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At December 31, 2014, the records of NCIS Corporation provided the following selected and incomplete data: Common stock (par $10; no changes during the year).
At December 31, 2014, the records of NCIS Corporation provided the following selected and incomplete data:
Common stock (par $10; no changes during the year).
Shares authorized, 400,000.
Shares issued, ? ; issue price $15 per share; cash collected in full, $2,130,000.
Shares held as treasury stock, 7,000 shares, cost $14 per share.
Net income, $282,150.
Dividends declared and paid, $163,350.
Retained earnings balance, January 1, 2014, $755,000.
- Calculate the balance in the capital in excess of par?
- Calculate the earnings per share? (Round your answer to 2 decimal places.)
- Calculate the dividend paid per share of common stock? (Round your answer to 2 decimal places.)
- Under what section should treasury stock be reported on the balance sheet? Also at what amount should it be shown?
- Assume that the board of directors voted a 100 percent stock split (the number of shares will double). After the stock split, calculate the par value per share and the number of outstanding shares?
- Assuming the stock split mentioned above, prepare any journal entry that should be made? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
- Disregard the stock split (assumed above). Assume instead that a 10 percent stock dividend was declared and issued when the market price of the common stock was $22. Prepare any journal entry that should be made. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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