7:45LTEally-production.s3.amazonaws.comACCT2110 Financial Accounting Chapter 11 Stockholders' Equity HomeworkProblem 1. The stockholders' equity section of MaiStyle Corporation's balance sheet at December 31 is presentedhere.MAISTYLE CORPORATIONBalance Sheet (partial)Stockholders' equityPaid-in capitalPreferred stock, cumulative, 10,000 shares authorized,6,000 shares issued and outstanding$900,000Common stock, no par; 750,000 shares authorized,600,000 shares issued1,800,000Total paid-in capital2,700,000Retained earnings1,158,000Total paid-in capital and retained earnings3,858,000Less: Treasury stock (8,000 common shares)(32,000)Total stockholders' equity$3,826,000InstructionsFrom a review of the stockholders' equity section, answer the following questions.(a) How many shares of common stock are outstanding?(b) Assuming there is a stated value, what is the stated value of the common stock?(c) What is the par value of the preferred stock?(d) If the annual dividend on preferred stock is $36,000, what is the dividend rate on preferred stock?(e) If dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retainedearnings?Problem 2. On January 1 Weiss Corporation had 75,000 shares of $0.5 par value common stock issued andoutstanding. During the year, the following transactions occurred.Apr. 1Issued 8,000 additional shares of common stock for $11 per share.June 15Declared a cash dividend of $1.50 per share to stockholders of record on June 30.Paid the $1.50 cash dividend.July 10Dec. 1Issued 4,000 additional shares of common stock for $12 per share.15Declared a cash dividend on outstanding shares of $1.70 per share to stockholders of record onDecember 31.Instructions(a) Prepare the entries for the above transactions.(b) How are dividends and dividends payable reported in the financial statements prepared at December 31?Problem 3. CORPORATE EQUITY TRANSACTIONS1. Issued 5,000 shares of no-par common stock. The market price of the stock is $12 per share.2. Issued 2,000 shares of 5%, $100 par, cumulative preferred stock for $122 per share.3. Declared dividends on preferred dividend of 5% per share.4. Purchased 500 shares of common stock at $14 for treasury.5. Paid preferred dividend declared in #3.6. Sold 100 shares treasury stock at $20 per share.Instructions: Journalize the transactions for Fortier Company.Problem 4. Norris Corporation was organized on January 1, 2015. It is authorized to issue 20,000 shares of 6%,$50 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. Thefollowing stock transactions were completed during the first year.11-1Issued 60,000 shares of common stock for cash at $4 per share.Jan.10Mar. 1Issued 12,000 shares of preferred stock for cash at $54 pershare.May 1Sept. 1Issued 100,000 shares of common stock for cash at $5 per share.Issued 5,000 shares of common stock for cash at $6 per share.Issued 2,000 shares of preferred stock for cash at $56 per share.Nov. 1Instructions(a) Journalize the transactions.(b) Post to the stockholders' equity accounts. (Use T accounts.)(c) Prepare the paid-in capital portion of the stockholders' equity section at December 31, 2015.Problem 5 (optional). On January 1, 2016, Kem Corporation had $1,500,000 of common stock outstanding thatwas issued at par and retained earnings of $750.000. The company issued 30,000 shares of common stock at paron July 1 and earned net income of $400,000 for the year.InstructionsJournalize the declaration of a 15% stock dividends on December 10, 2016 and the payment of the stockdividends on December 31, 2016, for the following two independent assumptions.(a) Par value is $10 and market value is $12.(b) Par value is $5 and market value is $9.

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Problem 1. The stockholders' equity section of MaiStyle Corporation's balance sheet at December 31 is presented here. MAISTYLE CORPORATION Balance Sheet (partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding $900,000 Common stock, no par, 750,000 shares authorized, 600,000 shares issued 1,800,000 Total paid-in capital 2,700,000 Retained earnings 1,158,000 Total paid-in capital and retained earnings 3,858,000 Less: Treasury stock (8,000 common shares) (32,000) Total stockholders' equity $3,826,000 Instructions From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? (b) Assuming there is a stated value, what is the stated value of the common stock? (c) What is the par value of the preferred stock? (d) If the annual dividend on preferred stock is $36,000, what is the dividend rate on preferred stock? (e) If dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retained earnings?

Problem 1. The stockholders' equity section of MaiStyle Corporation's balance sheet at December 31 is presented here. MAISTYLE CORPORATION Balance Sheet (partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding $900,000 Common stock, no par, 750,000 shares authorized, 600,000 shares issued 1,800,000 Total paid-in capital 2,700,000 Retained earnings 1,158,000 Total paid-in capital and retained earnings 3,858,000 Less: Treasury stock (8,000 common shares) (32,000) Total stockholders' equity $3,826,000 Instructions From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? (b) Assuming there is a stated value, what is the stated value of the common stock? (c) What is the par value of the preferred stock? (d) If the annual dividend on preferred stock is $36,000, what is the dividend rate on preferred stock? (e) If dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retained earnings?

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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