Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Additional practice questions with no answer key. I want to compare my answers and work, please show answer and work. Each of the following three

Additional practice questions with no answer key. I want to compare my answers and work, please show answer and work.

image text in transcribedimage text in transcribedimage text in transcribed
Each of the following three (3) situations are independent of each other. 1. On January 1, 2020, Dunder Mifin Corp, a publicly traded company, had these shareholders' equity accounts: Common shares (Unlimited number of shares authorized, 15,000 issued) $600,000 Contributed surplus $25,000 Retained earnings $200,000 On February 1 the company reacquired and retired 1,000 common shares for $7100 per share. The stock's market price was $73.00. Calculate the balance in number of common shares, dollars of common shares, dollars of contributed surplus and dollars of retained earnings after the above transactions at February 1\Ignoring part 1, On January 1, 2020, Dunder Milin Corp, a publicly traded company, had these shareholders' equity accounts: Common shares (Unlimited number of shares authorized, 15,000 issued) $600,000 Contributed surplus $25,000 Retained earnings $200,000 On February 1 the company declared a 5% stock dividend to common shareholders. The stock's market price was $90.00. February 15m is the date of record and March I\" is the date of payment. On February 15ttl the stock's market price was $95.00 and on March 15' the stock's market price was $98.00. Calculate the balance in number of common shares, dollars of common shares, dollars of contributed surplus and dollars of retained earnings after the above transactions at March 15', 2020, after the stock dividend payment. January 1, 2020 March 1, 2020 Number of common shares 15,000 Common shares $600,000 Contributed surplus $25,000 Retained earnings $200,000 Ignoring parts 1&2, On January 1, 2020, Dunder Mifin Corp, a publicly traded company, had these shareholders' equity accounts: Common shares (Unlimited number of shares authorized, 15,000 issued) $600,000 Contributed surplus $25,000 Retained earnings $200,000 On February 1 the company declared a 5 for 1 stock split to common shareholders. The stock's market price was $100.00. February 15th is the date of record and March lSt is the date of payment. On February 15ttl the stock's market price was $100.00 and on March lEa the stock's market price was $25.00. Calculate the balance in number of common shares, dollars of common shares, dollars of contributed surplus and dollars of retained earnings aer the above transactions at March 15', 2020, after the stock split. January 1, 2020 March 1, 2020 Number of common shares 15,000 Common shares $600,000 ContIibuted surplus $25,000 Retained earnings $200,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Accounting

Authors: Jill Collis, Andrew Holt, Roger Hussey

3rd Edition

113752149X, 9781137521491

More Books

Students also viewed these Accounting questions

Question

=+What are the actions in this decision process?

Answered: 1 week ago