Required information[The following information applies to the questions displayed below.]The stockholders' equity section of TVX Company on February 4 follows.Common stock-$10 par value, 150,000 shares authorized, 60,000shares issued and outstandingPaid-in capital in excess of par value, common stockRetained earningsTotal stockholders' equityOn February 5, the directors declare a 20% stock dividend distributable on February 28 to the February 15 stockholders ofrecord. The stock's market value is $40 per share on February 5 before the stock dividend.2. Prepare the stockholders' equity section after the stock dividend is distributed. (Assume no other changes to equity.)TVX COMPANYStockholders' Equity Section of the Balance SheetFebruary 28Common stock-$10 par valuePaid-in capital in excess of par value, common stockRetained earningsTotal stockholders' equity$$ 600,000425,000550,000$ 1,575,000$600,000425,000550,0001,575,000Chec

Stockholders' equity, often known as shareholders' equity, is the amount of a company's assets that…

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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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! Required information [The following information applies to the questions displayed below.] The stockholders' equity section of TVX Company on February 4 follows. Common stock-$25 par value, 150,000 shares authorized, 55,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $1,375,000 426,000 550,000 Total stockholders' equity $2,351,000 On February 5, the directors declare a 2% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock's market value is $41 per share on February 5 before the stock dividend. 1. Prepare entries to record both the dividend declaration and its distribution. 1. Prepare entries to record both the dividend declaration and its distribution. View transaction list Journal entry worksheet 2 > Record the declaration of a 2% stock dividend. Note: Enter debits before credits. Date General Journal Debit Credit Feb 05 1. Prepare entries to record both the dividend declaration…
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…
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Following is the stockholders' equity section from ABC Company's balance sheet as of Dec 31, Yr 1: STOCKHOLDERS' EQUITY Common stock: $0.45 par value, authorized 600,000 shares; 175,000 shares issued: $78,750 Additional paid-in capital: 532,000 Retained earnings: 79,500 Treasury stock: (180,000) Total stockholder's equity: $510,250 a) At the time the common stock was sold, what was the cost of each common stock sold? b) Compute the average price at which ABC Company issued its common stock shares: c) Compute the number of common stock shares outstanding as of Dec 31, Yr 1.
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Required information [The following information applies to the questions displayed below.] The stockholders' equity section of TVX Company on February 4 follows. Common stock-$10 par value, 150,000 shares authorized, 61,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity On February 5, the directors declare a 2% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock's market value is $31 per share on February 5 before the stock dividend. $ 610,000 426,000 553,000 $ 1,589,000 2. Prepare the stockholders' equity section after the stock dividend is distributed. (Assume no other changes to equity.) TVX COMPANY Stockholders' Equity Section of the Balance Sheet February 28 Total stockholders' equity
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The stockholders' equity section of Cullumber Company's balance sheet at December 31 is presented here. Cullumber Company Balance Sheet(Partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 8,000 shares authorized, 4,000 shares issued and outstanding $320,000 Common stock, no par, 700,000 shares authorized, 500,000 shares issued 2,500,000 Total paid-in capital Retained earnings Total paid-in capital and retained earnings Less: Treasury stock (6,000 common shares) Total stockholders' equity 2,820,000 1,858,000 4,678,000 31,200 $4,646,800 From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? shares (b) Assuming there is a stated value, what is the stated value of the common stock? $ per share (c) What is the par value of the preferred stock? 6A $ per share (d) If the annual dividend on preferred stock is $16,000, what is the dividend rate on preferred stock? % (e) If dividends of…
Treasury Shares On October 10, the capital of the shareholders (stockholders' equity) of Sherman Systems, Inc. it consisted of the following: Common stock–$10 par value, 72,000 shares authorized, issued, and outstanding $ 720,000 Paid-in capital in excess of par value, common stock 216,000 Retained earnings 864,000 Total stockholders’ equity $ 1,800,000 Prepare the daily entries to record the following transactions: October 11 – Sherman Systems purchased 5,000 of its own common stock at a price of $25 per share. November 1 – Sherman Systems sold 1,000 of its shares in treasury stock at a price of $31 per share. November 25 – Sherman Systems sold the remaining shares in treasury at a price of $20 per share.
! Required information [The following information applies to the questions displayed below] The stockholders' equity section of TVX Company on February 4 follows. Common stock-$10 par value, 150,000 shares authorized, 59,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity On February 5, the directors declare a 2% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock's market value is $36 per share on February 5 before the stock dividend $ 590,000 424,000 553,000 $ 1,567,000 2. Prepare the stockholders' equity section after the stock dividend is distributed. (Assume no other changes to equity) TVX COMPANY Stockholders' Equity Section of the Balance Sheet February 28
The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity (January 1) Common stock-$6 par value, 100,000 shares authorized, 35,000 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-$6 par value, 100,000 shares authorized, 41,400 shares issued, 3,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($60,000 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 July 31 August 14 October 5 $ 210,000 170,000 340,000 $ 720,000 Declared a $0.40 per share cash dividend, date of record April 10. Declared a…
On December 31, Westworld Incorporated has the following equity accounts and balances. Preferred Stock Common Stock Treasury Stock $ 7,900 Retained Earnings 1,900 Paid-In Capital in Excess of Par Value, Common Stock 2,900 Paid-In Capital in Excess of Par Value, Preferred Stock Prepare the stockholders' equity section of Westworld's balance sheet. (Amounts to be deducted should be indicated by a minus sign.) WESTWORLD INCORPORATED Stockholders' Equity Section of Balance Sheet December 31 Total stockholders' equity $ 49,500 39,900 3,900

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