Show Attempt HistoryCurrent Attempt in Progress* Your answer is incorrect.On October 31, the stockholders' equity section of Concord Corporation's balance sheet consists of common stock $801,000 andretained earnings $927,000. Concord is considering the following two courses of action: (1) declaring a 4% stock dividend onthe 80,100 $10 par value shares outstanding or (2) effecting a 2-for-1 stock split that will reduce par value to $5 per share. The currentmarket price is $16 per share.Prepare a tabular summary of the effects of the alternative actions on the company's stockholders' equity and outstanding shares.BeforeActionAfterStockDividendAfterStockSplitStockholders' equityPaid-in capitalRetained earningsAttempts: unlimited Submit AnswerTotal stockholders' equityOutstanding shareseTextbook and MediaSolutionSave for LaterLA$LA$$

Outstanding share is calculated by deducting the treasury stock from the common stock of the…

Answered: On October 31, the stockholders' equity…

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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For the year 2021, Aquamarine Corporation has earned a net income of P400,000. Compute for the basic earnings per share under each of the following assumptions a. The company has only one class of stock with 100,000 shares outstanding b. The company has shares outstanding as follows: 8% Preference Share Capital P50 par, 20,000 shares outstanding Ordinary Share Capital P10 par, 100,000 shares outstanding i. Preference shares are cumulative ii. Preference shares are non-cumulative, dividends has been declared by the BOD iii. Preference shares are non-cumulative, no dividend has been declared by the BOD c. Same as letter b but with additional information with regards to the issuance of ordinary shares Jan 1 Beginning Balance 60,000 shares May 1 Additional Isuance 20,000 shares Aug 1 Additional Isuance 20,000 shares Nov 1 Additional Isuance 30,000 shares
The Snow Corporation issues 9,800 shares of $52 par value preferred stock for cash at $66 per share. The entry to record the transaction will consist of a debit to Cash for $646,800. What credit or credits will the entry consist of? Select the correct answer. -Preferred Stock for $509,600 and Retained Earnings for $137,200. -Paid-in Capital from Preferred Stock for $646,800. -Preferred Stock for $646,800. -Preferred stock for $509,600 and Paid-in Capital in Excess of Par Value - Preferred Stock for $137,200.
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.
A company whose stock is trading at $10 per share has 1,000 shares of $1 par common stock outstanding when the board of directors declares a 30% common stock dividend. Which of the following adjustments should be made when recording the stock dividend? O Retained earnings is debited for $300. O Common stock is debited for $3,000. O Additional paid-in capital is credited for $2,700. O Treasury stock is debited for $300.
Skysong Company's ledger shows the following balances on December 31, 2025. 6% Preferred stock-$10 par value, outstanding 20,100 shares Common stock-$100 par value, outstanding 30,300 shares Retained earnings Assuming that the directors decide to declare total dividends in the amount of $362,000, determine how much each class of stock should receive under each of the conditions stated below. One year's dividends are in arrears on the preferred stock. a. The preferred stock is cumulative and fully participating. (Round the rate of participation to 6 decimal places, eg0.014278. Round answers to O decimal places, e.g. 38,487.) Preferred Preferred 158,870 Preferred b. The preferred stock is noncumulative and nonparticipatine. (Round answers to 0 decimal places, eg. 38,487.) 12060 Common 76712 Common 203130 $201.000 3,030,000 664,000 c. The preferred stock is noncumulative and is participating in distributions in excess of a 8% dividend rate on the common stock. (Round the rate of…
All computations and Formula must be done and shown in detail Billingsley United declared a $0.20 a share dividend on Thursday, October 16. The dividend will be paid on Monday, November 10 to shareholders of record on Friday, October 31. What is the ex-dividend date? You own 2,200 shares of Deltona Hardware. The company has stated that it plans on issuing a dividend of $0.42 a share at the end of this year and then issuing a final liquidating dividend of $2.90 a share at the end of next year. Your required rate of return on this security is 16 percent. Ignoring taxes, what is the value of one share of this stock to you today? Tucker’s National Distributing has a current market value of equity of $10,665. Currently, the firm has excess cash of $640, total assets of $22,400, net income of $3,210, and 500 shares of stock outstanding. Tucker’s is going to use all of its excess cash to repurchase shares of stock. What will the stock price per share be after the stock…
On June 30, 2021, when ABC Co. stock was selling for $65 each, the equity accounts had the following balances: Common Stock ($50 par value, 50,000 issued) $2,500,000 Capital Contributed in Excess of Par Value—Common Stocks 600,000 Retained Earnings 4,200,000 How much will the Common Stock account balance be after declaring and distributing a 100% stock dividend? a. $5,000,000. b. $7,300,000. c. $2,500,000.
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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A company issues 10,000 shares of its own $10 par value common stock to the public for $19 per share. Later, 1, 000 of these shares are bought for $21 per share as treasury stock. Which of the Losses on the resale of these shares would impact reported net income for the year although gains would not The par value method and the cost method have the same total impact on stockholders equity Because this is a stock transaction, retained earnings cannot be affected by a re - issuance of these shares

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