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ACCT 2001 Chapter : Ch 12 Practice Key

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azuremammoth471
15 Mar 2019
School
LSU
Department
Accounting
Course
ACCT 2001
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All

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Document Summary

Chapter 12 practice: tiger corporation issued 1,000 shares of stock. Prepare the entry for the issuance under the following assumptions. (a) the stock had a par value of per share and was issued for a total of ,000. Pic in excess of par (b) the stock had a stated value of per share and was issued for a total of ,000. Pic in excess of stated 47,000 (c) the stock had no par or stated value and was issued for a total of ,000. 52,000 (d) the stock had a par value of per share and was issued to attorneys for services during incorporation valued at ,000. 47,000 (e) the stock had a par value of per share and was issued for land worth ,000. 47,000: highland co. issued 100,000 shares of par value, cumulative, 8% preferred stock on january 1,

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Related Questions

Exercise #1

Loretta Corporation issued 1,000 shares of stock.

Instructions

Prepare the entry for the issuance under the followingassumptions.

(a)

The stock had a par value of $5 per share and was issued for atotal of $48,000.

(b)

The stock had a stated value of $5 per share and was issued fora total of $48,000.

(c)

The stock had no par or stated value and was issued for a totalof $48,000.

(d)

The stock had a par value of $5 per share and was issued toattorneys for services during incorporation valued at $48,000.

(e)

The stock had a par value of $5 per share and was issued forland worth $48,000.

Exercise 13-4 Osage Corporation issued 3,700 shares of stock. Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,650.) (a) The stock had a par value of $9 per share and was issued for a total of $58,000. (b) The stock had a stated value of $9 per share and was issued for a total of $58,000. (c) The stock had no par or stated value and was issued for a total of $58,000. (d) The stock had a par value of $9 per share and was issued to attorneys for services during incorporation valued at $58,000. (e) The stock had a par value of $9 per share and was issued for land worth $58,000.

No. Account Titles and Explanation Debit Credit (a) (b) (c) (d) (e)

Weighted Average Shares

At the beginning of 2014, Hardin Company had 330,000 shares of $10 par common stock outstanding. During the year, it engaged in the following transactions related to its common stock:

March 1 Issued 43,000 shares of stock at $24 per share.
June 1 Issued a 10% stock dividend.
July 1 Issued 11,000 shares of stock at $29 per share.
Aug. 31 Issued a 2-for-1 stock split on outstanding shares, reducing the par value to $5 per share.
Oct. 31 Reacquired 99,000 shares as treasury stock at a cost of $32 per share.
Nov. 30 Reissued 52,000 treasury shares at a price of $35 per share.

Required:

1. Determine the weighted average number of shares outstanding for computing the current earnings per share. Round your interim computations and final answer for the number of shares to nearest whole number.
shares

2. Determine the number of common shares outstanding at December 31, 2014.
shares