Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Stockholders' Equity (January 1 Common stock-$5 par value, 100,000 shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Stockholders' Equity (January 1 Common stock-$5 par value, 100,000 shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $175,000 135,000 340,000 $650,809 Stockholders' Equity (December 31) Common stock-$5 par value, 100,000 shares authorized, 41,200 shares issued, 4,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($60,000 restricted by treasury stock) $206,000 178,400 400,000 784,400 (60,000) $724,400 Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. Jan. 5 Declared a $0.50 per share cash dividend, date of record January 10. Mar. 20 Purchased treasury stock for cash. Apr. 5 Declared a $0.50 per share cash dividend, date of record April 10. July 5 Declared a $0.50 per share cash dividend, date of record July 10. July 31 Declared a 20% stock dividend when the stock's market value was $12 per share. Aug. 14 Issued the stock dividend that was declared on July 31. Oct. 5 Declared a $0.50 per share cash dividend, date of record October 10. JULY 31 veclared a 20% stock dividend when the stock's market value was $12 per share. Aug. 14 Issued the stock dividend that was declared on July 31. Oct. 5 Declared a $0.50 per share cash dividend, date of record October 10. Problem 13-4A Part 1 Required: 1. How many common shares are outstanding on each cash dividend date? Apr. 5 July 5 Oct. 5 Outstanding common shares 10. ULUN SUUEK dividend when the stock's market value was $12 per share. Aug. 14 Issued the stock dividend that was declared on July 31. Oct. 5 Declared a $0.50 per share cash dividend, date of record October 10. Problem 13-4A Part 2 2. What is the total dollar amount for each of the four cash dividends? Jan. 5 Apr. 5 July 5 Oct. 5 Cash dividend amounts of 11 $724,460 The following transactions and events affected its equity during the year. Jan. 5 Declared a $0.50 per share cash dividend, date of record January 10. Mar. 20 Purchased treasury stock for cash. Apr. 5 Declared a $0.50 per share cash dividend, date of record April 10. July 5 Declared a $8.50 per share cash dividend, date of record July 10. July 31 Declared a 20% stock dividend when the stock's market value was $12 per share. Aug. 14 Issued the stock dividend that was declared on July 31. Oct. 5 Declared a $0.58 per share cash dividend, date of record October 10. Issued the stocksuck dividend when wend, date of rece Problem 13-4A Part 3 3. What is the amount of retained earnings transferred to paid-in capital accounts (capitalized) for the stock dividend? Capitalization amount e Lash dividend, date of record April 10. July 5 Declared a $8.50 per share cash dividend, date of record July 10. July 31 Declared a 20% stock dividend when the stock's market value was $12 per share. Aug. 14 Issued the stock dividend that was declared on July 31. Oct. 5 Declared a $8.50 per share cash dividend, date of record October 10. Problem 13-4A Part 4 4. What is the per share cost of the treasury stock purchased? (Round your answer to 2 decimal places.) Cost per share record April 10. - Per Share cash dividend, date of record July 10. July 31 Declared a 20% stock dividend when the stock's market value was $12 Aug. 14 Issued the stock dividend that was declared on July 31. Oct. 5 Declared a $0.50 per share cash dividend, date of record October 10 Problem 13-4A Part 5 5. How much net income did the company earn this year? Net income of 11 NE

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

Financial Accounting In An Economic Context

Authors: Jamie Pratt

3rd Edition

0538855843, 978-0538855846

More Books

Students also viewed these Accounting questions

Question

Do teachers across cultures differ in immediacy? Explain.

Answered: 1 week ago