Fundamentals Of Financial Accounting
6th Edition
ISBN: 9781259864230
Author: PHILLIPS, Fred, Libby, Robert, Patricia A.
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter 11, Problem 3CP
Finding Missing Amounts
At December 31, the records of Nortech Corporation provided the following selected and incomplete data:
Common stock (par $1; no changes during the current year).
Shares authorized, 500,000.
Shares issued, ? : issue price $22 per share.
Common Stock account, $200,000.
Shares held as
Net income for the current year, $147,750.
Dividends declared and paid during the current year, $49,250.
Retained Earnings balance, beginning of year, $155,000.
Required:
- 1. Complete the following:
Shares authorized _____.
Shares issued _____.
Shares outstanding _____.
TIP: To determine the number of shares issued, divide the balance in the Common stock account by the par value per share.
- 2. The balance in Additional Paid-in Capital would be $____.
- 3. Earnings per share is $____.
- 4. Dividends paid per share of common stock is $____.
- 5. Treasury stock should be reported in the stockholders’ equity section of the
balance sheet in the amount of $_____. - 6. Assume that the board of directors approved a 2-for-1 stock split. After the stock split, the par value per share will be $____.
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At December 31, the records of Nortech Corporation provided the following selected and incomplete data:
Common stock (par $1; no changes during the current year).
Shares authorized, 500,000.
Shares issued, 2; issue price $15 per share.
Common Stock account, $130,000.
Shares held as treasury stock, 2,300 shares, cost $13 per share.
Net income for the current year. $51,080.
Dividends declared and paid during the current year, $22,986.
Retained Earnings balance, beginning of the year, $148,000.
Required:
Complete the following: TIP: To determine the number of shares issued, divide the balance in the Common Stock account
by the par value per share. (Round "per share" answers to 2 decimal places.)
1-a. Shares authorized
1-b. Shares issued
1-c. Shares outstanding
2. The balance in Additional Paid-in Capital would be
3. Earnings per share is
4. Dividends paid per share of common stock is
5. Treasury stock should be reported in the stockholders' equity section of the balance
sheet in the…
At December 31, the records of Kozmetsky Corporation provided the following selected and incomplete data:
Common stock (par $2; no changes during the current year).
Shares authorized, 5,000,000.
Shares issued, ? ; issue price $9 per share.
Shares held as treasury stock, 11,300 shares, cost $7 per share.
Net income for the current year, $441,620.
Common Stock account, $147,000.
Dividends declared and paid during the current year, $2 per share.
Retained Earnings balance, beginning of year, $770,000.
Required:
Complete the following: (Round "Earnings per share" to 2 decimal places.)
1-a. Shares issued
1-b. Shares outstanding
2. The balance in Additional Paid-in Capital would be
3. Earnings per share is
4. Total dividends paid on common stock during the current year is
5. Treasury stock should be reported in the stockholders' equity section of the balance sheet in the amount of
6. Assume that the board of directors voted a 2-for-1 stock split. After the stock split, the par value per share…
At December 31, the records of Nortech Corporation provided the following selected
and incomplete data:
Common stock (par $1; no changes during the current year).
Shares authorized, 500,000.
Shares issued, 2; issue price $15 per share.
Common Stock account, $130,000.
Shares held as treasury stock, 2,300 shares, cost $13 per share.
Net income for the current year, $51,080.
Dividends declared and paid during the current year, $22,986.
Retained Earnings balance, beginning of the year, $148,000.
Required:
Complete the following: TIP: To determine the number of shares issued, divide the
balance in the Common Stock account by the par value per share. (Round "per share
answers to 2 decimal places.)
1-a. Shares authorized
1-b. Shares issued
1-c. Shares outstanding
2. The balance in Additional Paid-in Capital would be
3. Earnings per share is
4. Dividends paid per share of common stock is
5. Treasury stock should be reported in the stockholders' equity section of the balance
sheet in the amount…
Chapter 11 Solutions
Fundamentals Of Financial Accounting
Ch. 11 - Prob. 1QCh. 11 - Prob. 2QCh. 11 - Prob. 3QCh. 11 - Explain each of the following terms: (a)...Ch. 11 - What are the differences between common stock and...Ch. 11 - What is the distinction between par value and...Ch. 11 - What are the usual characteristics of preferred...Ch. 11 - What items are included in Accumulated Other...Ch. 11 - What is treasury stock? Why do corporations...Ch. 11 - How is treasury stock reported on the balance...
