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Waveside Pool Supply has 16,000 shares of $3 par common stock outstanding. Waveside distributes a 10% stock dividend when the market value of its stock is $15 per share. Requirements R1. Journalize Waveside's distribution of the stock dividend on July 31. An explanation is not required. R2. What is the overall effect of the stock dividend on Waveside's total assets? R3. What is the overall effect on total stockholders' equity? 2. Compare and contrast the accounting for cash dividends and stock dividends. Requirements R1. In the space provided, insert either \"Cash dividends,\" \"Stock dividends,\" or \"Both cash dividends and stock dividends\" to complete each of the following statements: a. ____________ decrease Retained earnings. b. ____________ has(have) no effect on a liability. c. ____________ increase paid-in capital by the same amount that they decrease Retained earnings. d. ____________ decrease both total assets and total stockholders' equity, resulting in a decrease in the size of the company. 3. Dcor City Imports recently reported the following stockholders' equity (adapted and in millions except par value per share): Suppose Dcor City split its common stock 2 for 1 in order to decrease the market price of its stock. The company's stock was trading at $17 immediately before the split. Requirements R1. Prepare the stockholders' equity section of Dcor City Imports' balance sheet after the stock split. R2. Were the account balances changed or unchanged after the stock split? 4. Bargain Central Furniture, Inc., completed the following treasury stock transactions: Requirements R1. Journalize these transactions. Explanations are not required. R2. Show how Bargain Central will report treasury stock on its December 31, 2010 balance sheet after completing the two transactions. In reporting the treasury stock, report only on the Treasury Stock account. You may ignore all other accounts. 5. AD Corporation reported the following stockholders' equity: Requirements R1. AD Corporation's agreement with its bank lender restricts AD's dividend payments for the cost of treasury stock the company holds. How much in dividends can AD declare? R2. Why would a bank lender restrict a corporation's dividend payments and treasury stock purchases? 6. Consider the simple income statement and the more complex income statement discussed in this chapter. Requirement R1. List the major parts of a complex corporate income statement for WRS Athletic Clubs, Inc., for the year ended December 31, 2011. Include all the major parts of the income statement, starting with net sales revenue and ending with net income (net loss). You may ignore dollar amounts and earnings per share. 7. Consider a corporate income statement. Requirements R1. R2. R3. R4. R5. How do you measure gross profit? What is the title of those items that are both unusual and infrequent? Which income number is the best predictor of future net income? What is the \"bottom line\"? What does EPS abbreviate? . OLP Corporation's accounting records include the following items, listed in no particular order, at December 31, 2012: Income tax of 40% applies to all items. Requirement Prepare OLP 's income statement for the year ended December 31, 2012. Omit earnings per share. 9. Return to the OLP data in Short Exercise 12-8. OLP had 10,000 shares of common stock outstanding during 2012. OLP declared and paid preferred dividends of $1,000 during 2012. Requirement Show how OLP reported EPS data on its 2012 income statement. 10. Wells-Carolina, Inc., has preferred stock outstanding. Requirements R1. Give the basic equation to compute earnings per share of common stock for net income. R2. List all the income items for which Wells-Carolina must report EPS data. 11. Use the OLP data in exercise 8. In addition, OLP had unrealized gains of $4,500 on investments during 2012. R1. Start with OLP's net income from Short Exercise 12-8 and show how the company could report other comprehensive income on its 2012 income statement. R2. Should OLP report earnings per share for other comprehensive income? 12. Real Statistical Research, Inc., (RSRI) ended 2010 with retained earnings of $72,000. During 2011 RSRI earned net income of $85,000 and declared dividends of $25,000. Also during 2011, RSRI got a $22,000 tax refund from the Internal Revenue Service. A tax audit revealed that RSRI paid too much income tax back in 2009. Requirement Prepare Real Statistical Research's statement of retained earnings for the year ended December 31, 2011, to report the prior-period adjustment. 13. The stockholders' equity of Seabury Occupational Therapy, Inc., on December 31, 2009, follows: On April 30, 2010, the market price of Seabury's common stock was $17 per share and the company distributed a 10% stock dividend. Requirements R1. Journalize the distribution of the stock dividend. R2. Prepare the stockholders' equity section of the balance sheet after the stock dividend. 14. Frontier Amusements Corporation had the following stockholders' equity on November 30: On December 30, Frontier purchased 125 shares of treasury stock at $12 per share. Requirements R1. Journalize the purchase of the treasury stock. R2. Prepare the stockholders' equity section of the balance sheet at December 31. R3. How many shares of common stock are outstanding after the purchase of treasury stock? 15. Airborne Manufacturing, Co., completed the following transactions during 2009: Requirement Record the transactions in Airborne's general journal. 16. The capital structure of Rodeswell, Inc., at December 31, 2010, included 30,000 shares of $2.00 preferred stock and 40,000 shares of common stock. Common stock outstanding during 2011 totaled 40,000 shares. Income from continuing operations during 2011 was $104,000. The company discontinued a segment of the business at a gain of $20,000, and also had an extraordinary gain of $10,000. The Rodeswell board of directors restricts $98,000 of retained earnings for contingencies. Retained earnings at December 31, 2010, was $98,000 and the company declared preferred dividends of $60,000 during 2011. Requirements R1. Compute Rodeswell's earnings per share for 2011. Start with income from continuing operations. All income and loss amounts are net of income tax. R2. Show two ways of reporting Rodeswell's retained earnings restriction. Financial Statement Case Use the 2009 Amazon.com Financial Statements handout to answer the following questions. Requirements R1. Show how Amazon.com computed basic earnings per share of $2.08 for 2009. (Ignore diluted earnings per share of $2.04.) R2. Prepare a T-account to show the beginning and ending balances and all activity in Retained earnings (Accumulated Deficit) for 2009. R3. How much in cash dividends did Amazon.com pay out during 2009? Explain your answer. R4. How much treasury stock did Amazon.com have at December 31, 2009? Explain