Pickle_Audrey_Chapter 13 Assignment - Stockholders' Equity Basics

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Audrey Pickle 4/1/24 Chapter 13 - Canvas Assignment - Stockholders' Equity Basics Chapter 13 – Canvas Assignment – Stockholders’ Equity # 1 - The financial statements for Highland Publications Corporation included the following selected information: Common Stock $1,600,000 Retained earnings - end of year $900,000 Net Income $1,000,000 Shares issued 90,000 Shares outstanding 80,000 Dividends declared and paid $800,000 Paid in Capital ?? The common stock was sold at a price of $20 per share Answer the questions below. You must show your work to earn full points. a. What is the amount of capital in excess of par? (Hint: Cash received = Common Stock + PIC) b. What was the amount of retained earnings at the beginning of the year? c. How many shares are in treasury stock? d. Compute earnings per share. # 2 – If Grant Corporation has 120,000 shares of common stock authorized, 75,000 shares of common stock issued, and holds 3,000 shares of common stock as treasury stock. Calculate the total number of outstanding shares of Grant Corporation. You must show your work to earn full points. #3 - On January 1, 2020, Mega Company started the year with a $250,000 credit balance in Retained Earnings and a $300,000 balance in Contributed Capital. During 2020, the company earned net income of $50,000, declared a dividend of $15,000 and issued more stock for $12,500. What is the total stockholders’ equity at the company’s fiscal year end? You must show your work to earn full points. #4 - The following information relates to the number of common shares of Marengo Corporation: 80,000 Authorized Shares 30,000 Unissued Shares 5,000 Treasury Shares Calculate the number of outstanding shares from the information given. Show your calculations and clearly identify your answer in order to earn full points. #5 - If Henry and Kate’s Company has $300,000 of sales revenue, pays $50,000 in dividends and has net income of $100,000, how much were the expenses for the year? Show your work in order to earn full points. #6 - All of the following will affect the balance of Retained Earnings except a. Expenses incurred c. Revenues earned

Audrey Pickle 4/1/24 Chapter 13 - Canvas Assignment - Stockholders' Equity Basics b. Dividends declared d. Investments by stockholders

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