1.
2.
3.
4.
I HAVE MISSING WORK ASKING FOR HELP. Thanks in Ad
The following information was extracted from the records of TAC Corporation at the end of the fiscal year after all adjusting entries were completed: Required 1. Prepare the stockholders' equity section of the balance sheet at the end of the fiscal year. Note: Amounts to be deducted should be indicated by a minus sign. At the end of the year, the records of Kwan Corporation provided the following selected and incomplete data: Common stock (\$10 par value); no changes in account during the year. Shares authorized: 350,000 . Shares issued: (all shares were issued at $20 per share; $2,200,000 total cash collected). Treasury stock: 6,000 shares (repurchased at $16 per share). The treasury stock was acquired after a stock split was announced. Net income: $212,160. Dividends declared and paid: $120,640. Retained earnings beginning balance: $705,000. Required: 1. Determine the following tabulation: a. The number of authorized shares. b. The number of issued shares. c. The number of outstanding shares. 2. Calculate the balance in the Additional paid-in capital account. 3. What is earnings per share (EPS)? 4. What was the dividend paid per share? 5. In what section of the balance sheet should treasury stock be reported? What is the amount of treasury stock that should be reported? 6. Assume that the board of directors voted a 2-for-1 stock split. After the stock split, what will be the par value per share? How many shares will be outstanding? 7. Assuming the stock split mentioned above, prepare any journal entry that should be made. 8. Disregard the stock split (assumed above). Assume instead that a 10 percent stock dividend was declared before any treasury stock was acquired. The market price of the common stock at the time the dividend was declared was $21. Prepare any journal entry that should be made. Complete this question by entering your answers in the tabs below. 7. Assuming the stock split mentioned above, prepare any journal entry that should be made. 8. Disregard the stock split (assumed above). Assume instead that a 10 percent stock dividend was declared before any treasury stock was acquired. The market price of the common stock at the time the dividend was declared was $21. Prepare any journal entry that should be made. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. The board of directors is considering the distribution of a cash dividend to the two groups of stockholders. No dividends were declared during the previous two years. Assume the three cases below are independent of each other. Case A: The preferred stock is noncumulative; the total amount of all dividends is $37,000. Case B: The preferred stock is cumulative; the total amount of all dividends is $41,400. Case C: The preferred stock is cumulative; the total amount of all dividends is $91,200. Required: 1. Compute the amount of dividends, in total and per share, that would be payable to each class of stockholders for each case. 2. Assume Chicago Company issued a 30 percent common stock dividend on the outstanding shares when the market value pe share was $36. Fill in the table below to show how the stock dividend and Case C would affect Total Assets, Liabilities, and Stockholders' equity. Complete this question by entering your answers in the tabs below. Compute the amount of dividends, in total and per share, that would be payable to each class of stockholders for each case. Note: Round "Dividends per Share" to 2 decimal places. Cauce Corporation is preparing its year-end balance sheet. The company records show the following selected amounts at the end of the year: 1-a. What is the amount of current liabilities? 1-b. Compute working capital. 2. Would your computation be different if the company reported $340,000 worth of contingent liabilities in the notes to its financial statements? Complete this question by entering your answers in the tabs below. What is the amount of current liabilities
