The 2016 annual report for Mega Mills disclosed that 1 billion shares of common stock have been authorized. At the end of 2015, 795million shares had been issued and the number of shares in treasury stock was 108 million. During 2016, the only common sharetransactions were that 16 million common shares were reissued from treasury and 27 million common shares were purchased and heldas treasury stock.Required:Determine the number of common shares (a) issued, (b) in treasury, and (c) outstanding at the end of 2016. (Enter your answers inmillions.)Number ofCommonShares (inmillions)(a) Issued Stock(b) Treasury Stock(c) Shares Outstanding

The Number of shares issused at the end of 2015: 795 millionAs there is no transaction of…

Answered: The 2016 annual report for Mega Mills…

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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In a recent annual report, Rosh Corporation disclosed that 60,800,000 shares of common stock have been authorized. At the beginning of the fiscal year, a total of 36,436,357 shares had been issued and the number of shares in treasury stock was 7,251,269. During the year, 562,765 additional shares were issued, and the number of treasury shares increased by 3,074,188. Determine the number of shares outstanding at the end of the year. Note: Amounts to be deducted should be indicated by a minus sign. Computation of Shares Outstanding Issued shares Treasury stock Shares outstanding
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The equity section of Atticus Group’s 2017 year-end balance sheet had 200,000 shares of $4 par value common stock authorized. Of this amount, 40,000 shares were issued and outstanding in one offering in which the stock was sold at $7 per share. Retained earnings had a balance of $320,000. The following transactions and events occurred in 2018. Jan. 5 Declared a $0.50 per share cash dividend, date of record January 10, to be paid February 10. Mar. 20 Purchased 3,000 shares of treasury stock for $10 per share. Apr. 5 Declared a 20% stock dividend when the stock’s market value was $12 per share. The dividend is to be distributed on April 30 to stockholders of record on April 10. Jul. 5 Declared a $0.25 per share cash dividend, date of record July 10, to be paid August 10. Aug. 14 Issued 4,000 shares at $15 per share. Oct. 5 Declared and distributed a 2-for-1 stock split. Dec. 31 Atticus recorded net income of $248,000 in 2018. 1.What is total paid-in capital one…
Marutzky Corporation had a net income of $2,200,000 for the year 2018. On January 1, 2018, the corporation had 300,000 shares of common stock outstanding and issued an additional 250,000 shares of common stock on October 1, 2018. Calculate the earnings per shares using the weighted-average number of common shares outstanding.
40. Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2014, the company has the following stock transactions. Jan. 15 Issued 700,000 shares of stock at $7 per share. Sept 5 Purchased 20,000 shares of common stock for the treasury at $8 per share. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2015. Dec. Instructions Journalize the transactions for Patrick Corporation. OFocus
Glen Tay Inc. had issued 24,000 shares of its no-par common shares on April 1, 2017 for property with an appraisal value of $320,000. The common shares of the company were being traded at $13.15 each on that day. What is the journal entry required to record the issuance of the shares? Select one: a. DR Common Shares Receivable, $320,000; CR Common Share Capital, $315,600; CR Gain On Issue Of Shares, $4,400. b. DR Common Shares Receivable, $320,000; CR Common Share Capital, $315,600; CR Contributed Surplus - Common Shares, $4,400. c. DR Property, $320,000; CR Common Share Capital, $315,600; CR Retained Earnings -Issue Of Shares, $4,400. d. DR Property, $320,000; CR Common Share Capital, $315,600; CR Gain On Issue Of Shares, $4,400. e. None of the above entries.
Blue Corporation had 306,000 shares of common stock outstanding on January 1, 2025. On May 1, Blue issued 33,000 shares. (a) Compute the weighted-average number of shares outstanding if the 33,000 shares were issued for cash. Weighted-average number of shares outstanding I (b) Compute the weighted-average number of shares outstanding if the 33,000 shares were issued in a stock dividend. Weighted-average number of shares outstanding
Check my work The annual report for Mega Mills disclosed that 1 billion shares of common stock have been authorized. At the beginning of 2017, 785 million shares had been issued and the number of shares in treasury stock was 96 million. During 2017, the only common share transactions were that 19 million common shares were reissued from treasury and 25 million common shares were purchased and held as treasury stock. Required: Determine the number of common shares (a) issued, (b) in treasury, and (c) outstanding at the end of 2017. (Enter your answers in millions.) Number of Common Shares (in millions) |(a) Issued Stock |(b) Treasury Stock |(c) Shares Outstanding
Cheyenne Corp. was organized on January 1, 2017. It is authorized to issue 21,000 shares of 7%, $53 par value preferred stock and 454,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 67,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 1,140 shares of preferred stock for cash at $56 per share. May 1 Issued 112,000 shares of common stock for cash at $7 per share. Sept. 1 Issued 4,400 shares of common stock for cash at $8 per share. Nov. 1 Issued 2,400 shares of preferred stock for cash at $56 per share. Journalize the transactions. (Record journal entries in the order presented in the problem. 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.) Date…

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