Working:
Number of shares issued and outstanding at beginning =Capital in excess of par value / per share value
= 60000 /2
= 30000 shares
Par value of shares at beginning of year= 30000*1 =30000
Number of shares issued at year end :
Beginning | 30000 |
Stock dividend issued [30000*100%] | 30000 |
Total shares issued at year end | 60000 |
1) | common stock,par $1 authorized shares 100000 shares ,issued 60000 shares | 2) 60000*1 | 60000 |
capital in excess of par value | 3) | 60000 | |
Total contributed capital | 4) | 120000 | |
Retained earning | 5) | 90000 | |
6) | Treasury stock ,1000 shares | 7) | 8000 |
Total stockholders equity | 8) 4+5-7 | 202000 |
Retained earning at year end =Beginning+ net income -stock dividend -cash dividend
= 140000 + 25000 - 60000 - 15000
= 90000
In case of large stock dividend ,Retained earning is debited and common stock is credited with par value of stock dividend issued.
2. On January 1, 2010, the accounts of Mac Corporation showed the following: Common stock, par...
2. On January 1, 2010, the accounts of Mac Corporation
showed the following:
Common stock, par $1, authorized 100,000 shares Capital in excess of par value ($2 per share) Retained earnings 60,000 140,000 During 2010, the following transactions occurred affecting stockholders' equity (in the order given): C. D. Issued a 100% stock dividend when the market price was at $5 per share. Purchased treasury stock, 1,000 shares at a total cost of $8,000. Declared and paid cash dividends, $15,000. Net...
Part I. Journal Entries and Calculations 1. Survivor Company was formed on January 1, 2010 by selling and issuing 20,000 shares of common stock at $15 per share. On December 1, 2010, the company declared a cash dividend of $10,000 which will be paid in cash on January 15, 2011. Requirements: A. Prepare the journal entry to record the sale and issuance of the common stock on January 1, 2010 under each of the following independent assumptions: 1. The common...
The following information pertains to Ming Corp. at January 1, 2018: Common stock, $8 par, 44,000 shares authorized, 2,500 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $ 20,000 127,300 127,300 Ming Corp. completed the following transactions during 2018: 1. Issued 2300 shares of $8 par common stock for $13 per share. 2. Repurchased 1,800 shares of its own common stock for $16 per sha 3. Resold 1,080 shares of treasury stock at $18...
The following information pertains to Ming Corp. at January 1, 2018: Common stock, $8 par, 60,000 shares authorized, 3,400 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $ 27,200 107,100 107,100 Ming Corp. completed the following transactions during 2018: 1. Issued 2300 shares of $8 par common stock for $13 per share. 2. Repurchased 1,200 shares of its own common stock for $16 per share. 3. Resold 720 shares of treasury stock at $18...
The following information pertains to JAE Corp. at January 1, Year 1 Common stock, $9 par, 11,000 shares authorized, 2,280 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $19,800 15,900 58,800 JAE Corp. completed the following transactions during Year 1: 1. Issued 800 shares of $9 par common stock for $30 per share. 2. Repurchased 180 shares of its own common stock for $27 per share. 3. Resold 50 shares of treasury stock for...
The following information pertains to Ming Corp. at January 1, 2018: Common stock, $12 par, 47,000 shares authorized, 3,300 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $39,600 89,700 89,700 Ming Corp. completed the following transactions during 2018: 1. Issued 2500 shares of $12 par common stock for $17 per share. 2. Repurchased 1,200 shares of its own common stock for $20 per sha 3. Resold 720 shares of treasury stock at $22 per...
Common Stock, $1 par (2,700,000
shares authorized, 705,000 shares issued and outstanding)
$705,000
Paid-in Capital in Excess of Par
Value
1,430,000
Retained Earnings
684,000
Accumulated Other Comprehensive Income
47,000
During 2022, the following transactions and events
occurred.
1.
Issued 45,500 shares of $1 par
value common stock for $2 per share.
2.
Issued 60,500 shares of common
stock for cash at $5 per share.
3.
Purchased 23,700 shares of common
stock for the treasury at $3.30 per share.
4.
Declared...
The following information pertains to JAE Corp. at January 1,
2018:
Common stock, $8 par, 10,000 shares authorized, 2,000 shares
issued and outstanding
$
16,000
Paid-in capital in excess of par, common stock
13,200
Retained earnings
60,800
JAE Corp. completed the following transactions during 2018:
Issued 850 shares of $8 par common stock for $27 per
share.
Repurchased 250 shares of its own common stock for $24 per
share.
Resold 50 shares of treasury stock for $25 per share.
Required:...
The following information pertains to JAE Corp. at January 1, 2018: Common stock, $10 par, 20,000 shares authorized, 2,000 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $20,000 15,000 82,000 JAE Corp. completed the following transactions during 2018: 1. Issued 3,000 shares of $10 par common stock for $25 per share. 2. Repurchased 500 shares of its own common stock for $26 per share. 3. Resold 200 shares of treasury stock for $30 per...
The following information pertains to JAE Corp. at January 1, 2018: Common stock, $ 9 par, 15,000 shares authorized, 3,000 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $ 27,000 15,800 51,100 JAE Corp. completed the following transactions during 2018: 1. Issued 900 shares of $9 par common stock for $30 per share 2. Repurchased 160 shares of its own common stock for $27 per share. 3. Resold 50 shares of treasury stock for...