Balance Sheet (partial)
|Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding||$900,000|
|Common stock, no par; 750,000 shares authorized, 600,000 shares issued||1,800,000|
|Total paid-in capital||2,700,000|
|Total paid-in capital and retained earnings||3,858,000|
|Less: Treasury stock (8,000 common shares)||(32,000)|
|Total stockholders’ equity||$3,826,000|
From a review of the stockholders’ equity section, answer the following questions.
(a) How many shares of common stock are outstanding?
(b) Assuming there is a stated value, what is the stated value of the common stock?
(c) What is the par value of the preferred stock?
(d) If the annual dividend on preferred stock is $36,000, what is the dividend rate on preferred stock?
(e) If dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retained earnings?
Problem 2. On January 1 Weiss Corporation had 75,000 shares of $0.5 par value common stock issued and outstanding. During the year, the following transactions occurred.
|Apr. 1||Issued 8,000 additional shares of common stock for $11 per share.|
|June 15||Declared a cash dividend of $1.50 per share to stockholders of record on June 30.|
|July 10||Paid the $1.50 cash dividend.|
|Dec. 1||Issued 4,000 additional shares of common stock for $12 per share.|
|Dec. 15||Declared a cash dividend on outstanding shares of $1.70 per share to stockholders of record on December 31.|
(a) Prepare the entries for the above transactions.
(b) How are dividends and dividends payable reported in the financial statements prepared at December 31?
Problem 3. CORPORATE EQUITY TRANSACTIONS
Instructions: Journalize the transactions for Fortier Company.
Problem 4. Norris Corporation was organized on January 1, 2021. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.
|Jan. 10||Issued 60,000 shares of common stock for cash at $4 per share.|
|Mar. 1||Issued 12,000 shares of preferred stock for cash at $54 per share.|
|May 1||Issued 100,000 shares of common stock for cash at $5 per share.|
|Sept. 1||Issued 5,000 shares of common stock for cash at $8 per share.|
|Nov. 1||Issued 2,000 shares of preferred stock for cash at $56 per share.|
(a) Journalize the transactions.
(b) Post to the stockholders’ equity accounts. (Use T accounts.)
(c) Prepare the paid-in capital portion of the stockholders’ equity section at December 31, 2021.
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