Question
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, 370,000. Shares issued, ? ; issue price $17 per share; cash collected in full, $2,210,000. Shares held as treasury stock, 4,000 shares, cost $16 per share. Net income, $259,560. Dividends declared and paid, $148,680. Retained earnings balance, January 1, 2014, $725,000. The treasury stock was acquired after a stock split was issued. Required: 1. Complete the following tabulation: 2. Calculate the balance in the capital in excess of par? 3. Calculate the earnings per share? (Round your answer to 2 decimal places.) 4. Calculate the dividend paid per share of common stock? (Round your answer to 2 decimal places.) 5. Under what section should treasury stock be reported on the balance sheet? Also at what amount should it be shown? 6. 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?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started