Preferred stock, cumulative, 14,000 shares authorized, 8,400 shares issued and outstandingCommon stock, no par, 890,000 shares authorized, 510,000 shares issuedTotal paid-in capitalRetained earningsTotal paid-in capital and retained earningsLess: Treasury stock (6,000 common shares)Total stockholders' equityFrom a review of the stockholders' equity section, answer the following questions.$672,0002,550,0003,222,0001,858,0005,080,00037,200$5.042.800(a)How many shares of common stock are outstanding?(b)Assuming there is a stated value, what is the stated value of the commonstock?504,000shares(c)What is the par value of the preferred stock?AA°per share50per share(d)If the annual dividend on preferred stock is $67,200, what is the dividend rateon preferred stock?8%(e)If dividends of $134,400 were in arrears on preferred stock, what would be thebalance reported for retained earnings?$4,945,600

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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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On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. $ 241,000 482,000 195,000 1,950,000 3,900,000 20,500 Common stock, $1 par, 241,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 19,500 shares outstanding Retained earnings Treasury stock, at cost, 4,100 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 20: Declared a property dividend of 100,000 shares of Burak Company (book value $11.9 per share, fair value $9.95 per share). Shareholders' equity Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. Declared and distributed a 4% stock dividend…
Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 2% Stock, $100 par (70,000 shares authorized, 35,000 shares issued) $3,500,000 Paid-In Capital in Excess of Par—Preferred Stock 420,000 Common Stock, $20 par (800,000 shares authorized, 270,000 shares issued) 5,400,000 Paid-In Capital in Excess of Par—Common Stock 700,000 Retained Earnings 21,242,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Issued 80,000 shares of common stock at $26, receiving cash. Issued 18,000 shares of preferred 2% stock at $115. Purchased 48,000 shares of treasury common for $23 per share. Sold 24,000 shares of treasury common for $26 per share. Sold 16,000 shares of treasury common for $21 per share. Declared cash dividends of $2.00 per share on preferred stock and $0.04 per share on common stock.…
Common stock-$4 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Stockholders' Equity (December 31) Common stock-$4 par value, 100,000 shares authorized, 47,000 shares issued, 5,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($50,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a $0.40 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. April 5 July 5 Declared a $0.40 per share cash dividend, date of record April 10. Declared a $0.40 per share cash dividend, date of record July 10. July 31 Declared a 20% stock dividend when the stock's market value was $12 per share. August 14 Issued the stock dividend that was declared on July 31. October 5…
The equity sections for Atticus Group at the beginning of the year (January 1) Stockholders' Equity (January 1) Common stock-$4 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Stockholders' Equity (December 31) Common stock-$4 par value, 100,000 shares authorized, 47,000 shares issued, 5,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($50,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a $0.40 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. April 5 July 5 Declared a $0.40 per share cash dividend, date of record April 10. Declared a $0.40 per share cash dividend, date of record July 10. July 31 August 14 Declared a 20% stock dividend when…
Share Issuances for Cash Finlay, Inc., issued 4,000 shares of $50 par value preferred stock at $119 per share and 6,000 sharesof no-par value common stock at $18 per share. The common stock has no stated value. All issuances were for cash. a. Determine the financial statement effect of the share issuances (preferred and common). Balance Sheet Income Statement Assets = Liabilities + Equity Revenues - Expenses = Net Income Answer Answer Answer Answer Answer Answer b. Determine the financial statement effect of the issuance of the common stock assuming that it had a stated value of $5 per share. Balance Sheet Income Statement Assets = Liabilities + Equity Revenues - Expenses = Net Income Answer Answer Answer Answer Answer Answer c. Determine the financial statement effect of the issuance of the common stock assuming that it had a par value of…
Reporting Stockholders' Equity Using the following accounts and balances, prepare the “Stockholders’ Equity” section of the balance sheet. 30,000 shares of common stock authorized, and 1,000 shares have been reacquired. Common Stock, $60 par $1,080,000 Paid-In Capital from Sale of Treasury Stock 43,000 Paid-In Capital in Excess of Par—Common Stock 378,000 Retained Earnings 594,000 Treasury Stock 22,000 Balance Sheet Stockholders' Equity Paid-in capital: $ Paid-in capital, common stock $ Total paid-in capital $ Total $ Total stockholders' equity $
Stockholders' Equity: Transactions and StatementThe stockholders' equity section of Night Corporation's balance sheet at January 1 follows: Common stock, $3 par value, 300,000 shares authorized, 60,000 shares 180,000 issued, 6,000 shares in treasury Additional paid-in capital In excess of par value 240,000 From treasury stock 15,000 255,000 Retained earnings 174,000 609,000 Less: Treasury stock (6,000 shares) at cost 69,000 Total Stockholdersâ€™ Equity 540,000 The following transactions affecting stockholdersâ€™ equity occurred during the year: Jan. 8 Issued 15,000 shares of previously unissued common stock for $10 cash per share. Mar. 12 Sold all of the treasury shares for $14 cash per share. June 30 Declared a five percent stock dividend on all outstanding shares of common stock. The market value of the stock was $12 per share. July 10 Issued the stock dividend declared on June 30. Oct. 7 Acquired 2,500 shares of common…
The year end balance sheet of CP, In., include the following stockholders’ equity section (with certain details omitted). Stockholders’ equity: Capital stock: 7% cumulative preferred stock, $100 par value……………. $15,000,000 Common stock, $5 par value, 5,000,000 shares Authorized, 4,000,000 shares issued and outstanding…… 20,000,000 Additional paid in capital: Common stock……………………………………………………………… 44,000,000 Retained earnings………………………………………………………… 64,450,000 Total stockholders’ equity…………………………………………… $143,450,000 From this information, I must compute the answers to the following question. 1. What is the amount of legal capital and the amount of total paid-in capital? 2. What is the book value per share of common stock, assuming no dividends in arrears? 3. Is it possible to determine the fair market value per share of common stock from the stock-holders' equity section? Explain
The stockholders' equity section of Waterway Corporation appears below as of December 31, 2025. 8% preferred stock, $50 par value, authorized 114,400 shares, outstanding 104,400 shares Common stock, $1.00 par, authorized and issued 10,000,000 shares Additional paid-in capital Retained earnings (includes 2025 net income of $38.280,000) Total stockholders' equity $5,220,000 10,000,000 23,780,000 193,720,000 232.720,000 Earnings per share. Net income for 2025 reflects a total effective tax rate of 20%. Included in the net income figure is a loss of $20,880,000 (before tax) as a result of a non-recurring major casualty. Preferred stock dividends of $417,600 were declared and paid in 2025. Dividends of $1,160,000 were declared and paid to common stockholders in 2025, Compute earnings per share data as it should appear on the income statement of Waterway Corporation. (Round answers to 2 decimal places, e.g. 1.48.) ...

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