The owners’ equity accounts for Overby International are shown here: Common stock ($1 par value)...
The owners’ equity accounts for Overby International are shown
here:
|
Common stock ($1 par value) |
$ |
35,000 |
||
|
Capital surplus |
212,000 |
|||
|
Retained earnings |
700,000 |
|||
|
Total owners’ equity |
$ |
947,000 |
||
a. Assume the company's stock currently sells for
$23 per share and a stock dividend of 12 percent is declared.
How many new shares will be distributed? (Do not round
intermediate calculations and round your answer to the nearest
whole number, e.g., 32.)
New shares issued
Show the new balance for each equity account. (Do not round
intermediate calculations and round your answers to the nearest
whole number, e.g., 32.)
|
Common stock |
$ |
||
|
Capital surplus |
|||
|
Retained earnings |
|||
|
Total owners’ equity |
$ |
||
b. Now assume that instead the company declares a
stock dividend of 16 percent.
How many new shares will be distributed? (Do not round
intermediate calculations and round your answer to the nearest
whole number, e.g., 32.)
New shares issued
Show the new balance for each equity account. (Do not round
intermediate calculations and round your answers to the nearest
whole number, e.g., 32.)
|
Common stock |
$ |
||
|
Capital surplus |
|||
|
Retained earnings |
|||
|
Total owners’ equity |
$ |
||
Homework Answers
a. New Shares Issued = Current Shares * Stock Dividend
New Shares Issued = 35000 * 12%
New Shares Issued = 4200 Shares
|
Common stock (35000 + 4200) |
$39200 |
||
|
Capital surplus (212000 + 4200 * 22) |
304400 | ||
|
Retained earnings (700000 - 96600) |
603400 | ||
|
Total owners’ equity |
$947000 |
||
b.
New Shares Issued = Current Shares * Stock Dividend
New Shares Issued = 35000 * 16%
New Shares Issued = 5600 Shares
|
Common stock (35000 + 5600) |
$40600 |
||
|
Capital surplus (212000 + 5600 * 22) |
335200 | ||
|
Retained earnings (700000 - 128800) |
571200 | ||
|
Total owners’ equity |
$947000 |
||
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