Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At December 3 1 , the records of Kozmetsky Corporation provided the following selected and incomplete data: Common stock ( par $ 2 ; no

At December 31, the records of Kozmetsky Corporation provided the following selected and incomplete data:
Common stock (par $2; no changes during the current year).
Shares authorized, 5,000,000.
Shares issued, ?; issue price $9 per share.
Shares held as treasury stock, 11,600 shares, cost $7 per share.
Net income for the current year, $410,720.
Common Stock account, $144,000.
Dividends declared and paid during the current year, $2 per share.
Retained Earnings balance, beginning of year, $740,000.
Required:
Complete the following: (Round "Earnings per share" to 2 decimal places.)
\table[[1-a. Shares issued,],[1-b. Shares outstanding,2. The balance in Additional Paid-in Capital would be],[3. Earnings per share is,],[4. Total dividends paid on common stock during the current year is,],[5. Treasury stock should be reported in the stockholders' equity section of the balance sheet in the amount of,],[6. Assume that the board of directors voted a 2-for-1 stock split. After the stock split, the par value per share will be,]]
image text in transcribed

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

Intermediate Accounting

Authors: kieso, weygandt and warfield.

14th Edition

9780470587232, 470587288, 470587237, 978-0470587287

More Books

Students also viewed these Accounting questions