The stockholders' equity of Sheridan Company at July 31, 2026 is presented below:Common stock, par value $20, authorized 400,000 shares;issued and outstanding 160000 sharesPaid-in capital in excess of parRetained earnings$3200000O $1228800.O $1894400.O $960000.O $1740800.170000648000$4018000On August 1, 2026, the board of directors of Sheridan declared a 16% stock dividend on common stock, to be distributed onSeptember 15th. The market price of Sheridan's common stock was $68 on August 1, 2026, and $74 on September 15, 2026. What isthe amount of the debit to retained earnings as a result of the declaration and distribution of this stock dividend?

calculation of declaration and distribution of stock dividend are as follows. Stock dividend are…

Answered: The stockholders' equity of Sheridan…

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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On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 250,000 shares issued $ 250,000 Paid-in capital—excess of par, common 500,000 Paid-in capital—excess of par, preferred 100,000 Preferred stock, $100 par, 10,000 shares outstanding 1,000,000 Retained earnings 2,000,000 Treasury stock, at cost, 5,000 shares 25,000 During 2021, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10 per share, fair value $9 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital—excess of par.) The fair value of the stock was $4 on this date. July 18: Declared and distributed a 3%…
The stockholders' equity accounts of Skysong, Inc. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,500 shares authorized) Common Stock ($1 stated value, 1,900,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,500 common shares) $ 400,000 1,250,000 135,000 1,400,000 1,800,000 52,500 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,000 shares of common stock for $121,000. Apr. 14 Sold 6,000 shares of treasury stock-common for $32,800. Sept. 3 Issued 5,000 shares of common stock for a patent valued at $34,200. Nov. 10 Dec. Purchased 1,000 shares of common stock for the treasury at a cost of $5,900. 31 Determined that net income for the year was $410,000. No dividends were declared during the year. Tuy Journalize the transactions and the closing entry for net income.…
Flint Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were included in stockholders’ equity. Preferred Stock, 160,200 shares $ 3,204,000 Common Stock, 1,983,000 shares 9,915,000 Paid-in Capital in Excess of Par—Preferred Stock 200,000 Paid-in Capital in Excess of Par—Common Stock 26,495,000 Retained Earnings 4,431,000 The following transactions affected stockholders’ equity during 2021. Jan. 1 29,300 shares of preferred stock issued at $24 per share. Feb. 1 48,800 shares of common stock issued at $21 per share. June 1 2-for-1 stock split (par value reduced to $2.50). July 1 28,100 shares of common treasury stock purchased at $11 per share. Flint uses the cost method. Sept. 15 10,200 shares of treasury stock reissued at $12 per share. Dec. 31 The preferred dividend is declared, and a common dividend of 55¢ per share is declared. Dec. 31 Net…
Below is United Delivery Service’s (UDS) stockholders' equity for the year ended 2022: Common Stock, $3 par value $60,000 Paid-in Capital in Excess of Par—Common 35,000 Retained Earnings 100,000 Treasury Stock (10,000) In March, UDS declares and distributes a 12% stock dividend when the market value of the stock is $6. 1) Prepare UDS's March end stockholders' equity section. 2) How would retained earnings change if UDS doubled their number of shares through a 2 for 1 stock split?
Pharoah Corporation issued 117,000 shares of $19 par value, cumulative, 7% preferred stock on January 1, 2021, for $2,530,000. In December 2023, Pharoah declared its first dividend of $840,000. Prepare Pharoah's journal entry to record the issuance of the preferred stock.
On January 1, 2020, Kingbird Corporation had $2,090,000 of $10 par value common stock outstanding that was issued at par and retained earnings of $1,180,000. The company issued 220,000 shares of common stock at $12 per share on July 1. On December 15, the board of directors declared a 15% stock dividend to stockholders of record on December 31, 2020, payable on January 15, 2021. The market value of Kingbird Corporation stock was $15 per share on December 15 and $16 per share on December 31. Net income for 2020 was $515,000. (a1) Journalize the issuance of stock on July 1 and the declaration of the stock dividend on December 15. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation July 1 Cash Dec. 15 く…
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The following information is available for ConocoPhillips on December 31, 2022: Common Stock, $1.75 par, 400,000 shares authorized Additional Paid in Capital - Common Stock Retained Earnings Total Stockholders' Equity During 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 at a 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: O O $651,000 840,000 756,000 $2,247.000 a. $1,014,780 b. $1,025,000 c. $1,032,000 d. $975,780 e. $879,000 4
On January 1, 2020, Windsor Corporation had $2,000,000 of $10 par value common stock outstanding that was issued at par and retained earnings of $1,040,000. The company issued 235,000 shares of common stock at $12 per share on July 1. On December 15, the board of directors declared a 15% stock dividend to stockholders of record on December 31, 2020, payable on January 15, 2021. The market value of Windsor Corporation stock was $15 per share on December 15 and $16 per share on December 31. Net income for 2020 was $535,000. (a1) Journalize the issuance of stock on July 1 and the declaration of the stock dividend on December 15. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation July 19 Dec 15 Debit
On January 1, 2020, the stockholders’ equity section of Skysong, Inc. shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par $1,070,000; and retained earnings $1,220,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 51,000 shares for cash at $15 per share. July 1 Sold 10,500 treasury shares for cash at $17 per share. Sept. 1 Sold 9,000 treasury shares for cash at $14 per share.
Dengar
At the beginning of 2023, Valero Energy had 300,000 shares of $5 par value Common Stock outstanding. On August 1, Valero issued another 150,000 shares. Valero's 2023 Net Income was $637,500. In addition, you are given the following portion of the Company's 12/31/2023 Stockholders' Equity section of its Balance Sheet: Preferred Stock (5%, $10 par, 90,000 shares issued and outstanding) $900,000 Calculate Valero Energy's Earnings per Share for 2023 (round to the nearest cent). Select one: O O O a. $1.72 b. $1.63 c. $1.32 d. $1.42 e. $1.76

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