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Select the best answer from the list below to completestatements that follow.

authorized shares treasury stock book value per share issuedshares retained earnings par value per share outstanding sharesadditional paid-in-capital market value per share stock split

11. The number of shares sold or distributed to stockholderare____________ .

12. An arbitrary amount that is stated on the face of the stockcertificate is ______________

. 13. The number of shares issued less the number of shares heldas treasury stock are ______________________________.

14. The maximum numbers of shares a company may issueare______________

. 15. Net income that has been earned by the corporation but notpaid out as dividends are ______________________________.

16. The amount received for each share of stock in excess of parvalue is . 17. Stock issued by the firm, but then repurchased andnot retired is ________________________.

18. Distribution of additional shares of stock and reduction ofthe par value of the stock is ______________________________.

19. The selling price of the stock as indicated by the mostrecent stock transaction is___________________________________.

20. Assuming no preferred stock exists, total stockholders'equity divided by the number of shares of common stock outstandingis equal to _________________________

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Irving Heathcote
Irving HeathcoteLv2
28 Sep 2019

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The shareholders’ equity section of Superior Corporation’s balance sheet as of December 31, 2015, is as follows: Shareholders’ Equity Preferred stock, $100 par value; authorized, 300,000 shares; issued, 33,000 shares $3,300,000 Common stock, $5 par value; authorized, 2,000,000 shares; issued, 377,000 shares 1,885,000 Paid-in capital in excess of par—preferred 96,000 Paid-in capital in excess of par—common 825,000 Retained earnings 2,920,000 $9,026,000 The following events occurred during 2016: Jan. 5 10,500 shares of authorized and unissued common stock were sold for $7 per share. 16 10,000 shares of authorized and unissued preferred stock were sold for $108 per share. Apr. 1 79,000 shares of common stock were repurchased for the treasury at a price of $21 per share. Superior uses the cost method to account for treasury stock. Sept. 1 3,500 shares of preferred stock are issued in exchange for a piece of land. The land has an appraised value of $389,500. The preferred stock currently trades on the New York Stock Exchange at a price of $109 per share. Dec. 1 24,000 shares of treasury stock are reissued at a price of $24 per share. Required: 1. Prepare journal entries for each of the above transactions. 2. Calculate the number of authorized, issued, and outstanding common shares as of December 31, 2016. 3. Calculate Superior’s legal capital at December 31, 2016.

The following items were shown on the balance sheet of FreelanderCorporation on 12/31/2009:
Stockholders' Equity
Paid in Capital
Common stock, $5 par value, 10,000,000 shares
authorized; ___shares issued and ____outstanding $ 20,000
Additional paid-in capital in excess of par value 5,000
Total paid-in capital $ 25,000
Retained Earnings $ 8,000
Total paid-in capital and retained earnings $ 33,000
Less: Treasury stock (800 shares) $ (6,400)
Total stockholders' equity $ 26,600

1) The number of shares of common stock issued were______________

2) The number of shares of common stock outstanding are_____________

3) The average issue price of the common stock was____________________

4 The average cost per share of the treasury stock was______________________

5) A $0.15 per share dividend is declared, how much will thedividend payable be? ________________

6) If a company had 10,000 shares issued and outstanding with a parvalue of $2; answer the following questions if the company declareda 4 for 1 stock split:
a. What is the dollar amount of common stock before thesplit?

b. What would be the outstanding share after the split?

c. What would be the par value after the split?

d. What is the dollar amount of common stock after the split?

ACT5725

The stockholders' equity of Verrecchia Company at December 31, 2016, follows:

Common stock, $5 par value, 500,000 shares authorized; 350,000 shares issued and outstanding $1,750,000
Paid-in capital in excess of par value 800,000
Retained earnings 634,000


During 2017, the following transactions occurred:
Jan. 5 Issued 10,000 shares of common stock for $13 cash per share.
Jan. 18 Repurchased 4,000 shares of common stock at $16 cash per share.
Mar. 12 Sold one-fourth of the treasury shares acquired January 18 for $19 cash per share.
July 17 Sold 500 shares of treasury stock for $14 cash per share.
Oct. 1 Issued 5,000 shares of 8%, $25 par value preferred stock for $36 cash per share. This is the first issuance of preferred shares from the 50,000 authorized preferred shares.

(a) Use the financial statement effects template to indicate the effects of each transaction.

Use negative signs with answers, when appropriate.

Balance Sheet
Transaction Cash Asset + Noncash Assets = Liabilities +

Contributed

Capital

 +

Earned

Capital
Jan. 5 Answer Answer Answer Answer Answer
Jan. 18 Answer Answer Answer Answer Answer
Mar. 12 Answer Answer Answer Answer Answer
July. 17 Answer Answer Answer Answer Answer
Oct. 1 Answer Answer Answer Answer Answer

Income Statement

Revenue
-
Expenses
=

Net

Income
Answer Answer Answer
Answer Answer Answer
Answer Answer Answer
Answer Answer Answer
Answer Answer Answer


(b) Prepare the December 31, 2017, stockholders' equity section of the balance sheet assuming that the company reports net income of $76,900 for the year.

Use a negative sign with your answer for treasury stock.

Stockholders' Equity
Paid-in capital
8% Preferred stock, $25 par value, 50,000 shares authorized, 5,000 shares issued and outstanding $Answer
Common stock, $5 par value, 500,000 shares authorized; 360,000 shares issued Answer $Answer
Additional Paid-in capital
Paid-in capital in excess of par value-preferred stock Answer
Paid-in capital in excess of par value-common stock Answer
Paid-in capital from treasury stock Answer Answer
Total paid-in capital Answer
Retained earnings Answer
Answer
Less: Treasury stock (2,500 shares) at cost (use a negative sign with answer) Answer
Total Stockholders' Equity $Answer

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