Homework Answers
| Since after split it got 2 for 1 | |||||
| the par value will be | |||||
| $10/2 | |||||
| $5 | |||||
| answer) | it is reduced to $5 per share | ||||
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RESOURCES er 13 and Question 10 Paiva Corporation splits its common stock 2 for 1, when...
10. Stock dividends and stock splits Companies sometimes consider stock splits to bring down the price so that the stoc...
10. Stock dividends and stock splits Companies sometimes consider stock splits to bring down the price so that the stock attracts more purchases. Consider the following case: Mainway Toy Company currently has 30,000 shares of common stock outstanding. Its management believes that its current stock price of $95 per share is too high. The company is planning to conduct stock splits in the ratio of 4 for 1 as described in the animation. 4 for 1 Stock split announcement r...
1. Swifty Corporation issued 309 shares of $10 par value common stock and 141 shares of...
1. Swifty Corporation issued 309 shares of $10 par value common stock and 141 shares of $50 par value preferred stock for a lump sum of $18,252. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share. Prepare the journal entry to record the issuance 2. Oriole Corporation issued 530 shares of $100 par value preferred stock for $64,400. Prepare Oriole’s journal entry. 3. The common stock...
Forward Stock Split On March 1 of the current year, Center Corporation has 500,000 shares of...
Forward Stock Split On March 1 of the current year, Center Corporation has 500,000 shares of $10 par value common stock that are issued and outstanding. The general ledger shows the following account balances relating to the common stock: Common stock $5,000,000 Paid-in capital in excess of par value 3,500,000 On March 2, Center Corporation splits its stock 2-for-1 and reduces the par value to $5 per share. a. How many shares of common stock are issued and outstanding immediately...
Forward Stock Split On March 1 of the current year, Center Corporation has 500,000 shares of...
Forward Stock Split On March 1 of the current year, Center Corporation has 500,000 shares of $10 par value common stock that are issued and outstanding. The general ledger shows the following account balances relating to the common stock: Common stock Paid-in capital in excess of par value $5,000,000 3,500,000 On March 2, Center Corporation splits its stock 2-for-1 and reduces the par value to $5 per share. a. How many shares of common stock are issued and outstanding immediately...
Question 2 (13 Points) Phipps Corporation on August 31, 2019 had Common Stock - $2 par...
Question 2 (13 Points) Phipps Corporation on August 31, 2019 had Common Stock - $2 par value: 600,000 shares authorized; 200,000 shares issued and outstanding with a balance of $400,000, Paid-in capital in excess of par value, common stock with a balance of $2,400,000, and Retained Earnings with a balance of $980,000 During the year (2019), the following transactions occurred: Sept. 1 Issued 10,000 shares of common stock at $15 per share. ( 12 ) 7 Purchased 8,000 shares of...
Exercise 11-16A (Algo) Determining the effects of stock splits on the accounting records LO 11-7 The...
Exercise 11-16A (Algo) Determining the effects of stock splits on the accounting records LO 11-7 The market value of Yeates Corporation's common stock had become excessively high. The stock was currently selling for $420 per share. To reduce the market price of the common stock, Yeates declared a 5-for-1 stock split for the 380,000 outstanding shares of its $12 par value common stock Required b. Determine the number of common shares outstanding and the par value after the split. (Round...
Exercise 10-72 Stock Dividends and Stock Splits The balance sheet of Castle Corporation includes the following...
Exercise 10-72 Stock Dividends and Stock Splits The balance sheet of Castle Corporation includes the following stockholders' equity section: Common stock, $2 par, 80,000 shares authorized, $120,000 60,000 shares issued and outstanding Additional paid-in capital-common stock 371,800 Total capital stock $491,800 Retained earnings 173,000 Total equity $664,800 Required: 1. Assume that Castle issued 60,000 shares for cash at the inception of the corporation and that no new shares have been issued since. Determine how much cash was received for the...
Beacon Corporation issued a 4 percent stock dividend on 30,500 shares of its $9 par common...
Beacon Corporation issued a 4 percent stock dividend on 30,500 shares of its $9 par common stock. At the time of the dividend, the market value of the stock was $24 per share. Required c. Prepare the journal entry to record the stock dividend. (If no entry is required for a transaction/event, select journal entry required" in the first account field.) Answer is not complete. No Event General Journal Credit Debit 18,300 Common stock 10,980 Weaver Corporation had the following...
