The following information is available for ConocoPhillips on December 31, 2022:Common Stock, $1.75 par, 400,000 shares authorizedAdditional Paid in Capital - Common StockRetained EarningsTotal Stockholders' EquityDuring 2023, ConocoPhillips completed these transactions (in chronological order):1) Declared and issued a 2.0% stock dividend on the outstanding stock. At that time, the stock was quoted ata market price of $20 per share.2) Issued 2,400 shares of common stock at the price of $18 per share.3) Net Income for the year was $410,400.Determine the ending balance in the Additional Paid in Capital - Common Stock account on December 31,2023:Select one:OO$651,000840,000756,000$2,247.000a. $1,014,780b. $1,025,000c. $1,032,000d. $975,780e. $879,0004

Additional Paid in Capital - Common Stock is a ledger used to report the amount collected over the…

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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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The following data is available for Swifty Corporation at December 31, 2021: Common stock, par $10 (authorized 30700 shares) $241000 Treasury Stock (at cost $15 per share) 900 Based on the data, how many shares of common stock are outstanding?
At January 1, 2020, Wildhorse Company's outstanding shares included the following. 300,000 shares of $50 par value, 7% cumulative preferred stock 959,000 shares of $1 par value common stock 4 Net income for 2020 was $2,565,000. No cash dividends were declared or paid during 2020. On February 15, 2021, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2020. On April 1, 2020, 476,000 shares of common stock were sold for $10 per share, and on October 1, 2020, 102,000 shares of commor stock were purchased for $20 per share and held as treasury stock. Compute earnings per share for 2020. Assume that financial statements for 2020 were issued in March 2021. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share Asintance Iss
On January 1, 2022, the stockholders’ equity section of Metlock, Inc. shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,020,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 51,000 shares for cash at $15 per share. July 1 Sold 11,000 treasury shares for cash at $17 per share. Sept. 1 Sold 9,000 treasury shares for cash at $14 per share. Journalize the treasury stock transactions.
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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. Prepare the journal entry on December 31…
The stockholders' equity accounts of Cullumber Company on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 10.000 shares authorized) $ 375.000 Common Stock ($1 stated value, 1,900,000 shares authorized) 1,000,000 Paid-in Capital in Excess of Par-Preferred Stock 100,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,400,000 Retained Earnings 1,750,000 Treasury Stock (10,000 common shares) 40.000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Issued 24,000 shares of common stock for $115,000. Feb. 1 Apr. 14 Sold 5,500 shares of treasury stock-common for $32,000. Sept. 3 Issued 4,700 shares of common stock for a patent valued at $34.000. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5.700. Dec 31 Determined that net income for the year was S400,000. No dividends were declared during the year. (a) Your answer is correct. Journalize the transactions and the…
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Allridge Corporation received cash from issuing 38,000 shares of common stock at $4 per share on January 1, 2018. The stock has a par value of $1 per share. Which is the correct journal entry to record this transaction? O A. Common Stock - $1 Par Value Paid-in Capital in Excess of Par - Common Cash O B. Cash Common Stock $1 Par Value Paid-in Capital in Excess of Par - Common OC. Cash Common Stock - $1 Par Value Paid-in Capital in Excess of Par $1 Par Value Paid-in Capital in Excess of Par Cash OD. Common Stock - ID Common Common 4 38,000 114,000 152,000 152,000 114,000 38,000 152,000 38,000 114,000 114,000 38,000 152,000
On January 1, 2019, Concord Corporation had $1,470,000 of common stock outstanding that was issued at par. It also had retained earnings of $741,500. The company issued 41,500 shares of common stock at par on July 1 and earned net income of $400,000 for the year.Journalize the declaration of a 15% stock dividend on December 10, 2019, for the following independent assumptions. (a) Par value is $10, and market price is $18. (b) Par value is $5, and market price is $21.
The company issued its 2023 financial statements on April 30 2024. Calculate the weighted average cost of common shares to be used for 2023.
On January 1, 2022. Cullumber Corporation had $1.125.000 of common stock outstanding that was issued at par. It also had retained earnings of $746,500. The company issued 40,000 shares of common stock at par on July 1 and earned net income of $410,000 for the year. Journalize the declaration of a 16% stock dividend on December 10, 2022, for the following independent assumptions. (Credit account titles are automatically indented wheltamount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Par value is $10, and market price is $19. Par value is $5, and market price is $20. a. b. Debit Credit No. Account Titles and Explanation
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