Homework Answers
Shares outstanding =Total shares issued-shares reacquired
Shares outstanding =15000+18000-3000
Shares outstanding =30000
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Question 5 3 pts Corporation is authorized to issue 50,000 shares of stock. On April 1st...
Hurdle Corporation is authorized to issue 200,000 shares of common stock. In its only issuance to...
Hurdle Corporation is authorized to issue 200,000 shares of common stock. In its only issuance to date, Hurdle sold 50,000 shares. A few months later, Hurdle reacquired 5,000 of those issued shares with the intention of reissuing them all later. By the end of this year, Hurdle had reissued just 2,000 of the reacquired shares. The board of directors declared a 40-cent dividend at the end of the year. How many shares will receive a dividend? 200,000 50,000 45,000 47,000...
Vaden Corporation is authorized to issue 50,000 shares of $3 par value common stock. During 2019,...
Vaden Corporation is authorized to issue 50,000 shares of $3 par value common stock. During 2019, Vaden engaged in the following transactions: 3/1/19 Issued 3,000 shares of stock to attorneys in payment of a bill for $40,000 for services rendered in helping the company to incorporate. 5/1/19 Issued 7,000 shares of stock at $20 per share. 7/1/19 Issued 10,000 shares of stock for land. The asking price of the land was $200,000. The fair market value of the land was...
(stock issuances and repurchase) Lindsey Hunter Corporation is authorized to issue 50,000 shares of $5 par...
(stock issuances and repurchase) Lindsey Hunter Corporation is authorized to issue 50,000 shares of $5 par value common stock. During 2017, Lindsey Hunter took part in the following selected transactions. 1) issued 5,000 shares of stock at $45 per share, less costs related to the issuance of the stock totaling $7,000 2) issued 1,000 shares of stock for land appraised at $50,000. The stock was actively traded on a national stock exchange at approximately $46 per share on the date...
E7-1 Suppose a company had 100,000 shares authorized, 60,000 shares issued, and no shares in treasury...
E7-1 Suppose a company had 100,000 shares authorized, 60,000 shares issued, and no shares in treasury as of January 1st. If the company had the stock transactions indicated below during the year, how many shares would be outstanding as of December 31st? • February 15th - repurchased 2,000 shares for treasury April 30th - declared a 20% stock dividend • July 1st - repurchased another 1,000 shares for treasury September 30th - declared a 3-for-1 stock split
E15-6 (Stock Issuances and Repurchase) Lindsey Hunter Corporation is authorized to issue 50,000 shares of $5...
E15-6 (Stock Issuances and Repurchase) Lindsey Hunter Corporation is authorized to issue 50,000 shares of $5 par value common stock. During 2014, Lindsey Hunter took part in the following selected transactions. 1. Issued 5,000 shares of stock at $45 per share, less costs related to the issuance of the stock totaling $7,000. 2. Issued 1,000 shares of stock for land appraised at $50,000. The stock was actively traded on a national stock exchange at approximately $46 per share on the...
D. Duck Company was authorized to issue 100,000 shares of $6-par value common stock and 80,000 shares of...
D. Duck Company was authorized to issue 100,000 shares of $6-par value common stock and 80,000 shares of $90-par value preferred stock. Give the general journal entry required in the attached workpaper to record the issue of 50,000 shares of common stock for $18 per share cash. D. Duck Company was authorized to issue 100,000 shares of $6-par value common stock and 80,000 shares of $90-par value preferred stock. Give the general journal entry required in the attached workpaper to...
34. Which of the following represents the total number of shares that a corporation may issue...
34. Which of the following represents the total number of shares that a corporation may issue under the terms of its charter? A) Authorized shares B) Issued shares C) Unissued shares D) Outstanding shares 35. The stockholders' equity section of Gunkel Corporation as of December 31, 2017, was as follows: Common stock, par value $2, authorized 20,000 shares; issued and outstanding 10,000 shares $ 20,000 Paid-in capital in excess of par 30,000 Retained earnings 85,000 $135,000 On March 1, 2018,...
