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Treasury stock transactions On January 1, 2013, Metco, Inc., reportec 622,100 shares of $3 par value common stock as being issued and outstanding On March 15, 2013, Metco, Inc., purchased for its treasury 5,200 shares of it= common stock at a price of $64 per share. On August 10, 2013, 1,900 of these shares were sold for $76 per share. Metco's directors declared casE dividends of $2.10 per share during the second quarter and again during the fourt treasury on June 30, 2013, and December 31, 2013, respectively. A 3% quarter, payable stock dividend was issued at the end of the year. There were no other transaction affecting common stock during the year. Required: Tee the horizontal model (or write the entry) to show the effect of the treasury stock purchase on March 15, 2013. - Calculate the total amount of the cash dividends paid in the second quarter. Use the horizontal model (or write the entry) to show the effect of the sale of th treasury stock on August 10, 2013. Calculate the total amount of cash dividends paid in the fourth quarter. Calculate the number of shares of stock issued in the stock dividend.

Treasury stock transactions On January 1, 2013, Metco, Inc., reportec 622,100 shares of $3 par value common stock as being issued and outstanding On March 15, 2013, Metco, Inc., purchased for its treasury 5,200 shares of it= common stock at a price of $64 per share. On August 10, 2013, 1,900 of these shares were sold for $76 per share. Metco's directors declared casE dividends of $2.10 per share during the second quarter and again during the fourt treasury on June 30, 2013, and December 31, 2013, respectively. A 3% quarter, payable stock dividend was issued at the end of the year. There were no other transaction affecting common stock during the year. Required: Tee the horizontal model (or write the entry) to show the effect of the treasury stock purchase on March 15, 2013. - Calculate the total amount of the cash dividends paid in the second quarter. Use the horizontal model (or write the entry) to show the effect of the sale of th treasury stock on August 10, 2013. Calculate the total amount of cash dividends paid in the fourth quarter. Calculate the number of shares of stock issued in the stock dividend.

FINANCIAL ACCOUNTING
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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stock purchase on March 15, 2013. quarter, payable on June 30, 2013, and December 31, 2013, respectively. A 3% 622,100 shares of $3 par value common stock as being issued and outstanding. stock dividend was issued at the end of the year. There were no other transactions dividends of $2.10 per share during the second quarter and again during the fourth treasury shares were sold for $76 per share. Metco's directors declared cash common stock at a price of $64 per share. On August 10, 2013, 1,900 of these On March 15, 2013, Metco, Inc., purchased for its treasury 5,200 shares of its Treasury stock transactions On January 1, 2013, Metco, Inc., reported a on June 30, 2013, and December 31, 2013, respectively. A 3% quartel, dend was issued at the end of the year. There were no other transactions Pecting common stock during the year. Required: hon the horizontal model (or write the entry) to show the effect of the treasury . Calculate the total amount of the cash dividends paid in the second quarter. e Use the horizontal model (or write the entry) to show the effect of the sale of the treasury stock on August 10, 2013. d. Calculate the total amount of cash dividends paid in the fourth quarter. e. Calculate the number of shares of stock issued in the stock dividend.
Transcribed Image Text:stock purchase on March 15, 2013. quarter, payable on June 30, 2013, and December 31, 2013, respectively. A 3% 622,100 shares of $3 par value common stock as being issued and outstanding. stock dividend was issued at the end of the year. There were no other transactions dividends of $2.10 per share during the second quarter and again during the fourth treasury shares were sold for $76 per share. Metco's directors declared cash common stock at a price of $64 per share. On August 10, 2013, 1,900 of these On March 15, 2013, Metco, Inc., purchased for its treasury 5,200 shares of its Treasury stock transactions On January 1, 2013, Metco, Inc., reported a on June 30, 2013, and December 31, 2013, respectively. A 3% quartel, dend was issued at the end of the year. There were no other transactions Pecting common stock during the year. Required: hon the horizontal model (or write the entry) to show the effect of the treasury . Calculate the total amount of the cash dividends paid in the second quarter. e Use the horizontal model (or write the entry) to show the effect of the sale of the treasury stock on August 10, 2013. d. Calculate the total amount of cash dividends paid in the fourth quarter. e. Calculate the number of shares of stock issued in the stock dividend.
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