STOCK SPLITS & STOCK DIVIDENDS D: Roll Corporation curently has 465,000 shares of stock outstanding that...
STOCK SPLITS & STOCK DIVIDENDS D: Roll Corporation curently has 465,000 shares of stock outstanding that sell for $73 per share. Assuming no market imperfections or tax efects exist, what will the share price be after the following: Hint: You will need to determine the market value of the stock to answer the question Market value equals shares of stock * per share price. Roll Corporation has a five-for-three stock Split: Updated share price Roll Corporation has a 15% Stock...
11)Bill issued 200,000 shares of $2 par value stock. The book value of Bill’s common stockholders'...
11)Bill issued 200,000 shares of $2 par value stock. The book value of Bill’s common stockholders' equity is equal to $20 million. On August 1, he implements a two-for-one stock split. After the stock split, the total number of shares outstanding is 400000 shares, the total par value is $1 and the total book value is $20 million. 12) Assuming the market price per share of Bill’s stock was $150/share before the split, what should be the market price per...
10. Stock dividends and stock splits Companies sometimes consider stock splits to bring down the price so that the stock attracts more purchases. Consider the following case: Mainway Toy Company currently has 30,000 shares of common stock outstanding. Its management believes that its current stock price of $95 per share is too high. The company is planning to conduct stock splits in the ratio of 4 for 1 as described in the animation. 4 for 1 Stock split announcement r...
Forward Stock Split On March 1 of the current year, Center Corporation has 500,000 shares of $10 par value common stock that are issued and outstanding. The general ledger shows the following account balances relating to the common stock: Common stock Paid-in capital in excess of par value $5,000,000 3,500,000 On March 2, Center Corporation splits its stock 2-for-1 and reduces the par value to $5 per share. a. How many shares of common stock are issued and outstanding immediately...
Question 2 (13 Points) Phipps Corporation on August 31, 2019 had Common Stock - $2 par value: 600,000 shares authorized; 200,000 shares issued and outstanding with a balance of $400,000, Paid-in capital in excess of par value, common stock with a balance of $2,400,000, and Retained Earnings with a balance of $980,000 During the year (2019), the following transactions occurred: Sept. 1 Issued 10,000 shares of common stock at $15 per share. ( 12 ) 7 Purchased 8,000 shares of...
Exercise 11-16A (Algo) Determining the effects of stock splits on the accounting records LO 11-7 The market value of Yeates Corporation's common stock had become excessively high. The stock was currently selling for $420 per share. To reduce the market price of the common stock, Yeates declared a 5-for-1 stock split for the 380,000 outstanding shares of its $12 par value common stock Required b. Determine the number of common shares outstanding and the par value after the split. (Round...
Exercise 10-72 Stock Dividends and Stock Splits The balance sheet of Castle Corporation includes the following stockholders' equity section: Common stock, $2 par, 80,000 shares authorized, $120,000 60,000 shares issued and outstanding Additional paid-in capital-common stock 371,800 Total capital stock $491,800 Retained earnings 173,000 Total equity $664,800 Required: 1. Assume that Castle issued 60,000 shares for cash at the inception of the corporation and that no new shares have been issued since. Determine how much cash was received for the...
Beacon Corporation issued a 4 percent stock dividend on 30,500 shares of its $9 par common stock. At the time of the dividend, the market value of the stock was $24 per share. Required c. Prepare the journal entry to record the stock dividend. (If no entry is required for a transaction/event, select journal entry required" in the first account field.) Answer is not complete. No Event General Journal Credit Debit 18,300 Common stock 10,980 Weaver Corporation had the following...
STOCK SPLITS & STOCK DIVIDENDS D: Roll Corporation curently has 465,000 shares of stock outstanding that sell for $73 per share. Assuming no market imperfections or tax efects exist, what will the share price be after the following: Hint: You will need to determine the market value of the stock to answer the question Market value equals shares of stock * per share price. Roll Corporation has a five-for-three stock Split: Updated share price Roll Corporation has a 15% Stock...
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