The annual report for General Mills disclosed that 1 billion shares of common stock have been authorized. At the beginning of 2017,755 million shares had been issued and the number of shares in treasury stock was 178 million. During 2017, the only common sharetransactions were that 11 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 2017. (Enter your answers inmillions.)(a) Issued Stock(b) Treasury Stock(c) Shares OutstandingNumber ofCommon Shares(in millions)194

The treasury stock decreases the number of shares outstanding. The treasury stock decreases the…

Answered: The annual report for General 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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2. Duke Co. had 200,000 shares of stock outstanding on January 1, 2021. On April 1, 2021, Duke issued 84,000 shares. On July 1, Duke purchased 8,000 treasury shares, which were reissued on November 1. Compute Duke’s weighted-average number of shares outstanding for 2021.
In 2016, Western Transport Company entered into the treasury stock transactions described below. In 2014, Western Transport had issued 140 million shares of its $1 par common stock at $17 per share. Required: Prepare the appropriate journal entry for each of the following transactions: 1. On January 23, 2016, Western Transport reacquired 10 million shares at $20 per share. 2. On September 3, 2016, Western Transport sold 1 million treasury shares at $21 per share. 3. On November 4, 2016, Western Transport sold 1 million treasury shares at $18 per share.
The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2015: Shareholders’ Equity ($ in millions) Common stock, 240 million shares at $1 par $ 240 Paid-in capital—excess of par 1,680 Paid-in capital—share repurchase 1 Retained earnings 1,100 Required: 1. During 2016, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming the shares are (a) retired and (b) viewed as treasury stock. a. On February 5, 2016, TNL Systems purchased 6 million shares at $10 per share. b. On July 9, 2016, the corporation sold 2 million shares at $12 per share. c. On November 14, 2018, the corporation sold 2 million shares at $7 per share. 2. Prepare the shareholders’ equity section of TNL Systems’ balance sheet at December 31, 2018, comparing the two approaches. Assume all net income earned in 2016–2018 was…
The stockholders’ equity accounts of Flint Corporation on January 1, 2017, were as follows. Preferred Stock (8%, $100 par noncumulative, 4,950 shares authorized) $297,000 Common Stock ($4 stated value, 321,000 shares authorized) 1,070,000 Paid-in Capital in Excess of Par Value—Preferred Stock 14,850 Paid-in Capital in Excess of Stated Value—Common Stock 513,600 Retained Earnings 686,500 Treasury Stock (4,950 common shares) 39,600 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 4,950 shares of common stock for $29,700. Mar. 20 Purchased 1,400 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 8% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Dec. 31…
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
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…
Calculate weighted avg common stock outstanding and basic eps for year ended December 31, 2016. Corporation December 31, 2016. information: 1. authorized to issue 10,000,000 shares of $10 par value common stock. January 1, 2016, 1,500,000 shares of common stock issued and outstanding. also authorized to issue 2,000,000 shares of 5% $100 par value cumulative preferred stock. January 1, 2016, 400,000 shares of cumulative preferred stock issued and outstanding. net income 2016 - 13,480,000 during 2016:January 1 – a 15% stock dividend February 1—250,000 shares of common stock issued toexecutive employees as restricted stock compensation.market value on grant date - $25 per share.April 1— A 10% common stock dividendJuly 1— 300,000 shares common stock issued for a factory building.September - 2-for-1 split common stockOctober 1—f 50,000 shares common stockpurchased on market at $8 per share. to be held as treasury stock and still in the treasury as of December 31, 2016.Common stock cash…
Vaughn Inc. uses a calendar year for financial reporting. The company is authorized to issue 9,720,000 shares of $10 par common stock. At no time has Vaughn issued any potentially dilutive securities. Listed below is a summary of Vaughn's common stock activities. 1. 2. 3. 4. rol (b) Number of common shares issued and outstanding at December 31, 2018 Shares issued as a result of a 10% stock dividend on September 30, 2019 Shares issued for cash on March 31, 2020 Number of common shares issued and outstanding at December 31, 2020 A 2-for-1 stock split of Vaughn's common stock took place on March 31, 2021 Your answer is incorrect. 1,910,000 191,000 1,830,000 3,931,000 Compute the weighted average number of common shares used in computing earnings per common share for 2020 on the 2020 comparative income statement. LICE
The stockholders’ equity accounts of Flint Corporation on January 1, 2017, were as follows. Preferred Stock (8%, $100 par noncumulative, 4,950 shares authorized) $297,000 Common Stock ($4 stated value, 321,000 shares authorized) 1,070,000 Paid-in Capital in Excess of Par Value—Preferred Stock 14,850 Paid-in Capital in Excess of Stated Value—Common Stock 513,600 Retained Earnings 686,500 Treasury Stock (4,950 common shares) 39,600 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 4,950 shares of common stock for $29,700. Mar. 20 Purchased 1,400 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 8% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Dec. 31…
Chauncey Corporation began business on June 30, 2016. At that time, it issued 20,000 shares of $50 par value, six percent, cumulative preferred stock and 90,000 shares of $10 par value common stock. Through the end of 2018, there had been no change in the number of preferred and common shares outstanding. Assume that Chauncey declared dividends of $0 in 2016, $120,000 in 2017, and $186,000 in 2018. Calculate the total dividends and the dividends per share paid to each class of stock in 2016, 2017, and 2018. Round to two decimal places.
Wildhorse Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,770,000 shares of $10 par common stock. At no time has Wildhorse issued any potentially dilutive securities. Listed below is a summary of Wildhorse’s common stock activities. 1. Number of common shares issued and outstanding at December 31, 2018 2,050,000 2. Shares issued as a result of a 10% stock dividend on September 30, 2019 205,000 3. Shares issued for cash on March 31, 2020 1,910,000 Number of common shares issued and outstanding at December 31, 2020 4,165,000 4. A 2-for-1 stock split of Wildhorse’s common stock took place on March 31, 2021 Compute the weighted-average number of common shares used in computing earnings per common share for 2019 on the 2020 comparative income statement. shares eTextbook and Media Compute the weighted-average…
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

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