value, 88,000 shares issued and outstanding $ 880,000 Paid - in capital in excess of par value, common stock 390,000 Retained earnings 755,000 Total stockholders' equity $ 2,025,000 (1) Prepare the updated stockholders' equity section after the distribution is made. (2) Compute the number of shares outstanding after the distribution is made. Navigation: Use the Open Excel in New Tab button to launch this question. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect.
On September 1, Ziegler Corporation had 71,000 shares of $5 par value common stock, and $213,000 of retained earnings. On that date, when the market price of the stock is $15 per share, the corporation issues a 2-for-1 stock split. The general journal entry to record this transaction is: Multiple Choice Debit Retained Earnings $355,000; credit Common Stock $355,000. Debit Retained Earnings $1,065,000; credit Common Stock Split Distributable $1,065,000. No entry is made for this transaction. Debit Retained Earnings $1,065,000; credit Common Stock $1,065,000. Debit Retained Earnings $355,000; credit Stock Split Payable $355,000.
On July 1, Jones Corporation had the following capital structure: Common Stock, par $1; 8,000,000 authorized shares, 165,000 issued and outstanding $ 165,000 Additional Paid-in Capital 109,000 Retained Earnings 189,000 Treasury Stock None Required:Complete the following table based on two independent cases involving stock transactions: (Round "per share" answers to 2 decimal places.) Case 1: The board of directors declared and issued a 100 percent stock dividend when the stock price was $6 per share. Case 2: The board of directors voted a 2-for-1 stock split. The stock price prior to the split was $6 per share.
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On June 13, the board of directors of Siewert Inc. declared a 2-for-1 stock split on its 100 million, $5.00 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $31 on June 13. Prepare the journal entry to record the stock split if it is to be effected in the form of a 100% stock dividend. What is the par per share after the split? Complete this question by entering your answers in the tabs below. General Journal Par value Prepare the journal entry to record the stock split if it is to be effected in the form of a 100% stock dividend. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 1 Record the stock split effected in the form of a 100% stock dividend. 4>
On 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
On June 30, 2020, when ABC shares were selling for $ 65 each, the equity accounts had the following balances: Common shares (par value $ 50: 50,000 issued) $ 2,500,000 Capital contributed in excess of par value 600,000 Retained earnings 4,200,000 A 100% share dividend is declared and distributed, the balance of the Common Shares account after recording the dividend will be: a. $2,500,000 b. $7,300,000 c. $3,100,000 d. $5,000,000
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Sturdy Stone Tools, Inc., announced a 100 percent stock dividend. Determine the impact (increase,decrease, no change) of this dividend on the following:1. Total assets.2. Total liabilities.3. Common stock.4. Total stockholders’ equity.5. Market value per share of common stock.
Subject: accounting
Use the following information for the Exercises 8-9 below. (Algo) [The following information applies to the questions displayed below.] On June 30, Sharper Corporation's stockholders' equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50% stock dividend. Common stock-$10 par value, 76,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Exercise 11-9 (Algo) Stock split LO P2 Assume that instead of distributing a stock dividend, Sharper did a 3-for-1 stock split. (1) Prepare the updated stockholders' equity section after the split. (2) Compute the number of shares outstanding after the split. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the updated stockholders' equity section after the split. SHARPER CORPORATION Stockholders' Equity Section of the Balance Sheet June 30 <…
On OCT 31, the stockholders' equity section of MCompany's balance sheet consists of common stock $648,000 and retained earnings $400,000. MCompany is considering the following two courses of action: (1) declaring a 5% stock dividend on the 81,000 $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 $17 per share. Instructions Prepare a tabular summary of the effects of the alternative actions on the company's stockholders' equity and outstanding shares. Use these column headings: Before Action, After Stock Dividend, and After Stock Split. Before Action Stockholders' equity: Paid-in Capital Retained Earnings Total Stockholders Equity $ 1,048,000 $ 648,000 400,000 81,000 After Stock Dividend After Stock Split Outstanding Shares (1) By choosing stock dividend, you will be distributing 5% additional shares over the 81,000 shares "before the action". The "paid-in capital" of the stock dividend is…

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