The stockholders' equity of Coastal Industries' balance is as follows: Stockholders' Equity Paid-in Capital: Amount Common stock without par value, $10 stated value; authorized $900,000 120,000 shares; issued and outstanding, 80,000 shares Paid-in capital in excess of stated value Total paid-in capital Retained earnings Total stockholders' equity $400.000 $1,300,000 $150,000 $1,450,000 a. Compute the average price at which the 80,000 issued shares of common stock were sold. b. Compute the book value per share of common stock.

The stockholders' equity of Coastal Industries' balance is as follows: Stockholders' Equity Paid-in Capital: Amount Common stock without par value, $10 stated value; authorized $900,000 120,000 shares; issued and outstanding, 80,000 shares Paid-in capital in excess of stated value Total paid-in capital Retained earnings Total stockholders' equity $400.000 $1,300,000 $150,000 $1,450,000 a. Compute the average price at which the 80,000 issued shares of common stock were sold. b. Compute the book value per share of common stock.

Accounting (Text Only)

26th Edition

ISBN:9781285743615

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter15: Investments And Fair Value Accounting

Section: Chapter Questions

Problem 15.4CPP: Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31,...

See similar textbooks

Similar questions

Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.
A company issued 30 shares of $.50 par value common stock for $12,000. The credit to additional paid-in capital would be ________. A. $11,985 B. $12,000 C. $15 D. $10,150
Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.
The stockholders' equity of Graf Company's balance is as follows: Stockholders' equity: Paid-in capital: Common stock without par value, $12 stated value; authorized 100,000 shares; issued and outstanding, 70,000 shares Paid-in capital in excess of stated value Total paid-in capital Retained earnings Total stockholders' equity $840,000 340,000 $1,180,000 80,000 $1,260,000 a. Compute the average price at which the 70,000 issued shares of common stock were sold. b. Compute the book value per share of common stock.
Financial Accounting Question
The stockholder's equity section of Rashid Corporation's balance sheet appears as follows: Stockholders' Equity: $5 Preferred Stocks, $100 P.V, callable at $110 500,000 Authorized Common Stocks, $5 P.V 7000,000 Authorized, Additional Paid in Capital 15000,000 16000,000 Preferred Stocks 560,000 3000,000 Common Stocks Retained Earnings at end Total Shareholder's Equity Instructions: 3560,000 5000,000 39560,000 On the basis of above information, answer the following questions and show any necessary supporting computations: a) How many shares of preferred stocks have been issu ed? b) What is the total annual dividend requirement on the outstanding preferred stocks? c) How many shares of common stocks have been issued? d) What was the average price per share received by the Corpor ation for its common stocks? e) What is the total amount of legal capital? f) What is the total paid in capital? 8) What is book value per share of common stocks?
An entity provided the following shareholders' equity at year-end:Ordinary share capital, P100 par, 72,000 shares 7,200,000Subscribed ordinary share capital, 12,000 shares 1,200,000Subscription receivable 400,000Treasury shares, 4,000 at cost 600,000Retained earnings 2,000,000What is the book value per ordinary share?
Walking Bear Resources Inc. Equity Section of the Balance Sheet March 31, 2023 Contributed capital: Preferred shares, $17 cumulative, 3,500 shares authorized, issued, and outstanding Common shares, unlimited shares authorized, se,000 shares issued and outstanding Total contributed capital Retained earnings Total equity 1,190,000 1,200,000 2,390,000 472,000 2,062,000 Required: a. Refer to the equity section above. Assume that the preferred are convertible into common at a rate of eight common shares for each share of preferred. if 1000 shares of the preferred are converted into common on April 1, 2023, prepare the journal entry
The shareholders’ equity of Raven Company is as shown: RAVEN COMPANY Partial Balance Sheet 1 Common stock, $10 par $300,000.00 2 Additional paid-in capital on common stock 200,000.00 3 Retained earnings 200,000.00 4 $700,000.00 Raven is considering the declaration and issuance of a stock dividend at a time when the market price is $20 per share Prepare the appropriate journal entries for the declaration on December 1 and payment or distribution of the dividend on December 15, assuming the board of directors recommends a 40% stock dividend.
ion Shown below is information relating to the stockholders' equity of Ozone Corporation at June 30, 2023. $400,000 6% cumulative preferred stock, $100 par, 50,000 shares authorized Common stock, $4.55 par, 40,000 shares authorized; 30,800 shares issued and outstanding Additional paid-in capital: preferred stock Additional paid-in capital: common stock Retained earnings What is total paid-in capital? Select one: O a. $2,160,000. O b. $540,000. O c. $2,040,000. O d. $660,000. $140,000 $100,000 $1,400,000 $120,000
Presented below is information related to Cullumber Corporation: Common Stock, $1 par $10364000 Paid-in Capital in Excess of Par-Common Stock 6542000 Paid-in Capital from Treasury Stock 430000 Retained Earnings 9548000 696000 Treasury Common Stock (at cost) The total stockholders' equity of Cullumber Corporation is O $27580000. $26188000. $27150000. $25328000.
Need help this question general accounting