Financial Accounting
9th Edition
ISBN: 9781259738692
Author: Libby
Publisher: MCG
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Chapter 11, Problem 11.2ME
Computing the Number of Unissued Shares
The
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The balance sheet for Ronlad Corporation reported 188,000 shares outstanding, 272,000 shares authorized, and 17,000 shares of
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Number of shares issued
During its first year of operations, Flounder Corporation had the following transactions pertaining to its common stock.
Jan.
10
Issued 75,000 shares for cash at $6 per share.
July
1
Issued 41,000 shares for cash at $9 per share.
Journalize the transactions, assuming that the common stock has a par value of $6 per share.
What is the date?
What is the title or explanation ?
What is debit or credited ?
The following data was reported by ABC Company
Authorized shares: 50,000
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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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- During its first year of operations, Bridgeport Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 66,500 shares for cash at $6 per share. July 1 Issued 39,500 shares for cash at $8 per share. Journalize Transactions, assuming common stock has a par value of $6 per sharearrow_forwardDuring its first year of operations, Flounder Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 75,000 shares for cash at $6 per share. July 1 Issued 41,000 shares for cash at $9 per share. What is the date? What is the account title or explanation ? What is debit or credited ?arrow_forwardHahaharrow_forward
- Brewer, Inc. had the following data related to its common shares: Shares outstanding at 1/130,000 2 for 1 stock split at 3/31 Stock issuance at 6/30 1,000 What is the weighted average number of shares Brewer, Inc. should use to calculate its basic earnings per share for the year? 62,000 shares 61,000 shares 60,500 shares 31,000 sharesarrow_forwardPrepare a statement of stockholders' equity for Al-Can Products, Inc. Navigate to the Stockholders' Equity Statement tab in the spreadsheet. Use the following information to prepare your statement: a. January 1 balance of capital stock account of 9,000 shares issued at $6.00 per share was $54,000.00. b. No other stock was issued during the year. c. January 1 balance of retained earnings account was $29,250.00. d. Net Income was $41,106.00. e. Dividends declared during the year were $19,200.00.arrow_forwardUsing the following information, prepare the Stockholders’ equity section of the balance sheet. 70,000 shares of common stock are authorized and 7,000 shares have been reacquired. Common Stock, $75 parPaid-In Capital in Excess of ParPaid-In Capital from Sale of Treasury Stock Retained EarningsTreasury Stock $4,725,000 679,000 25,200 2,032,800 600,000arrow_forward
- 3. A company had 20,000 shares outstanding on January 1. They issued 6,940 shares on May 31. And on August 31, 3,383 shares were purchased as treasury stock. Calculate the weighted average number of shares outstanding for the year to the nearest whole number.arrow_forwardWhat is the per share cost of the treasury stock purchased? Round your answer to 2 decimal places.arrow_forwardA company has 200,000 shares authorized,167,000 shares issued and 40,000 shares of treasury stock . What is the number of shares outstanding ?arrow_forward
- Using the following accounts and balances, prepare the “Stockholders’ Equity” section of the balance sheet. Regarding the common stock, 60,000 shares are authorized, and 10,000 shares have been reacquired. Line Item Description Amount Common Stock, $70 par $2,520,000 Paid-In Capital from Sale of Treasury Stock (10,000 shares at cost) 50,000 Paid-In Capital in Excess of Par—Common Stock 828,000 Retained Earnings 1,285,000 Treasury Stock 34,000 blankblankBalance Sheet Line Item Description Amount Amount Stockholders' Equity Paid-in capital: blank blank $Common Stock, $70 Par (60,000 Shares Authorized, 36,000 Shares Issued) Excess of Issue Price Over Par Paid-in capital, common stock $Paid-in capital, common stock From Sale of Treasury Stock (10,000 shares at cost) Total paid-in capital $Total paid-in capital Retained Earnings Total $Total Treasury Stock (10,000 shares at cost) Total stockholders' equity…arrow_forwardsing the following accounts and balances, prepare the “Stockholders’ Equity” section of the balance sheet. 100,000 shares of common stock authorized, and 1,000 shares have been reacquired. Common Stock, $70 par$4,900,000Paid-In Capital from Sale of Treasury Stock294,000Paid-In Capital in Excess of Par—Common Stock1,750,000Retained Earnings2,254,000Treasury Stock138,000 Balance SheetStockholders' Equity Paid-in capital: $fill in the blank 2 fill in the blank 4 Paid-in capital, common stock $fill in the blank 5 fill in the blank 7 Total paid-in capital $fill in the blank 8 Total $ Total stockholders' equity $arrow_forwardA company's board of directors declared a $0.50 per share cash dividend on its $3 par common stock. On the date of declaration, there were 44,000 shares authorized, 18,000 shares issued, and 5,000 shares held as treasury stock.What is the entry when the dividends are declared? A. Dividends 6,500 Dividends Payable 6,500 B. Dividends 6,500 Cash 6,500 C. Dividends 22,000 Dividends Payable 22,000 D. Dividends 9,000 Cash 9,000arrow_forward
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