Financial Accounting
9th Edition
ISBN: 9781259738692
Author: Libby
Publisher: MCG
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Chapter 11, Problem 11.1AP
1.
To determine
Find the number of shares issued, and outstanding for Corporation D.
2.
To determine
Find the balance in the additional paid-in capital account.
3.
To determine
Find the amount of earnings per share.
4.
To determine
Calculate the amount of total dividend paid during the year.
5.
To determine
Calculate the
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PA11-3 (Static) Finding Missing Amounts [LO 11-2, LO 11-3, LO 11-5]
At December 31, the records of Kozmetsky Corporation provided the following selected and incomplete data:
Common stock (par $2; no changes during the current year).
Shares authorized, 5,000,000.
Shares issued, 2; issue price $8 per share.
Shares held as treasury stock, 10,000 shares, cost $6 per share.
Net income for the current year, $481,000.
Common Stock account, $150,000.
Dividends declared and paid during the current year, $2 per share.
Retained Earnings balance, beginning of year, $800,000.
Required:
Complete the following: (Round "Earnings per share" to 2 decimal places.)
1-a. Shares issued
1-b. Shares outstanding
2. The balance in Additional Paid-in Capital would be
3. Earnings per share is
4. Total dividends paid on common stock during the current year is
5. Treasury stock should be reported in the stockholders equity section of the…
At the end of the year, the records of NCIS Corporation provided the following selected and incomplete data:
Common stock ($10 par value); no changes in account during the year.
Shares authorized: 220,000.
Shares issued: _______ (all shares were issued at $20 per share; $2,120,000 total cash collected).
Treasury stock: 2,000 shares (repurchased at $24 per share).
The treasury stock was acquired after a stock split was announced.
Net income: $198,640.
Dividends declared and paid: $107,120.
Retained earnings beginning balance: $575,000.
Required:
5. In what section of the balance sheet should treasury stock be reported? What is the amount of treasury stock that should be reported?
6. Assume that the board of directors voted a 2-for-1 stock split. After the stock split, what will be the par value per share? How many shares will be outstanding?
At the end of the year, the records of NCIS Corporation provided the following selected and incomplete data:
Common stock ($10 par value); no changes in account during the year.
Shares authorized: 220,000.
Shares issued: _______ (all shares were issued at $20 per share; $2,120,000 total cash collected).
Treasury stock: 2,000 shares (repurchased at $24 per share).
The treasury stock was acquired after a stock split was announced.
Net income: $198,640.
Dividends declared and paid: $107,120.
Retained earnings beginning balance: $575,000.
Required:
1. Complete the following tabulation:
2. Calculate the balance in the Additional paid-in capital account.
3. What is earnings per share (EPS)?
4. What was the dividend paid per share?
5. In what section of the balance sheet should treasury stock be reported? What is the amount of treasury stock that should be reported?
6. Assume that the board of directors voted a 2-for-1 stock split. After the stock split, what will be the par value per…
Chapter 11 Solutions
Financial Accounting
Ch. 11 - Prob. 1QCh. 11 - Prob. 2QCh. 11 - Explain each of the following terms: (a)...Ch. 11 - Differentiate between common stock and preferred...Ch. 11 - Explain the distinction between par value and...Ch. 11 - Define additional paid-in capital.Ch. 11 - Prob. 7QCh. 11 - Define treasury stock. Why do corporations acquire...Ch. 11 - How is treasury stock reported on the balance...Ch. 11 - What are the two basic requirements to support the...
Ch. 11 - Prob. 11QCh. 11 - Prob. 12QCh. 11 - Prob. 13QCh. 11 - Prob. 14QCh. 11 - Prob. 15QCh. 11 - Katz Corporation has issued 400,000 shares of...Ch. 11 - Prob. 2MCQCh. 11 - Which of the following statements about stock...Ch. 11 - Prob. 4MCQCh. 11 - Prob. 5MCQCh. 11 - Prob. 6MCQCh. 11 - Prob. 7MCQCh. 11 - Which statement regarding dividends is false? a....Ch. 11 - Prob. 9MCQCh. 11 - Prob. 10MCQCh. 11 - Sources of Equity and Retained Earnings LO11-1...Ch. 11 - Computing the Number of Unissued Shares The...Ch. 11 - Earnings per Share Ratio How is the earnings per...Ch. 11 - Recording the Sale of Common Stock To expand...Ch. 11 - Prob. 11.5MECh. 11 - Determining the Effects of Treasury Stock...Ch. 11 - Determining the Amount of a Dividend Cole Company...Ch. 11 - Prob. 11.8MECh. 11 - Dividend Yield Ratio How is the dividend yield...Ch. 11 - Prob. 11.10MECh. 11 - Prob. 11.11MECh. 11 - Computing Shares Outstanding In a recent annual...Ch. 11 - Computing Number of Shares The charter of Vista...Ch. 11 - Prob. 11.3ECh. 11 - Reporting Stockholders Equity The financial...Ch. 11 - Reporting Stockholders Equity and Determining...Ch. 11 - Finding Amounts Missing from the Stockholders...Ch. 11 - Prob. 11.7ECh. 11 - Reporting Stockholders Equity Ruths Chris...Ch. 11 - Determining the Effects of Transactions on...Ch. 11 - Prob. 11.10ECh. 11 - Prob. 11.11ECh. 11 - Prob. 11.12ECh. 11 - Prob. 11.13ECh. 11 - Preparing the Stockholders Equity Section of the...Ch. 11 - Recording and Analyzing Treasury Stock...Ch. 11 - Prob. 11.16ECh. 11 - Prob. 11.17ECh. 11 - Computing Dividends on Preferred Stock and...Ch. 11 - Prob. 11.19ECh. 11 - Prob. 11.20ECh. 11 - Prob. 11.21ECh. 11 - Prob. 11.22ECh. 11 - Prob. 11.23ECh. 11 - Prob. 11.24ECh. 11 - Prob. 11.25ECh. 11 - Finding Missing Amounts At the end of the year,...Ch. 11 - Preparing the Stockholders Equity Section of the...Ch. 11 - Recording Transactions Affecting Stockholders...Ch. 11 - Prob. 11.4PCh. 11 - Prob. 11.5PCh. 11 - Prob. 11.6PCh. 11 - Analyzing Treasury Stock Transactions Apple Inc....Ch. 11 - Comparing Stock and Cash Dividends Chicago Company...Ch. 11 - Prob. 11.9PCh. 11 - Prob. 11.10PCh. 11 - Recording and Comparing Cash Dividends, Stock...Ch. 11 - Prob. 11.12PCh. 11 - Prob. 11.1APCh. 11 - Prob. 11.2APCh. 11 - Prob. 11.3APCh. 11 - Prob. 11.4APCh. 11 - Recording and Reporting Stockholders Equity...Ch. 11 - Case A: The charter for Rogers, Incorporated,...Ch. 11 - Prob. 1BCOMPCh. 11 - Prob. 1CCOMPCh. 11 - Prob. 1DCOMPCh. 11 - Prob. 11.1CPCh. 11 - Prob. 11.2CPCh. 11 - Prob. 11.3CPCh. 11 - Computing Dividends for an Actual Company A recent...Ch. 11 - Prob. 11.5CPCh. 11 - Prob. 11.6CP
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- Subject - account Please help me. Thankyou.arrow_forwardPlease do not give image formatarrow_forwardI need help solving for the Journal Entry (B). My answer is wrong. Can you explain how to find the solution? -- At the end of the year, the records of NCIS Corporation provided the following selected and incomplete data: Common stock ($10 par value); no changes in account during the year. Shares authorized: 210,000. Shares issued: _______ (all shares were issued at $15 per share; $2,130,000 total cash collected). Treasury stock: 4,000 shares (repurchased at $22 per share). The treasury stock was acquired after a stock split was announced. Net income: $262,200. Dividends declared and paid: $140,760. Retained earnings beginning balance: $565,000. Required: 8. Disregard the stock split (assumed above). Assume instead that a 10 percent stock dividend was declared (after treasury stock repurchase) when the market price of the common stock was $23. Prepare any journal entry that should be made.arrow_forward
- T1).arrow_forwardM31.arrow_forwardAt the beginning of 20X1, the accounting records of Friends Corp. reported the following: Preferred shares, 8,000 shares outstanding, no-par Common shares, 182,500 shares outstanding, no-par Contributed capital on common share retirement Retained earnings $ 204,000 370,475 112,000 560,000 During the year, the company acquired and retired shares, while other shares were issued: 15 March 26,200 common shares bought and retired at $4 per share 16 March 5,000 preferred shares bought and retired at $28.20 per share 20 May 10,400 common shares bought and retired at $1 per share 25 May 2,500 preferred shares bought and retired at $19.90 per share 30 May 11,900 common shares issued at $14.90 per share 15 Nov. 6,100 common shares bought and retired at $24 per sharearrow_forward
- At the beginning of 20X1, the accounting records of Friends Corp. reported the following: $ 217,600 Preferred shares, 8,000 shares outstanding, no-par Common shares, 181,900 shares outstanding, no-par Contributed capital on common share retirement Retained earnings 472,940 111,500 557,500 During the year, the company acquired and retired shares, while other shares were issued: 15 March 25,700 common shares bought and retired at $4 per share 16 March 4,700 preferred shares bought and retired at $30.50 per share 20 May 10,000 common shares bought and retired at $1 per share 25 May 2,400 preferred shares bought and retired at $16.70 per share 30 May 11,500 common shares issued at $8.70 per share 15 Nov. 5,500 common shares bought and retired at $22 per share Required: 1. Give journal entries to record each share retirement transaction. (Round intermediate calculations to 2 decimal places and Round your final answers to the nearest whole dollar. If no entry is required for a…arrow_forwardPlease do not give solution in image format ?arrow_forwardDo not give answer in imagearrow_forward
- Please answer competelyarrow_forwardRiverbed Company had 826000 shares of common stock outstanding on January 1, issued 365000 shares on April 1 and purchased 27000 shares of treasury stock on December 1. The weighted average shares outstanding for the year is (Round intermediate calculation to O decimal places, e.g. 1,525.) Ⓒ1097500 O 872500 1164000 O 1188750.arrow_forwardE11-1 During its first year of operations, Mona Corporation had these transactions per- taining to its common stock. поn Jan. 10 Issued 30,000 shares for cash at $5 per share. July 1 Issued 60,000 shares for cash at $7 per share. Instructions (a) Journalize the transactions, assuming that the common stock has a par value of $5 per share. (b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.arrow_forward
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Dividend explained; Author: The Finance Storyteller;https://www.youtube.com/watch?v=Wy7R-Gqfb6c;License: Standard Youtube License