Question

At December 31, the records of Seacrest Enterprises provided the following selected and incomplete data:   Common...

At December 31, the records of Seacrest Enterprises provided the following selected and incomplete data:


  Common stock (par $1; no changes during the current year).
  Shares authorized, 10,000,000.
  Shares issued,   ? ; issue price $11 per share.
  Shares held as treasury stock, 44,000 shares, cost $12 per share.
  Net income for the current year, $904,400
  Common Stock account, $690,000.
  Dividends declared and paid during the current year, $1 per share.
  Retained Earnings balance, beginning of year, $35,800,000.


Required:
Complete the following: (Round per share to 2 decimal places.)
1. Shares Issued 690,000
Shares Outstanding
2 The balance in Additional Paid-in Captial would be
3 Earnings per share is
4 Total dividentds paid on common stock during 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 for a 2-1 stock split. After the stock split, the par value of the share will be


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Answer #1
1. Shares Issued 690,000
Shares Outstanding 646,000
2. The balance in Additional Paid-in Capital would be $ 6,900,000
3. Earnings per Share is $ 1.40
4. Total dividends paid on common stock during current year is $ 646,000
5. Treasury Stock should be reported in the stockholders' equity ...... $ 528,000
6. After the stock split, the par value of the share will be $ 0.50

Shares outstanding = Shares Issued - Shares held as Treasury Stock = 690,000 - 44,000 = 646,000.

Earnings per Share = Net Income / Shares Outstanding = $ 904,400 / 646,000 = $ 1.40.

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