The stockholders' equity section of Jun Company's balance sheet as of April 1 follows. On April 2, Jun declares and distributes a 20%stock dividend. The stock's per share market value on April 2 is $15 (prior to the dividend).Common stock-$5 par value, 415,000 sharesauthorized, 220,000 shares issued and outstandingPaid-in capital in excess of par value, common stock.Retained earningsTotal stockholders' equityPrepare the stockholders' equity section immediately after the stock dividend is distributed.Total paid-in capitalTotal stockholders' equityJUN COMPANYStockholders' EquityApril 2 (after stock dividend)$0$ 1,100,000530,000853,000$ 2,483,00004

When a company's debts have been paid off, the money or assets that are left over are called…

Answered: The stockholders' equity section of Jun…

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 stockholders’ equity section of the balance sheet for Mann Equipment Co. at December 31, Year 2, is as follows. Stockholders’ Equity Paid-in capital Preferred stock, ? par value, 4% cumulative, 190,000 shares authorized, 49,000 shares issued and outstanding $ 490,000 Common stock, $15 stated value, 240,000 shares authorized, 49,000 shares issued and ?? shares outstanding 735,000 Paid-in capital in excess of par—Preferred 39,000 Paid-in capital in excess of stated value—Common 147,000 Total paid-in capital $ 1,411,000 Retained earnings 340,000 Treasury stock, 8,000 shares (30,000 ) Total stockholders’ equity $ 1,721,000 Note: The market value per share of the common stock is $30, and the market value per share of the preferred stock is $21. Required What is the par value per share of the preferred stock? What is the dividend per share on…
Langley Corporation has 57,000 shares of $11 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $16. The dividend shares are issued on December 31.Prepare the entries for the declaration and issuance of the stock dividend.
(R) please answer asap.. The stockholders’ equity section of Jun Company’s balance sheet as of April 1 follows. On April 2, Jun declares and distributes a 20% stock dividend. The stock’s per share market value on April 2 is $10 (prior to the dividend). Common stock—$5 par value, 555,000 sharesauthorized, 290,000 shares issued and outstanding$ 1,450,000Paid-in capital in excess of par value, common stock670,000Retained earnings923,000Total stockholders' equity$ 3,043,000Prepare the stockholders’ equity section immediately after the stock dividend is distributed.
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Following is the stockholders' equity section as of June 30. Common stock-$20 par value, 200,000 shares authorized, 80,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity On July 1, the directors declare a 5% stock dividend distributable on July 31 to the July 18 stockholders of record. The stock's market value is $50 per share on July 1 before the stock dividend. 1. Prepare entries to record both the dividend declaration and its distribution. 2. Prepare the stockholders' equity section after the stock dividend is distributed. (Assume no other changes to equity.) Enter answers in the tabs below. Required 1 Required 2 $ 1,600,000 400,000 750,000 $ 2,750,000 Prepare the stockholders' equity section after the stock dividend is distributed. (Assume no other changes to equity.) Stockholders' Equity Section of the Balance Sheet July 31 Retained earnings Common stock Paid-in capital in excess of par value, common…
The following information is available for Metloc Rock Corporation: Common Stock ($5 par) $1,620,000 Retained Earnings 1,205,000 An 17% stock dividend is declared and paid when the market value was $12 per share. Compute total stockholders' equity after the stock dividend. Total Stockholders' Equity
On January 1, Pharoah Company had 87000 shares of $10 par value common stock outstanding. On May 7, the company declared a 5% stock dividend to stockholders of record on May 21. Market value of the stock was $16 on May 7. The stock was distributed on May 24. The entry to record the transaction of May 24 would include a
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The stockholders’ equity section of Creighton Company’s balance sheet is shown as follows: CREIGHTON COMPANY As of December 31, Year 3 Stockholders’ equity Preferred stock, $10 stated value, 7% cumulative,300 shares authorized, 50 issued and outstanding $ 500 Common stock, $10 par value, 250 shares authorized,100 issued and outstanding 1,000 Common stock, class B, $20 par value, 400 sharesauthorized, 150 issued and outstanding 3,000 Common stock, no par, 150 shares authorized,100 issued and outstanding 2,200 Paid-in capital in excess of stated value—preferred 600 Paid-in capital in excess of par value—common 1,200 Paid-in capital in excess of par value—class B common 750 Retained earnings 7,000 Total stockholders’ equity $ 16,250 Requireda. Assuming the preferred stock was originally issued for cash, determine the amount of cash collected when the stock was issued.b. Based on the class B common stock alone,…
A company with 95,000 authorized shares of $7 par common stock issued 42,000 shares at $16. Subsequently, the company declared a 2% stock dividend on a date when the market price was $34 per share. What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend?
On June 30, Sharper Corporation's stockholders' equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50% stock dividend. Common stock-$10 par value, 76,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity (1) Prepare the updated stockholders' equity section after the distribution is made. (2) Compute the number of shares outstanding after the distribution is made. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Answer is complete but not entirely correct. Prepare the updated stockholders' equity section after the distribution is made. SHARPER CORPORATION Stockholders' Equity Section of the Balance Sheet June 30 Common stock-$10 par value Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity ✓ $ 1.140,000 $ 760,000 330,000 725,000 $ 1,815,000…
The stockholders’ equity section of Jun Company’s balance sheet as of April 1 follows. On April 2, Jun declares and distributes a 15% stock dividend. The stock’s per share market value on April 2 is $20 (prior to the dividend). Common stock—$5 par value, 405,000 sharesauthorized, 215,000 shares issued and outstanding $ 1,075,000 Paid-in capital in excess of par value, common stock 520,000 Retained earnings 848,000 Total stockholders' equity $ 2,443,000 Prepare the stockholders’ equity section immediately after the stock dividend is distributed.

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