The balance sheet caption for common stock is the following:Common stock, $5 par value, 2,920,000 shares authorized, 1,560,000 shares issued,1,070,000 shares outstandingCalculate the dollar amount that will be presented opposite this caption.$?

Given:par value = $5shares authorized = 2,920,000shares issued = 1,560,000shares outstanding =…

Answered: The balance sheet caption for common…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 5MCQ

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Prepare the stockholders equity section of the balance sheet based on the following account balances: Common stock, 2 par, 60,000 shares 120,000 Preferred stock, 10 par, 5%, 4,000 shares 40,000 Common stock subscribed, 2 par, 3,000 shares 6,000 Retained earnings 17,000 The answers to the Self-Study Test Questions are at the end of the chapter (pages 811812).
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The balance sheet caption for common stock is the following: Common stock, $2 par value, 2,070,000 shares authorized, 1,310, 000 shares issued, 1,050,000 shares outstanding $? Required: a. Calculate the dollar amount that will be presented opposite this caption. b. Calculate the total amount of a cash dividend of $0.27 per share. c. What accounts for the difference between issued shares and outstanding shares? a. Amount b. Cash dividend c. Difference between issued shares and outstanding shares
The balance sheet caption for common stock is: Common stock, $10 par value, 7,000,000 shares authorized, 5,700,000 shares issued, and 5,500,000 shares outstanding. a. Calculate the dollar amount that will be presented opposite of this caption. b. Calculate the total amount of a cash dividend of $1.00 per share.c. What accounts for the difference between issued shares and outstanding shares?
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Which of the following would be included in the entry to record the issuance of 7,000 shares of $4 par value common stock at $27 per share? Cash would be debited for $28,000. Common stock would be debited for $28,000. Common stock would be credited for $189,000. Paid in capital in excess of par-common would be credited for $161,000.

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The balance sheet caption for common stock is the following: Common stock, $5 par value, 2,920,000 shares authorized, 1,560,000 shares issued, 1,070,000 shares outstanding Calculate the dollar amount that will be presented opposite this caption. $?