GB 112/212 MANAGERIAL ACC. W/ACCESS >C<
17th Edition
ISBN: 9781260218831
Author: Libby
Publisher: MCG CUSTOM
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 11, Problem 11.2ME
Computing the Number of Unissued Shares
The
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
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 share
The balance sheet for Ronlad Corporation reported 188,000 shares outstanding, 272,000 shares authorized, and 17,000 shares of
treasury stock.
How many shares have been issued?
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 ?
Chapter 11 Solutions
GB 112/212 MANAGERIAL ACC. W/ACCESS >C<
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
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Calculating the Number of Shares Issued Chester Inc. issued shares of its $3.85 par value common stock for $16.50 per share. In recording the issuance of the stock, Chester credited the Additional Paid-In Capital-Common Stock account for $1,062,600. Required: How many shares were issued? sharesarrow_forwardIdentifying and Analyzing Financial Statement Effects of Stock Transactions (FSET) Lipe Company reports the following transactions relating to its stock accounts. Feb. 20 Issued 16,800 shares of $1 par value common stock at $25 cash per share. Feb. 21 Issued 25,200 shares of $100 par value, 8% preferred stock at $250 cash per share.. Jun. 30 Purchased 3,360 shares of its own common stock at $15 cash per share. Sep. 25 Sold 1,680 shares of the treasury stock at $21 cash per share. Using the financial statement effects template, illustrate the effects of these transactions. NOTE: Use negative signs with your answers, when appropriate. NOTE: Select "N/A" as your answer if a part of the accounting equation is not affected. Transaction Issuance of common stock. Issuance of preferred stock. Purchase of treasury stock. Sale of treasury stock. Check Cash Cash Cash Cash Cash Asset 420,000 + ✓N/A 6,300,000 ✓ # ✓N/A (50,400)✓ 35,280 + ✓ ✔ N/A Noncash Assets 0 + 0✔ + 0✔ + = ✔ N/A N/A Liabilities…arrow_forwardThe following data was reported by ABC Company Authorized shares: 50,000 Issued shares: 35,000 Treasury shares: 7,500 How many shares are outstanding?arrow_forward
- 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. What is the date? What is the account title or explanation ? What is debit or credited ?arrow_forwardBrewer, 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_forward
- Using 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_forwardPrepare the journal entry to record Jevonte Company’s issuance of 36,000 shares of its common stock assuming the shares have a a. $2 par value and sell for $18 cash per share. b. $2 stated value and sell for $18 cash per share.arrow_forward3. 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_forward
- Prepare the journal entry to record Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for: a. $5 cash per share. b. $6 cash per share. View transaction list Journal entry worksheet 1 > Record the issuance of 75,000 shares of $5 par value common stock assuming the shares sell for $5 cash per share. Note: Enter debits before credits. 3/ F6 F7 F8 F9 F10arrow_forwardPrepare the journal entry to record Jevonte Company's issuance of 36,000 shares of its common stock assuming the shares have a: a. $4 par value and sell for $14 cash per share. b. $4 stated value and sell for $14 cash per share. View transaction list Journal entry worksheet 1 Record the issuance of 36,000 shares of common stock assuming the shares have a $4 par value and sell for $14 cash per share. 2 Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journalarrow_forwardUsing 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_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Earnings per share (EPS), basic and diluted; Author: Bionic Turtle;https://www.youtube.com/watch?v=i2IJTpvZmH4;License: Standard Youtube License