Use the following information for the Exercises 8-9 below. (Algo)[The following information applies to the questions displayed below.]On June 30, Sharper Corporation's stockholders' equity section of its balance sheet appears as follows before any stockdividend or split. Sharper declares and immediately distributes a 50% stock dividend.Common stock-$10 par value, 76,000 shares issued andoutstandingPaid-in capital in excess of par value, common stockRetained earningsTotal stockholders' equityExercise 11-9 (Algo) Stock split LO P2Assume that instead of distributing a stock dividend, Sharper did a 3-for-1 stock split.(1) Prepare the updated stockholders' equity section after the split.(2) Compute the number of shares outstanding after the split.Complete this question by entering your answers in the tabs below.Required 1Required 2Prepare the updated stockholders' equity section after the split.SHARPER CORPORATIONStockholders' Equity Section of the Balance SheetJune 30< Prev$ 760,000330,000725,000$ 1,815,0003of 3----Next

The stock split is a corporate action that is taken by the company to increase the number of shares…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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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, 88,000 shares issued and outstanding $ 880,000 Paid - in capital in excess of par value, common stock 390,000 Retained earnings 755,000 Total stockholders' equity $ 2,025,000 (1) Prepare the updated stockholders' equity section after the distribution is made. (2) Compute the number of shares outstanding after the distribution is made. Navigation: Use the Open Excel in New Tab button to launch this question. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect.
Italian Stallion has the following transactions during the year related to stockholders' equity. February 1 Issues 4, 200 shares of no-par common stock for $15 per share. May 15 Issues 200 shares of $10 par value, 3.5% preferred stock for $12 per share. October 1 Declares a cash dividend of $0.35 per share to all stockholders of record (both common and preferred) on October 15. October 15 Date of record. October 31 Pays the cash dividend declared on October 1. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 3 4. Record payment of the cash Note: Enter debits before credits. Date General Journal Debit Credit October 31
Required information [The following information applies to the questions displayed below.] The stockholders' equity section of TVX Company on February 4 follows. Common stock-$20 par value, 150,000 shares authorized, 64,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity On February 5, the directors declare a 2% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock's market value is $36 per share on February 5 before the stock dividend. 2. Prepare the stockholders' equity section after the stock dividend is distributed. (Assume no other changes to equity.) TVX COMPANY Stockholders' Equity Section of the Balance Sheet February 28 Common stock-$20 par value Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ $ 1,280,000 423,000 550,000 $ 2,253,000 1,305,600 1,305,600
On September 1, the board of directors of a company, declares a stock dividend on its 22,000, $13 par, common shares. The market price of the common stock is $42 on this date.Required:1. 2. & 3. Record the necessary journal entries assuming a small (10%) stock dividend, a large (100%) stock dividend, and a 2-for-1 stock split. need help
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On June 13, the board of directors of Siewert Inc. declared a 2-for-1 stock split on its 100 million, $5.00 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $31 on June 13. Prepare the journal entry to record the stock split if it is to be effected in the form of a 100% stock dividend. What is the par per share after the split? Complete this question by entering your answers in the tabs below. General Journal Par value Prepare the journal entry to record the stock split if it is to be effected in the form of a 100% stock dividend. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 1 Record the stock split effected in the form of a 100% stock dividend. 4>
On October 31, the stockholders' equity section of Blossom Corporation's balance sheet consists of common stock $659,200 and retained earnings $877,000. Blossom is considering the following two courses of action: (1) declaring a 5% stock dividend on the 82.400 $8 par value shares outstanding or (2) effecting a 2-for-1 stock split that will reduce par value to $4 per share. The current market price is $15 per share. Prepare a tabular summary of the effects of the alternative actions on the company's stockholders' equity and outstanding shares. Stockholders' equity Paid-in capital Retained earnings Total stockholders equity $ Outstanding shares Before Action $ $ After Stock Dividend $ After Stock Split
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The stockholders' equity section of Rakusin Corp. reflected the following in the capital stock subsection (all stock was issued on the same date): Common stock, par $10 $60,000 Additional paid-in-capital 15,000 What was the per-share selling price of the stock? $ _________
Required information [The following information applies to the questions displayed below.] The stockholders' equity section of TVX Company on February 4 follows. Common stock-$10 par value, 150,000 shares authorized, 61,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity On February 5, the directors declare a 2% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock's market value is $31 per share on February 5 before the stock dividend. $ 610,000 426,000 553,000 $ 1,589,000 2. Prepare the stockholders' equity section after the stock dividend is distributed. (Assume no other changes to equity.) TVX COMPANY Stockholders' Equity Section of the Balance Sheet February 28 Total stockholders' equity
! Required information [The following information applies to the questions displayed below] The stockholders' equity section of TVX Company on February 4 follows. Common stock-$10 par value, 150,000 shares authorized, 59,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity On February 5, the directors declare a 2% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock's market value is $36 per share on February 5 before the stock dividend $ 590,000 424,000 553,000 $ 1,567,000 2. Prepare the stockholders' equity section after the stock dividend is distributed. (Assume no other changes to equity) TVX COMPANY Stockholders' Equity Section of the Balance Sheet February 28

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