3. Sweet Sixteen has two classes of stock authorized: $100 par value preferred and $1 par...
3. Sweet Sixteen has two classes of stock authorized: $100 par value preferred and $1 par value common. As of the beginning of 2018, 1,000 shares of preferred stock have been issued and 20,000 shares of common stock have been issued. The following transactions affect stockholders' equity during 2018: March 1 Issue 3,000 additional shares of common stock for $22 per share. April 1 Issue 5,000 additional shares of preferred stock for $110 per share. June 1 Declare a...
Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 340,000 shares...
Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 340,000 shares of $8 par common stock and 30,000 shares of 4 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Inc.: 1. Issued 18,000 shares of common stock for $13 per share. 2. Issued 7,000 shares of the class A preferred stock for $30 per share. 3. Issued 47,000...
On January 1, 2018, Windsor Corporation was authorized to issue 400,000 shares of common stock, par...
On January 1, 2018, Windsor Corporation was authorized to issue 400,000 shares of common stock, par value $12 per share, and 80,000 shares of 5 percent cumulative preferred stock, par value $25 per share. The preferred dividends are 2 years in arrears. Prepare Journal Entries to record the following 2018 transactions: 1. Windsor Corporation was granted a charter authorizing the issuance of 400,000 shares of common stock. 2. Issued 80,000 shares of common stock at $19 per share. 3. Issued...
Vaden Corporation is authorized to issue 50,000 shares of $3 par value common stock. During 2019, Vaden engaged in the following transactions: 3/1/19 Issued 3,000 shares of stock to attorneys in payment of a bill for $40,000 for services rendered in helping the company to incorporate. 5/1/19 Issued 7,000 shares of stock at $20 per share. 7/1/19 Issued 10,000 shares of stock for land. The asking price of the land was $200,000. The fair market value of the land was...
E7-1 Suppose a company had 100,000 shares authorized, 60,000 shares issued, and no shares in treasury as of January 1st. If the company had the stock transactions indicated below during the year, how many shares would be outstanding as of December 31st? • February 15th - repurchased 2,000 shares for treasury April 30th - declared a 20% stock dividend • July 1st - repurchased another 1,000 shares for treasury September 30th - declared a 3-for-1 stock split
D. Duck Company was authorized to issue 100,000 shares of $6-par value common stock and 80,000 shares of $90-par value preferred stock. Give the general journal entry required in the attached workpaper to record the issue of 50,000 shares of common stock for $18 per share cash. D. Duck Company was authorized to issue 100,000 shares of $6-par value common stock and 80,000 shares of $90-par value preferred stock. Give the general journal entry required in the attached workpaper to...
34. Which of the following represents the total number of shares that a corporation may issue under the terms of its charter? A) Authorized shares B) Issued shares C) Unissued shares D) Outstanding shares 35. The stockholders' equity section of Gunkel Corporation as of December 31, 2017, was as follows: Common stock, par value $2, authorized 20,000 shares; issued and outstanding 10,000 shares $ 20,000 Paid-in capital in excess of par 30,000 Retained earnings 85,000 $135,000 On March 1, 2018,...
Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 340,000 shares of $8 par common stock and 30,000 shares of 4 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Inc.: 1. Issued 18,000 shares of common stock for $13 per share. 2. Issued 7,000 shares of the class A preferred stock for $30 per share. 3. Issued 47,000...
On January 1, 2018, Windsor Corporation was authorized to issue 400,000 shares of common stock, par value $12 per share, and 80,000 shares of 5 percent cumulative preferred stock, par value $25 per share. The preferred dividends are 2 years in arrears. Prepare Journal Entries to record the following 2018 transactions: 1. Windsor Corporation was granted a charter authorizing the issuance of 400,000 shares of common stock. 2. Issued 80,000 shares of common stock at $19 per share. 3. Issued...
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