Accounting Calculating Missing Stockholders Equity Amounts Homework Help
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Calculate missing stockholders equity amounts for 2013 (Note: The information presented in this case is also used for Case 8.35. For now you can ignore the 2014 column in the balance sheet; all disclosures presented here relate to the June 30, 2013, balance sheet.)
DeZurik Corp. had the following stockholders equity section in its June 30, 2013, balance sheet (in thousands, except share and per share amounts):
|June 30 (in thousands)|
$4.50 Preferred stock, $ ____ par value, cumulative,
|Common stock, $5 par value, 4,000,000 shares authorized,|
3,280,000 shares issued, 3,000,000 shares outstanding
|Additional paid-in capital on common stock||_______________||22,960|
|Less: Treasury common stock, at cost, __?__ shares||_______________||_______________|
|Total stockholders equity||$66,168||$60,000|
a. Calculate the par value per share of preferred stock and determine the preferred stock dividend percentage.
b. Calculate the amount that should be shown on the balance sheet for common stock at June 30, 2013.
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c. What was the average issue price of common stock shown on the June 30, 2013, balance sheet?
d. How many shares of treasury stock does DeZurik Corp. own at June 30, 2013?
e. Assume that the treasury shares were purchased for $18 per share. Calculate the amount that should be shown on the balance sheet for treasury stock at June 30, 2013.
f. Calculate the retained earnings balance at June 30, 2013, after you have completed parts a e . (Hint: Keep in mind that Treasury Stock is a contra account.)
g. (Optional) Review the solutions to parts a f of this case on the website for this book at www.mhhe.com/marshall10e. Assume that the Retained Earnings balance on July 1, 2012, was $19,200 (in thousands) and that net income for the year ended June 30, 2013, was $1,152 (in thousands). The 2013 preferred dividends were paid in full, and no other dividend transactions were recorded during the year. Verify that the amount shown in the solution to part f is correct. (Hint: Prepare a statement of retained earnings or do a T-account analysis to determine the June 30, 2013, balance.)
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