The Torre Company has the following stockholders' equity account balances in stockholders equity on December 31. Common Stock – $5 par, 500,000 shares authorized $400,000 Paid-In Capital in Excess of Par—Common Stock 670,000 Preferred Stock – $100 par, 100,000 shares authorized 500,000 Paid-In Capital in Excess of Par—Preferred 200,000 Retained Earnings 270,000 Treasury Stock (cost – $10 per share) 130,000 How many shares of common stock are outstanding? Group of answer choices 67,500 57,000 67,000 77,000 $30,000

The Torre Company has the following stockholders' equity account balances in stockholders equity on December 31. Common Stock – $5 par, 500,000 shares authorized $400,000 Paid-In Capital in Excess of Par—Common Stock 670,000 Preferred Stock – $100 par, 100,000 shares authorized 500,000 Paid-In Capital in Excess of Par—Preferred 200,000 Retained Earnings 270,000 Treasury Stock (cost – $10 per share) 130,000 How many shares of common stock are outstanding? Group of answer choices 67,500 57,000 67,000 77,000 $30,000

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 on the December 31 balance sheet of Chemfast Corporation reported the following amounts: Contributed Capital Preferred Stock (par $20; authorized 10,000 shares, ? issued, of which 1,000 shares are held as treasury stock) Additional Paid-In Capital, Preferred Common Stock (no-par; authorized 20,000 shares, issued and outstanding 6,200 shares) Retained Earnings Treasury Stock, 1,000 Preferred shares at cost $108,000 15,390 632,400 32,000 (9,600) Assume that no shares of treasury stock have been sold in the past. Required: Complete the following statements. (Decreases should be indicated by a minus sign. Round per share to 2 decimal places.) 1. The number of shares of preferred stock issued was 2. The number of shares of preferred stock outstanding was 3. The average issue price of the preferred stock was per share 4. The average issue price of the common stock was 5. The treasury stock transaction increased (decreased) stockholders' equity by 6. The…
The stockholders' equity section of Ivanhoe Corporation at December 31 is as follows: Paid-in capital Preferred stock, cumulative, 17,500 shares authorized, 13,500 shares issued and outstanding Common stock, $3 par, 760,000 shares authorized, 515,000 shares issued Paid-in capital in excess of par - common Total paid-in capital Retained earnings IVANHOE CORPORATION Balance Sheet (partial) Total paid-in capital and retained earnings Less: Treasury stock (19,500 common shares) Total stockholders' equity (a) From a review of the stockholders' equity section, as chief accountant, answer the following questions. How many shares of common stock are outstanding? Common stock outstanding $1,350,000 1,545,000 206,000 3,101,000 1,873,000 4,974,000 107,250 $4,866,750 shares
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, 6% cumulative, 110,000 shares authorized, 41,000 shares issued and outstanding Common stock, $20 stated value, 160,000 shares authorized, 41,000 shares issued and ?? shares outstanding Paid-in capital in excess of par-Preferred Paid-in capital in excess of stated value-Common Total paid-in capital Retained earnings Treasury stock, 3,000 shares Total stockholders' equity Note: The market value per share of the common stock is $42, and the market value per share of the preferred stock is $13. Required a. What is the par value per share of the preferred stock? b. What is the dividend per share on the preferred stock? c. What is the number of common stock shares outstanding? d. What was the average issue price per share (price for which the stock was issued) of the common stock? f. If Mann Equipment Company…
S The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity (January 1) Common stock-$4 par value, 100,000 shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Stockholders' Equity (December 31) Common stock-$4 par value, 100,000 shares authorized, 41,000 shares issued, 5,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($40,000 restricted by treasury stock) Less cost of treasury stock Total stockhold equity The following transactions and events affected its equity during the year. January 5 Declared a $0.50 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. Declared a $0.50 per share cash dividend, date of record April 10. Declared a $0.50 per share cash dividend, date of record July 10. Declared a 20% stock…
The equity sections for Atticus Group at the beginning of the year (January 1) Stockholders' Equity (January 1) Common stock-$4 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Stockholders' Equity (December 31) Common stock-$4 par value, 100,000 shares authorized, 47,000 shares issued, 5,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($50,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a $0.40 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. April 5 July 5 Declared a $0.40 per share cash dividend, date of record April 10. Declared a $0.40 per share cash dividend, date of record July 10. July 31 August 14 Declared a 20% stock dividend when…
The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported the following amounts: Contributed Capital Preferred Stock (par $20; authorized 10,000 shares, ? issued, of which 1,000 shares are held as treasury stock) Additional Paid-In Capital, Preferred Common Stock (no-par; authorized 20,000 shares, issued and outstanding 6,300 shares) Retained Earnings Treasury Stock, 1,000 Preferred shares at cost $110,000 15,950 648,900 33,000 (9,650) Assume that no shares of treasury stock have been sold in the past. Required: Complete the following statements. (Decreases should be indicated by a minus sign. Round per share to 2 decimal places.) 1. The number of shares of preferred stock issued was 2. The number of shares of preferred stock outstanding was 3. The average issue price of the preferred stock was per share 4. The average issue price of the common stock was 5. The treasury stock transaction increased (decreased) stockholders' equity by 6. The…
