Rich Ltd. declares a 3 for 1 stock split on its class A common shares. There are 12,000,000 shares authorized and 6,000,000 shares outstanding. The book value of each share at the time of the declaration is $12 and the quoted market value in the Toronto newspapers is $16. The entry to record the split should: None of these Debit some other shareholders equity account Debit retained earnings Debit a liability account Credit retained earnings no handwritten

Rich Ltd. declares a 3 for 1 stock split on its class A common shares. There are 12,000,000 shares authorized and 6,000,000 shares outstanding. The book value of each share at the time of the declaration is $12 and the quoted market value in the Toronto newspapers is $16. The entry to record the split should: None of these Debit some other shareholders equity account Debit retained earnings Debit a liability account Credit retained earnings no handwritten

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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A corporation, which had 37,300 shares of common stock outstanding, declared a 5-for-1 stock split. a. What will be the number of shares outstanding after the split?fill in the blank 7511bf07efebf9c_1 shares b. If the common stock had a market price of $180 per share before the stock split, what would be an approximate market price per share after the split?$fill in the blank 7511bf07efebf9c_2 per share c. Journalize the entry to record the stock split. If no entry is required, type "No Entry" and leave the amount boxes blank. blank - Select - - Select - - Select - - Select -
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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
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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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Vincent Corporation has 90,000 shares of $105 par common stock outstanding, On June 30, Vincent Corporation declared a 3% stock dividend to be issued on July 30 to stockholders of record on July 15. The market price of the stock was $ $121 per share on June 30 If no entry is required, select "No Entry Required" and leave the amount boxes blank Journalize the entry required on June 30. If an amount box does not require an entry, leave it blank June 30 Journalize the entry required on July 15. If an amount box does not require an entry, leave it Mank My 15 Sourmalize the entry required on July 30, If an amount box does not require an entry, leave it blank July 30
Bridgeport Corporation issued 590 shares of no-par common stock for $8,800.Prepare Bridgeport’s journal entry if (a) the stock has no stated value, and (b) the stock has a stated value of $2 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.
A corporation, which had 30,900 shares of common stock outstanding, declared a 5-for-1 stock split.