Supper Company Ltd., reported the following stockholders’ equity on its balance sheet at June 30, 2021: Supper Company Ltd. Stockholders’ Equity June 30,2021 Paid-in Capital Preferred stock, 10%,? par, 650,000 shares authorized, 280,000 shares issued $ 1,400,000 Common stock, par value $? per share, 5,000,000 shares authorized, 1,000,000 shares issued and outstanding 2,000,000 Paid-in capital in excess of par—common 6,000,000 Which of the following is the correct par value for the company’s common stock?

Supper Company Ltd., reported the following stockholders’ equity on its balance sheet at June 30, 2021: Supper Company Ltd. Stockholders’ Equity June 30,2021 Paid-in Capital Preferred stock, 10%,? par, 650,000 shares authorized, 280,000 shares issued $ 1,400,000 Common stock, par value $? per share, 5,000,000 shares authorized, 1,000,000 shares issued and outstanding 2,000,000 Paid-in capital in excess of par—common 6,000,000 Which of the following is the correct par value for the company’s common stock?

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, 2021, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 250,000 shares issued $ 250,000 Paid-in capital—excess of par, common 500,000 Paid-in capital—excess of par, preferred 100,000 Preferred stock, $100 par, 10,000 shares outstanding 1,000,000 Retained earnings 2,000,000 Treasury stock, at cost, 5,000 shares 25,000 During 2021, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10 per share, fair value $9 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital—excess of par.) The fair value of the stock was $4 on this date. July 18: Declared and distributed a 3%…
Supper Company Ltd., reported the following stockholders’ equity on its balance sheet at June 30, 2021: Supper Company Ltd. Stockholders’ Equity June 30,2021 Paid-in Capital Preferred stock, 10%,? par, 650,000 shares authorized, 280,000 shares issued $ 1,400,000 Common stock, par value $? per share, 5,000,000 shares authorized, 1,000,000 shares issued and outstanding 2,000,000 Paid-in capital in excess of par—common 6,000,000 Which of the following is the correct par value for the company’s common stock? a. $2 b. $0.40 c. $1,000,000 d. $2,000,000
Supper Company Ltd., reported the following stockholders’ equity on its balance sheet at June 30, 2021: Supper Company Ltd. Stockholders’ Equity June 30,2021 Paid-in Capital Preferred stock, 10%,? par, 650,000 shares authorized, 280,000 shares issued $ 1,400,000 Common stock, par value $? per share, 5,000,000 shares authorized, 1,000,000 shares issued and outstanding 2,000,000 Paid-in capital in excess of par—common 6,000,000 Which of the following is the correct par value for the company’s preferred stock? a. $65,000 b. $140,000 c. $5 d. $2.15
The stockholders' equity section of Skysong Corporation appears below as of December 31, 2025. 8% cumulative preferred stock, $10 par value, authorized 100,000 shares, outstanding 90,000 shares Common stock, $0.20 par, authorized and issued 9,899,000 shares Additional paid-in capital Retained earnings Net income $900,000 1,979,800 4,090,000 $27,020,000 6,530,000 33,550,000 $40,519,800 Net income for 2025 reflects a total effective tax rate of 20%. Preferred stock dividends of $72,000 were declared and paid in 2025. Dividends of $1,000,000 were declared and paid to common stockholders in 2025. Compute earnings per share data as it should appear on the income statement of Skysong Corporation. (Round answer to 2 decimal places, e.g. 1.48.) Earnings per share $
Presented below is the shareholders’ equity of ABC Company on January 1, 2020. Share capital, par value P20authorized 50,000 shares; issued and outstanding, 30,000 shares 600,000Share premium 150,000Retained Earnings 230,000 During 2020, the following transactions occurred relating to shareholders’ equity: - 1,000 shares were reacquired at P28 per share- 900 shares were reacquired at P30 per share- 1,500 shares of treasury were sold at P32 per shareFor the year ended December 31, 2020, ABC reported net income of P110,000.What should be reported as total shareholders’ equity on December 31, 2020?
The stockholders' equity of Bonita Industries at July 31, 2021 is presented below: Common stock, par value $20, authorized 400,000 shares; issued and outstanding 170000 shares $3400000 Paid-in capital in excess of par 156000 Retained earnings 642000 $4198000 On August 1, 2021, the board of directors of Bonita declared a 16% stock dividend on common stock, to be distributed on September 15th. The market price of Bonita's common stock was $68 on August 1, 2021, and $74 on September 15, 2021. What is the amount of the debit to retained earnings as a result of the declaration and distribution of this stock dividend? a. $1849600. b. $1020000. c. $2012800. d. $1305600.
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Shown below is information relating to the stockholders' equity of Robertson Corporation at December 31, 2022: 12% cumulative preferred stock, $150 par Common stock, $1.50 par Additional paid-in capital: preferred stock Additional paid-in capital: common stock Treasury stock (at cost: 6,000 common shares) Retained earnings Refer to the above data. How many shares of common stock are outstanding? O a. 600,000 O b. 406,000 O c. 594,000 O d. 394,000 $1,500,000 600,000 300,000 900,000 180,000 1,350,000
The stockholders’ equity account balances of Image Corporation as of December 31, 2020 are as follows: Ordinary shares, P100 par; 50,000 shares authorized; 25,000 shares issued, P2,500,000 Share premium, P1,500,000 Accumulated profits, P1,000,000 Treasury shares, 2,000 shares at cost, P360,000 On January 10, 2021 Image reacquired additional 2,000 shares from stockholders at P225 On February 5, 2021, Image sold 2,500 treasury shares on the open market at P200 per share. The entry to record the sale on the books of Image should include: Group of answer choices Debit to Share premium at P6,250 Credit to Share premium at P50,000. Debit to accumulate profits at P6,250. Credit to Share premium at P27,500. The property was transferred to shareholders on January 31 when the prevailing fair value was at P800,000. What is the gain or loss to be recognized in the profit or losses as a result of the distribution of the property dividends on January 31? Group of answer choices…
On January 1,2021. Concord Corp. had 2.577,000 shares of common stock issued and outstanding. During 2021. it had the following transactions that related to common stock, Mar. 1 Issued 252,000 shares in exchange for land Apr. 1 Acquired 219.000 shares of treasury stock July 1 issued a 20% stock dividend Sept. 1 Reissued 262,800 shares of treasury stock (adjusted for 20% stock dividend) Oct. 1 Issued a 2-for-1 stock split (a) Determine the weighted average number of shares outstanding as of December 31, 2021. The weighted-average number of shares outstanding eTextbook and Media Attempts: 0 of 3 used Submit Ansvwer Save for Later
Supper Company Ltd., reported the following stockholders’ equity on its balance sheet at June 30, 2021: Supper Company Ltd. Stockholders’ Equity June 30,2021 Paid-in Capital Preferred stock, 10%,? par, 650,000 shares authorized, 280,000 shares issued $ 1,400,000 Common stock, par value $? per share, 5,000,000 shares authorized, 1,000,000 shares issued and outstanding 2,000,000 Paid-in capital in excess of par—common 6,000,000 Which of the following is the correct par value for the company’s preferred stock? Question 1Answer a. $140,000 b. $2.15 c. $65,000 d. $5
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Supper Company Ltd. Stockholders’ Equity June 30,2021
Paid-in Capital
Preferred stock, 10%,? par, 650,000 shares authorized, 280,000 shares issued	$ 1,400,000
Common stock, par value $? per share, 5,000,000 shares authorized, 1,000,000 shares issued and outstanding	2,000,000
Paid-in capital in excess of par—common	6,000,000