Sheffield Corporation began business by issuing 401000 shares of $5 par value common stock for $24 per share. During its first year, the corporation sustained a net loss of $39200. The year-end balance sheet would show O Common stock of $2005000. O Common stock of $9624000. O Total paid-in capital of $2044200. O Total paid-in capital of $9584800.
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- When Crossett Corporation was organized in January Year 1, it immediately issued 5,500 shares of $51 par, 8 percent, cumulative preferred stock and 9,500 shares of $11 par common stock. Its earnings history is as follows: Year 1, net loss of $13,100; Year 2, net income of $58,900; Year 3, net income of $94,00. The corporation did not pay a dividend in Year 1. a. How much is the dividend arrearage as of January 1, Year 2? b. Assume that the board of directors declares a $64,880 cash dividend at the end of Year 2 (remember that the Year 1 and Year 2 preferred dividends are due). How will the dividend be divided between the preferred and common stockholders?Pharoah Inc. issued 12900 shares of no-par common stock with a stated value of $5 per share. The market price of the stock on the date of issuance was $15 per share. The entry to record this transaction includes a O credit to Common Stock for $64500. O debit to Paid-in Capital in Excess of Par for $193500. O debit to Cash for $64500. O credit to Common Stock for $193500. eTextbook and MediaOn January 1, 20x1, Raven Ltd. had 40,000 shares of common shares issued and outstanding. The book value of those shares was $600,000. Furthermore, they had 10,000 $3, cumulative, preferred shares issued and outstanding which had a book value of $200,000. Account Debit Credit The following transactions took place in 20xl: Feb 28 - Issued 20,000 common shares for $500,000 Jun 1 - Repurchased and cancelled 20,000 shares at $20.00 each. Jun 30 - A 2:1 stock split was announced Dec 15 - Declared a dividend of $2.00/share to shareholders of record on Dec 31. Required - Prepare all journal entries to record the above transactions. Round to two decimal points on any calculations.
- Brice Company completed the following transactions in Year 1, the first year of operation: Issued 44,000 shares of no-par common stock for $10 per share. Issued 8,400 shares of $20 par, 8 percent, preferred stock for $20 per share. Paid a cash dividend of $13,440 to preferred shareholders. Issued a 10 percent stock dividend on no-par common stock. The market value at the dividend declaration date was $12 per share. Later that year, issued a 2-for-1 split on the shares of outstanding common stock. The market price of the stock at that time was $50 per share. Produced $160,000 of cash revenues and incurred $76,000 of cash operating expenses. Closed the revenue, expense, and dividend accounts to retained earnings. b. Record the Year 1 transactions in general journal form and post them to T-accounts.lyah Company provided the following data at year-end: Authorized share capital 5,000,000 Unissued share capital 2,000,000 Subscribed share capital 1,000,000 Subscription receivable 400,000 Share premium 500,000 Retained earnings unappropriated 600,000 Retained earnings appropriated 300,000 Treasury shares 200,000 What total amount should be reported as shareholders' equity? Select the correct response O 5,100,000 O4,400,000 4,500,000 4,800,000 < PreviousThe Retained earnings account for Nathan Corporation had a credit balance of $800,000 at the end of 20X0. Selected transactions during 20X1 follow: Net income was $130,000. Cash dividends declared were $60,000. Repurchased 100 shares of Nathan Corporation common stock, paying $20 per share. Each share has a $5 par value and was originally issued for $35. Sold 20 shares of Nathan Corporation common stock for $22 each. Required: Calculate Nathan’s retained earnings balance as of the end of 20X1.
- At the end of this fiscal year, ABC Company's balance sheet showed $5,470,208 of long term debt, $1,000,000 of common stock account, and $2,569,250 of retained earnings. The company had no preferred stock outstanding, and the market value of its long-term debt was the same as its book value. The company had 104,639 shares of common stock with the end-of-year price of $45 per share. How much value (MVA) did ABC Company's management add to stockholders' wealth this year? Round your answer to the nearest dollar, but ignore dollar sign. If your answer has a negative number, add '-' to your answer, e.g., xx,xxx or -xx,xxx. (Hint: MVA = MV of capital - BV of capital) Answer:The following information was extracted from the records of Cascade Company at the end of the fiscal yea were completed: Common stock ($0.01 par value; 230,000 shares authorized, 55,500 shares issued, 53,500 shares outstanding) Additional paid-in capital Dividends declared and paid during the year Retained earnings at the end of the year Treasury stock at cost (2,000 shares) Net income Current stock price Required: 1. Prepare the stockholders' equity section of the balance sheet at the end of the fiscal year. 2. Compute the dividend yield ratio. Determine the number of shares of stock that received dividends. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the dividend yield ratio. Determine the number of shares of stock that received dividends. Note: Do not round your intermediate calculations. Round Dividend yield ratio to 2 decimal places. Dividend yield ratio Number of shares % $ 555 459,000 23,500 315,000 (16;500) $ 96,500 $ 10 >Brandies, Incorporated reported net income of $9.66 million. At the beginning of the year, 4.1 million shares of common stock were outstanding and at the end of the year, 4.3 million shares were outstanding. No dividends were declared. The EPS is: Multiple Choice $2.30. $2.25. $2.36. $1.15.
- Crane Company's balance sheet reported the following: Capital stock outstanding, 4,000 shares, par $ 30 per share $ 120,000 Paid-in capital in excess of par 75,000 Retained earnings 90,000 The following transactions occurred this year: (a) Purchased 180 shares of capital stock to be held as treasury stock, paying $ 55 per share. (b) Sold 140 of the shares of treasury stock at $ 60 per share. (c) Sold the remaining shares of treasury stock at $ 45 per share. Prepare the journal entry for these transactions under the cost method of accounting for treasury stock. (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.) No. Account Titles and Explanation Debit Credit (a) (b) (c)Gotham Inc. issued 10,000 shares of its $2 par value common stock for $25 per share. The journal entry to record this transaction should include the following: (check all that apply) Select one or more: a. debit "Common Stock" for $20,000. b. credit "Additional Paid-in Capital" for $250,000. c. debit "Cash" for $250,000. d. credit "Additional Paid-in Capital" for $230,000. e. credit "Common Stock" for $20,000. f. credit "Common Stock" for $250,000. g. credit "Additional Paid-in Capital" for $270,000.When Crossett Corporation was organized in January, Year 1, it immediately issued 5,500 shares of $51 par, 7 percent, cumulative preferred stock and 10,000 shares of $10 par common stock. Its earnings history is as follows: Year 1, net loss of $15,400; Year 2, net income of $125,000; Year 3, net income of $99,900. The corporation did not pay a dividend in Year 1. Required a. How much is the dividend arrearage as of January 1, Year 2? Dividend arrearage b. Assume that the board of directors declares a $52,270 cash dividend at the end of Year 2 (remember that the Year 1 and Year 2 preferred dividends are due). How will the dividend be divided between the preferred and common stockholders? Total amount distributed to preferred shares Total amount distributed to common shares
