Financial Accounting Stockholders Equity Questions Homework Help
- September 5, 2017
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1.The only stockholders” equity items of Jody Company at 2009 June 30, are
Stockholders” equity: | |||
Paid-in capital: | |||
Common stock – $200 par value, 10,000 | $1,200,000 | ||
shares authorized, 6,000 shares issued and outstanding | |||
Paid-in capital in excess of par value | 480,000 | ||
Total paid-in capital | $1,680,000 | ||
Retained earnings | 480,000 | ||
Total stockholders” equity | $2,160,000 | ||
On 2009 August 4, a 4 percent cash dividend was declared, payable on September 3. On November 16, a 10 percent stock dividend was declared. The shares were issued on December 1. The market value of the common stock was USD 360 per share on November 16 and USD 354 per share on December 1. Prepare journal entries for these dividend transactions
2. The only stockholders” equity items of Jody Company at 2009 June 30, are
Stockholders” equity: | |||
Paid-in capital: | |||
Common stock – $200 par value, 10,000 | $1,200,000 | ||
shares authorized, 6,000 shares issued and outstanding | |||
Paid-in capital in excess of par value | 480,000 | ||
Total paid-in capital | $1,680,000 | ||
Retained earnings | 480,000 | ||
Total stockholders” equity | $2,160,000 | ||
On 2009 August 4, a 4 percent cash dividend was declared, payable on September 3. On November 16, a 10 percent stock dividend was declared. The shares were issued on December 1. The market value of the common stock was USD 360 per share on November 16 and USD 354 per share on December 1. Prepare journal entries for these dividend transactions.
3. The stockholders” equity section of Carson Company”s 2008 December 31, balance sheet follows
Stockholders” equity: | ||
Paid-In Capital: | ||
Common stock – $120 par value; authorized, | ||
2,000 shares; issued and outstanding, 1,000 | $120,000 | |
shares | ||
Paid-in capital in excess of par value | 6,000 | |
Total paid-in capital | $126,000 | |
Retained earnings | 48,000 | |
Total stockholders” equity | $174,000 |
On 2009 July 15, the board of directors declared a cash dividend of USD 12 per share, which was paid on 2009 August 1. On 2009 December 1, the board declared a stock dividend of 10 percent, and the shares were issued on 2009 December 15. Market value of the stock was USD 144 on December 1 and USD 168 on December 15. Prepare journal entries for these dividend transactions.
4. The stockholders” equity section of the Bates Corporation”s balance sheet for 2009 June 30, follows
Stockholders” equity: | ||
Paid-in Capital: | ||
Common stock – $20 par value; authorized | $1,600,00 | |
200,000 shares; issued and outstanding 80,000 | 0 | |
shares | ||
Paid-in capital in excess of par value | 960,000 | |
Total paid-in capital | $2,560,000 | |
Retained earnings | 1,520,000 | |
Total stockholders” equity | $4,080,000 |
On 2009 July 1, the corporation”s directors declared a 10 percent stock dividend distributable on August 2 to stockholders of record on July 16. On 2009 November 1, the directors voted a USD 2.40 per share annual cash dividend payable on December
2 to stockholders of record on November 16. For four years prior to 2009, the corporation had paid an annual cash dividend of USD 2.52. As of 2009 July 1, Bob Jones owned 8,000 shares of Bates Corporation”s common stock, which he had purchased four years earlier. The market value of his stock was USD 48 per share on 2009 July 1, and USD 43.64 per share on 2009 July 16.
a. What amount of cash dividends will Jones receive in 2009? How does this amount differ from the amount of cash dividends Jones received in the previous four years?
b. Jones has asked you, his CPA, to explain why the price of the stock dropped from USD 48 to USD 43.64 on 2009 July 16. Write a memo to Jones explaining your answer.
c. Do you think Jones is better off as a result of the stock dividend and the USD
2.40 cash dividend than he would have been if he had just received the USD 2.52 cash dividend? Write a memo to Jones explaining your answer.
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5. The bookkeeper of Hart Company has prepared the following incorrect statement of stockholders” equity for the year ended 2009 December 31
Stockholders” equity: | ||
Paid-In Capital: | ||
Preferred stock – 6%, cumulative (8,000 shares) | $1,003,200 | |
Common stock – 50,000 shares | 2,856,000 | |
Total paid-in capital | $3,859,200 | |
Retained earnings | 1,636,800 | |
Total stockholders” equity | $5,496,000 |
The authorized stock consists of 12,000 shares of preferred stock with a USD 120 par value and 75,000 shares of common stock, USD 48 par value. The preferred stock was issued on two occasions: (1) 5,000 shares at par, and (2) 3,000 shares at USD 134.40 per share. The 50,000 shares of common stock were issued at USD 62.40 per share. Five thousand shares of treasury common stock were reacquired for USD 264,000. The bookkeeper deducted the cost of the treasury stock from the Common Stock account. Prepare the correct stockholders” equity section of the balance sheet at 2009 December 31.
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