The stockholders equity of Bowling Green Uniforms as of December 31, 2018 and 2017, follows: Requirements 1.

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The stockholders’ equity of Bowling Green Uniforms as of December 31, 2018 and 2017, follows:

2018 2017 Common stock, 1,700,000 shares authorized, 850,000 and 650,000 shares issued, respectively Paid-in capital in


Requirements

1. What is the par value of the common stock?

2. How many shares of common stock were outstanding at the end of 2018?

3. As of December 31, 2018, what was the average price that stockholders paid for all common stock when issued?

4. Prepare a summary journal entry to record the change in common stock during the year.

5. What was the average price that stockholders paid for the common stock issued in 2018?

6. What was the average price paid by Bowling Green Uniforms for the treasury stock at December 31, 2018?

7. Prepare a summary journal entry to record the change in treasury stock during the year.

8. Assuming net income for 2018 was $13,000,000, prepare a summary journal entry to record the dividends declared during 2018.

Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...
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Financial Accounting

ISBN: 978-0134725987

12th edition

Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.

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