Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

P11-1 (Algo) Finding Missing Amounts LO 11-1, 11-2, 11-3, 11-4, 11-6 At the end of the year, the records of NCIS Corporation provided the following

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

P11-1 (Algo) Finding Missing Amounts LO 11-1, 11-2, 11-3, 11-4, 11-6 At the end of the year, the records of NCIS Corporation provided the following selected and incomplete data: Common stock ($10 par value); no changes in account during the year. Shares authorized: 330,000. Shares issued: (all shares were issued at $15 per share; $2,190,000 total cash collected). Treasury stock: 4,000 shares (repurchased at $20 per share). The treasury stock was acquired after a stock split was announced. Net income: $286,840. Dividends declared and paid: $161,880. Retained earnings beginning balance: $685,000. Required: 1. Complete the following tabulation: 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 (after treasury stock repurchase) when the market price of the common stock was $21. Prepare any journal entry that should be made. Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 4 Req 5 and 6 Req 7 and 8 Complete this question by entering your answers in the tabs below. Reg 1 Req 2 to 4 Req 5 and 6 Req 7 and 8 Complete the following tabulation: Shares authorized Shares issued 333,000 146,000 187,000 Shares outstanding Reg 1 Req 2 to 4 2. Calculate the balance in the Additional paid-in capital account. 3. Calculate the earnings per share (EPS). (Round your answer to 2 decimal places.) 4. Calculate the dividend paid per share. (Round your answer to 2 decimal places.) 2. 3. Additional paid-in capital Earnings per share Dividend per share 4. Record entry for stock split. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal

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

Energy Audit And Management Concept Methodologies Procedures And Case Studies

Authors: L. Ashok Kumar, Gokul Ganesan

1st Edition

978-1032067797

More Books

Students also viewed these Accounting questions