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Connect Financial bookkeeping Chapter 11 Homework Assignment

Q1. Prepare the newspaper entry to document Zende that company issuance the 82,000 share of $6 par value typical stock suspect the shares offer for: $6 cash per share. And $7 cash per share.

You are watching: The stockholders’ equity of tvx company at the beginning of the day on february 5 follows:

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Q2. Epic Inc. Has 11,000 shares of $2 par value typical stock outstanding. Epos declares a 15% share dividend on July 1 as soon as the stock’s sector value is $18 every share. The stock dividend is distributed on July 20. Prepare newspaper entries because that (a) declaration and also (b) circulation of the share dividend.

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Q3. Belkin Inc. Has 101,000 shares of $3 par value usual stock outstanding. Belkin declares a 41% share dividend on in march 2 when the stock’s market value is $73 per share. Prepare the newspaper entry because that declaration the the share dividend.

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Q4. Stockholders’ same of Ernst agency consists of 81,000 share of $5 par value, 9% cumulative desired stock and also 285,000 shares of $1 par value usual stock. Both classes of stock have been outstanding due to the fact that the company’s inception. Ernst did no declare any type of dividends in the former year, but it now declares and also pays a $130,000 cash dividend in ~ the present year-end. Identify the amount dispersed to each class of stockholders for this two-year-old company.

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Q5. On may 3, Zirbal Corporation purchase 4,000 shares of its own stock for $48,000 cash. ~ above November 4, Zirbal reissued 1,300 shares of this treasury stock because that $16,900. Prepare the may 3 and also November 4 newspaper entries to document Zirbal’s purchase and reissuance of treasury stock.

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Q6. Epic firm earned net revenue of $744,500 this year. There were 410,000 weighted-average typical shares outstanding, and preferred shareholders obtained a $27,000 cash dividend. Epic firm earned net revenue of $744,500 this year. There were 410,000 weighted-average typical shares outstanding, and preferred shareholders received a $27,000 cash dividend.

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Q7. Compute Topp this firm price-earnings proportion if its usual stock has actually a market value of $18.90 per share and its EPS is $3.60.Considering reduced deck, its an essential competitor, has a PE proportion of 9.5, which agency does the sector have greater expectations of future performance?

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Q8. On June 30, sharper Corporation’s stockholders’ equity section of the balance sheet appears as complies with before any kind of stock dividend or split. Cheater declares and immediately distributes a 50% share dividend.

Common stock—$10 par value, 120,000 shares authorized, 76,000 share issued and also outstanding$760,000
Paid-in funding in excess of par value, typical stock330,000
Retained earnings725,000
Total stockholders’ equity$1,815,000
Prepare the update stockholders’ equity section after the circulation is made.Compute the variety of shares outstanding after the distribution is made.

Q9. ~ above June 30, trickster Corporation’s stockholders’ equity ar of the balance sheet shows up as adheres to before any type of stock dividend or split. Cheater declares and also immediately distributes a 50% stock dividend.

Common stock—$10 par value, 120,000 share authorized, 76,000 share issued and outstanding$760,000
Paid-in capital in overabundance of par value, common stock330,000
Retained earnings725,000
Total stockholders’ equity$1,815,000

Assume that instead of distributing a share dividend, Sharper walk a 3-for-1 share split. Prepare the to update stockholders’ equity section after the split.

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Compute the variety of shares outstanding after the split.

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Q10. The stockholders’ equity of TVX agency at the beginning of the day on February 5 follows.

Common stock—$25 par value, 150,000 sharesauthorized, 59,000 share issued and outstanding$1,475,000
Paid-in capital in overfill of par value, common stock425,000
Retained earnings554,000
Total stockholders’ equity$2,454,000

On February 5, the directors declare a 2% stock dividend distributable ~ above February 28 come the February 15 stockholders of record. The stock’s industry value is $31 every share ~ above February 5 before the share dividend. Prepare entries to record both the dividend declaration and its distribution.

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Q11. The stockholders’ same of TVX firm at the start of the work on February 5 follows.

Common stock—$25 par value, 150,000 sharesauthorized, 59,000 shares issued and also outstanding$1,475,000
Paid-in capital in overabundance of par value, typical stock425,000
Retained earnings554,000
Total stockholders’ equity$2,454,000

On February 5, the directors explain a 2% share dividend distributable ~ above February 28 to the February 15 shareholder of record. The stock’s market value is $31 per share ~ above February 5 prior to the stock dividend. Prepare the stockholders’ equity section after the share dividend is distributed. (Assume no other alters to equity.)

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Q12. Alexander copy, group reports the following contents of stockholders’ same at December 31, 2018.

Common stock—$25 par value, 70,000 shares authorized,49,000 shares issued and also outstanding$1,225,000
Paid-in funding in excess of par value, common stock98,000
Retained earnings406,000
Total stockholders’ equity$1,729,000

During the year, the adhering to transactions affected its stockholders’ same accounts.

Jan.2Purchased 4,900 shares of its own stock at $25 cash per share.
Jan.7Directors asserted a $1.50 per share cash dividend payable top top February 28 to the February 9 stockholders of record.
Feb.28Paid the dividend declared on January 7.
July9Sold 1,960 that its treasury shares at $30 cash per share.
Aug.27Sold 2,450 the its treasury shares at $20 cash every share.
Sept.9Directors asserted a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record.
Oct.22Paid the dividend claimed on September 9.
Dec.31Closed the $71,000 credit balance (from network income) in the Income review account to maintained Earnings.
Prepare journal entries to document each of these transactions.Prepare a declare of retained revenue for the year finished December 31, 2019.Prepare the stockholders’ equity section of the company’s balance sheet together of December 31, 2019.

Q13. The same sections for Atticus group at the start of the year (January 1) and also end that the year (December 31) follow.

Stockholders’ same (January 1)
Common stock—$5 par value, 100,000 sharesauthorized, 40,000 shares issued and also outstanding$200,000
Paid-in capital in overabundance of par value, common stock160,000
Retained earnings320,000
Total stockholders’ equity$680,000

Stockholders’ equity (December 31)
Common stock—$5 par value, 100,000 sharesauthorized, 47,400 share issued, 3,000 shares in treasury$237,000
Paid-in funding in overfill of par value, typical stock211,800
Retained revenue ($50,000 minimal by treasury stock)440,000
888,800
Less cost of treasury stock(50,000)
Total stockholders’ equity$838,800

The complying with transactions and events influenced its equity throughout the year.

Jan.5Declared a $0.40 every share cash dividend, date of document January 10.
Mar.20Purchased treasury stock for cash.
Apr.5Declared a $0.40 per share cash dividend, day of document April 10.
July5Declared a $0.40 every share cash dividend, date of document July 10.
July31Declared a 20% stock dividend when the stock’s market value to be $12 every share.
Aug.14Issued the stock dividend the was declared on July 31.
Oct.

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5Declared a $0.40 every share cash dividend, date of record October 10.

How many typical shares are impressive on every cash dividend date?

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What is the full dollar amount for each the the four cash dividends?

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What is the total dollar amount because that each the the 4 cash dividends?

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What is the every share expense of the treasury stock purchased? (Round her answer come 2 decimal places.)