Ch. 11 - What are the two financial requirements to support...Ch. 11 - What is the difference between cumulative and...Ch. 11 - What is a stock dividend? How does a stock...Ch. 11 - What are the primary reasons for issuing a stock...Ch. 11 - Your company has been very profitable and expects...Ch. 11 - Identify and explain four important dates with...Ch. 11 - Prob. 17QCh. 11 - How do stock repurchases affect the EPS and ROE...Ch. 11 - What is one interpretation of a high P/E ratio?Ch. 11 - Prob. 20QCh. 11 - Which feature is not applicable to common stock...Ch. 11 - Which statement regarding treasury stock is false?...Ch. 11 - Which of the following statements about stock...Ch. 11 - Which of the following is ordered from the largest...Ch. 11 - Prob. 5MCCh. 11 - A journal entry is not recorded on what date? a....Ch. 11 - Prob. 7MCCh. 11 - Prob. 8MCCh. 11 - Prob. 9MCCh. 11 - Prob. 10MCCh. 11 - Equity versus Debt Financing Indicate whether each...Ch. 11 - Computing the Number of Issued Shares Face 2 Face...Ch. 11 - Computing the Number of Unissued Shares The...Ch. 11 - Analyzing and Recording the Issuance of Common...Ch. 11 - Analyzing and Recording the Issuance of No-Par...Ch. 11 - Determining the Effects of Stock Issuance and...Ch. 11 - Determining the Amount of a Dividend Netpass...Ch. 11 - Recording Dividends On May 20, the board of...Ch. 11 - Determining the Impact of a Stock Dividend Sturdy...Ch. 11 - Determining the Impact of a Stock Split Complete...Ch. 11 - Determining the Amount of a Preferred Dividend...Ch. 11 - Determining the Amount of a Preferred Dividend...Ch. 11 - Calculating and Interpreting Earnings per Share...Ch. 11 - Inferring Financial Information Using the P/E...Ch. 11 - (Supplement 11A) Comparing Owner's Equity to...Ch. 11 - (Supplement 11B) Recording a Stock Dividend To...Ch. 11 - Computing Shares Outstanding The 2016 annual...Ch. 11 - Reporting Stockholders' Equity and Determining...Ch. 11 - Preparing the Stockholders' Equity Section of the...Ch. 11 - Reporting the Stockholders' Equity Section of the...Ch. 11 - Determining the Effects of the Issuance of Common...Ch. 11 - Recording and Reporting Stockholders' Equity...Ch. 11 - Finding Amounts Missing from the Stockholders'...Ch. 11 - Recording Treasury Stock Transactions and...Ch. 11 - Prob. 9ECh. 11 - Computing Dividends on Preferred Stock and...Ch. 11 - Recording Dividends and Preparing a Statement of...Ch. 11 - Analyzing Stock Dividends On December 31, the...Ch. 11 - Prob. 13ECh. 11 - Comparing 100 percent Stock Dividend and 2-for-1...Ch. 11 - Journalizing Cash Dividends Bogscraft Company has...Ch. 11 - Preparing a Statement of Retained Earnings and...Ch. 11 - Determining the Effect of a Stock Repurchase on...Ch. 11 - (Supplement 11 A) Comparing Stockholders' Equity...Ch. 11 - Prob. 19ECh. 11 - Analyzing Accounting Equation Effects, Recording...Ch. 11 - Recording Stock Dividends Activision Blizzard,...Ch. 11 - Finding Missing Amounts At December 31, the...Ch. 11 - Prob. 4CPCh. 11 - Prob. 5CPCh. 11 - Analyzing Accounting Equation Effects, Recording...Ch. 11 - Recording Cash Dividends National Chocolate Corp....Ch. 11 - Finding Missing Amounts At December 31, the...Ch. 11 - Calculating Common and Preferred Cash Dividends...Ch. 11 - Prob. 5PACh. 11 - Analyzing Accounting Equation Effects, Recording...Ch. 11 - Prob. 2PBCh. 11 - Prob. 3PBCh. 11 - Prob. 4PBCh. 11 - Prob. 5PBCh. 11 - Financial Reporting of Depreciation, Write-off,...Ch. 11 - Prob. 2COPCh. 11 - Prob. 1SDCCh. 11 - Prob. 2SDCCh. 11 - Prob. 4SDCCh. 11 - Prob. 5SDCCh. 11 - Critical Thinking: Making a Decision asan Investor...Ch. 11 - CC11 Accounting for Equity Financing Nicole has...
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