ESPAÑOLINGLÉSFRANCÉSBelow is information related to ABC Corporation:Common Stock, $1 par value $4,500,000Capital Contributed in Excess of Par Value-Common Shares 550,000Preferred Stock, 8.5%, $50 par value 2,000,000Capital Contributed in Excess of Par Value- Preferred Shares 400,000Deficit 1,500,000Shares in Portfolio (at cost) 150,000to.$6,100,000.b.$8,800,000.C.$5,800,000.MacBook AirDIIPPV.

Stockholders are the Persons of entities whom the company issues its ownership rights in the form of…

Answered: Common Stock, $1 par value $4,500,0…

Business

Accounting

Common Stock, $1 par value $4,500,0 Capital Contributed in Excess of Par W

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter14: Statement Of Cash Flows

Section: Chapter Questions

Problem 24BEA: During 20X2, Norton Company had the following transactions: a. Cash dividends of 20,000 were paid....

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STATED VALUE, COMMON AND PREFERRED STOCK, AND NONCASH ASSETS Kris Kraft Stores had the following stock transactions during the year: (a) Issued 8,000 shares of no-par common stock with a stated value of 5 per share for 40,000 cash. (b) Issued 6,000 shares of no-par common stock with a stated value of 5 per share for 33,000 cash. (c) Issued 5,000 shares of no-par, 6% preferred stock with a stated value of 15 per share for 75,000 cash. (d) Issued 10,000 shares of 5 par common stock for land with a fair market value of 50,000. (e) Issued 20,000 shares of 5 par common stock with a 7 fair market value for a building with an uncertain fair market value. (f) Issued 8,000 shares of 50 par, 8% preferred stock for land with a fair market value of 405,000. REQUIRED Prepare general journal entries for these transactions, identifying each by letter.
STATED VALUE, COMMON AND PREFERRED STOCK, AND NONCASH ASSETS Dans Hobby Stores had the following stock transactions during the year: (a) Issued 5,000 shares of no-par common stock with a stated value of 10 per share for 50,000 cash. (b) Issued 6,000 shares of no-par common stock with a stated value of 10 per share for 63,000 cash. (c) Issued 3,500 shares of no-par, 6% preferred stock with a stated value of 22 per share for 77,000 cash. (d) Issued 10,000 shares of 10 par common stock for land with a fair market value of 100,000. (e) Issued 11,000 shares of 10 par common stock with an 11 fair market value for a building with an uncertain fair market value. (f) Issued 8,000 shares of 30 par, 6% preferred stock for land with a fair market value of 243,000. REQUIRED Prepare general journal entries for these transactions, identifying each by letter.
Alert Companys shareholders equity prior to any of the following events is as follows: The company is considering the following alternative items: 1. An 8% stock dividend on the common stock when it is selling for 30 per share. 2. A 30% stock dividend on the common stock when it is selling for 32 per share. 3. A special stock dividend to common shareholders consisting of 1 share of preferred stock for every 100 shares of common stock. The preferred stock and common stock are selling for 123 and 31 per share, respectively. 4. A 2-for-1 stock split on the common stock, reducing the par value to 5 per share (assume the same date for declaration and issuance). The market price is 30 per share on the common stock. 5. A property dividend to common shareholders consisting of 100 bonds issued by West Company. These bonds are carried on the Alert Company books as an available-for sale investment at a fair value of 48,000 (which is also its cost); it has a current value of 54,000. 6. A cash dividend, consisting of a normal dividend and a liquidating dividend, on both the preferred and the common stock. The 10% preferred dividend includes a 2% liquidating dividend, and the 2.30 per share common dividend includes a 0.30 per share liquidating dividend (separate liquidating dividend contra accounts should be used). Required: For each of the preceding alternative items: 1. Record (a) the journal entry at the date of declaration and (b) the journal entry at the date of issuance. 2. Compute the balances in the shareholders equity accounts immediately after the issuance (any gains or losses are to be reflected in the retained earnings balance; ignore income taxes).
Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.