Raphael Corporation’s balance sheet shows the following stockholders’ equity section. Preferred stock—5% cumulative, $___ par value, 1,000 shares authorized, issued, and outstanding $ 50,000 Common stock—$___ par value, 4,000 shares authorized, issued, and outstanding . 80,000 Retained earnings 150,000 Total stockholders’ equity . $280,000 Required 1. What are the par values of the corporation’s preferred stock and its common stock? 2. If no dividends are in arrears at the current date, what is the book value per share of common stock? Round per share value to the nearest cent. 3. If two years’ preferred dividends are in arrears at the current date, what is the book value per share of common stock? Round per share value to the nearest cent. 4. If two years’ preferred dividends are in arrears at the current date and the board of directors declares cash dividends of $11,500, what total amount will be paid to the preferred and to the common shareholders?
Following is the stockholders' equity section from ABC Company's balance sheet as of Dec 31, Yr 1: STOCKHOLDERS' EQUITY Common stock: $0.45 par value, authorized 600,000 shares; 175,000 shares issued: $78,750 Additional paid-in capital: 532,000 Retained earnings: 79,500 Treasury stock: (180,000) Total stockholder's equity: $510,250 a) At the time the common stock was sold, what was the cost of each common stock sold? b) Compute the average price at which ABC Company issued its common stock shares: c) Compute the number of common stock shares outstanding as of Dec 31, Yr 1.
Stockholders' Equity: Transactions and StatementThe stockholders' equity section of Night Corporation's balance sheet at January 1 follows: Common stock, $3 par value, 300,000 shares authorized, 60,000 shares 180,000 issued, 6,000 shares in treasury Additional paid-in capital In excess of par value 240,000 From treasury stock 15,000 255,000 Retained earnings 174,000 609,000 Less: Treasury stock (6,000 shares) at cost 69,000 Total Stockholdersâ€™ Equity 540,000 The following transactions affecting stockholdersâ€™ equity occurred during the year: Jan. 8 Issued 15,000 shares of previously unissued common stock for $10 cash per share. Mar. 12 Sold all of the treasury shares for $14 cash per share. June 30 Declared a five percent stock dividend on all outstanding shares of common stock. The market value of the stock was $12 per share. July 10 Issued the stock dividend declared on June 30. Oct. 7 Acquired 2,500 shares of common…
The stockholders' equity section of Cullumber Company's balance sheet at December 31 is presented here. Cullumber Company Balance Sheet(Partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 8,000 shares authorized, 4,000 shares issued and outstanding $320,000 Common stock, no par, 700,000 shares authorized, 500,000 shares issued 2,500,000 Total paid-in capital Retained earnings Total paid-in capital and retained earnings Less: Treasury stock (6,000 common shares) Total stockholders' equity 2,820,000 1,858,000 4,678,000 31,200 $4,646,800 From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? shares (b) Assuming there is a stated value, what is the stated value of the common stock? $ per share (c) What is the par value of the preferred stock? 6A $ per share (d) If the annual dividend on preferred stock is $16,000, what is the dividend rate on preferred stock? % (e) If dividends of…
The stockholders’ equity section of the balance sheet for Mann Equipment Co. at December 31, Year 1, is as follows: Stockholders’ Equity Paid-in capital Preferred stock, ? par value, 5% cumulative,260,000 shares authorized, 56,000 shares issued and outstanding $ 672,000 Common stock, $20 stated value, 310,000 sharesauthorized, 56,000 shares issued and outstanding 1,120,000 Paid-in capital in excess of par—Preferred 46,000 Paid-in capital in excess of stated value—Common 196,000 Total paid-in capital 2,034,000 Retained earnings 410,000 Total stockholders’ equity $ 2,444,000 Note: The market value per share of the common stock is $42, and the market value per share of the preferred stock is $28. Required What is the par value per share of the preferred stock? What is the dividend per share on the preferred stock? What is the number of common stock shares…
The stockholders’ equity section of Riverbed Corp’s balance sheet at December 31 is presented here. RIVERBED CORPBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,700 shares authorized, 6,400 shares issued and outstanding $ 640,000 Common stock, no par, 770,000 shares authorized, 600,000 shares issued 2,400,000 Total paid-in capital 3,040,000 Retained earnings 1,191,000 Total paid-in capital and retained earnings 4,231,000 Less: Treasury stock (5,800 common shares) 31,000 Total stockholders’ equity $4,200,000 From a review of the stockholders’ equity section, answer the following questions.(a) How many shares of common stock are outstanding? Common stock outstanding enter a number of shares shares (b) Assuming there is a stated value, what is the stated value of the common stock? The stated value of the common stock…

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Common Stock – $5 par, 500,000 shares authorized	$400,000
Paid-In Capital in Excess of Par—Common Stock	670,000
Preferred Stock – $100 par, 100,000 shares authorized	500,000
Paid-In Capital in Excess of Par—Preferred	200,000
Retained Earnings	270,000
Treasury Stock (cost – $10 per share)	130,000