During 20X2, Norton Company had the following transactions: a. Cash dividends of 20,000 were paid. b. Equipment was sold for 9,600. It had an original cost of 36,000 and a book value of 18,000. The loss is included in operating expenses. c. Land with a fair market value of 50,000 was acquired by issuing common stock with a par value of 12,000. d. One thousand shares of preferred stock (no par) were sold for 14 per share. Norton provided the following income statement (for 20X2) and comparative balance sheets: Required: Prepare a worksheet for Norton Company.
Treasury Stock, No Par Propst-Steele Production Corporations accounting records provide the following information: 1. Issued 5,000 shares of no-par common stock at 15 per share. 2. Issued an additional 5,000 shares of 110-par common stock at 17 per share. 3. Reacquired 500 shares of its no-par common stock at a cost of 12.50 per share. 4. Reissued 200 of its treasury shares at 14 per share. 5. Reissued the remaining treasury shares at 11 per share. Required: Prepare journal entries to account for the preceding stock transactions of Propst-Steele Production, assuming it uses the cost method for treasury stock.
During 20X2, Evans Company had the following transactions: a. Cash dividends of 6,000 were paid. b. Equipment was sold for 2,880. It had an original cost of 10,800 and a book value of 5,400. The loss is included in operating expenses. c. Land with a fair market value of 15,000 was acquired by issuing common stock with a par value of 3,600. d. One thousand shares of preferred stock (no par) were sold for 4.20 per share. Evans provided the following income statement (for 20X2) and comparative balance sheets: Required: Prepare a worksheet for Evans Company.
Presented below is information related to Hale Corporation: Share Capital- -Ordinary, $1 par Share premium- -Ordinary $4 300.000 550.000 Share Capital Preference 8 1/2%, $50 par 2,000,000 Share premium -Preference 400,000 Retained Earnings Treasury Shares Ordinary (at cost) 1,500,000 150,000 The total equity of Hale Corporation is Select one: a.$7,100,000. b.$7,250,000. C.$8,600,000. d. 8,750,000. .
Assume the capital structure of XYZ Company: Bonds payable, 10% . . . . . . . 500,000 Preferred stock, 8%, P100 par . . . . . . . . 100,000 Common stock, 100,000 shares. . . . . . . 400,000 Other data shows as follows: Sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . 800,000 Variable costs. . . . . . . . . . . . . . . . . . . . . . 362,500 Fixed Operating costs. . . . .. . . . . . . . . . . 187,500 Income tax rate . . . . . . . . . . . . . . . 30% Dividend growth rate . . . . . . . . . . . . . . . . 2% Current market price: Common stock. . . . . . . . . . . . . P5/share Preferred stock. . . . . . . . . . . . . P160/share Transaction costs: Common stock. . . . . . . . . . . . . . P1/share Preferred stock. . . . . . . . . . . . . . P 10/share Required: Compute the following: Net Income after tax DOL DFL DTL WACC
Presented below is information related to Hale Corporation: Share Capital- -Ordinary, $1 par 4 300,000 Share premium- -Ordinary 550.000 Share Capital Preference 8 1/2%, $50 par 2,000,000 Share premium -Preference 400,000 Retained Earnings 1,500,000 Treasury Shares Ordinary (at cost) 150,000 The total equity of Hale Corporation is Select one: a.$7,100,000. b.$7,250,000. C.$8,600,000. d.8,750,000. 2.Randall pic is a company that, during the year ended 31 December 2020, paid $25,000 debenture interest and paid an ordinary dividend of 8 pence per share on 1 million £1 ordinary shares. The retained profit for the year was $160,000. What was Randall pc's profit for the year? Select one: a.$215,000 b.$80,000 c.$240,000 d.$265,000
Assume the capital structure of XYZ Company: Bonds payable, 10% . . . . . . .500,000 Preferred stock, 8%, P100 par . . . . . . . . 100,000 Common stock, 100,000 shares. . . . . . .400,000 Other data shows as follows: Sales. . . . . . . . . . . . . . . . . . . . . . . . . . . .800,000 Variable costs. . . . . . . . . . . . . . . . . . . . ..362,500 Fixed Operating costs. . . . .. . . . . . . . . ..187,500 Income tax rate . . . . . . . . . . . . . . . 30% Dividend growth rate . . . . . . . . . . . . . . . . 2% Current market price: Common stock. . . . . . . . . . . . .P5/share Preferred stock. . . . . . . . . . . . .P160/share Transaction costs: Common stock. . . . . . . . . . . . . .P1/share Preferred stock. . . . . . . . . . . . . .P 10/share Compute WACC
Flagstad Inc. presented the following data. Net income $2,500,000 Preferred stock: 50,000 shares outstanding, $100 par, 8% cumulative, not convertible 5,000,000 Common stock: Shares outstanding 1/1 750,000 00Issued for cash, 5/1 300,000 00Acquired treasury stock for cash, 8/1 150,000 002-for-1 stock split, 10/1 Instructions Compute earnings per share.