This is intermediate accounting question about Stockholder's
Equity (chp15)
On January 1, 2015, Kelsey issued 600,000...
This is intermediate accounting question about Stockholder's
Equity (chp15)
On January 1, 2015, Kelsey issued 600,000 of its $10 par value,
6% preferred stock for $20 per share. Kelsey incurred and paid
stock issuance costs of $150,000. Each share of Kelsey’s preferred
stock can be converted into 3 shares of Kelsey’s $1 par value
common stock. On August 15, 2015, when 1 share of Kelsey’s common
stock was trading for $10 per share, 300,000 shares of the
preferred stock were...
Kohler Corporation reports the following components of
stockholders’ equity on December 31, 2016: Common stock—$25 par...
Kohler Corporation reports the following components of
stockholders’ equity on December 31, 2016: Common stock—$25 par
value, 100,000 shares authorized,50,000 shares issued and
outstanding$1,250,000Paid-in capital in excess of par value, common
stock 60,000Retained earnings 430,000Total stockholders'
equity$1,740,000
In year 2017, the following transactions affected its
stockholders’ equity accounts.
Jan. 1 Purchased 4,000 shares of its own stock at $20 cash per
share.
Jan. 5 Directors declared a $4 per share cash dividend payable
on February 28 to the February 5...
Kohler Corporation reports the following components of
stockholders’ equity on December 31, 2016:
Common stock—$25 par...
Kohler Corporation reports the following components of
stockholders’ equity on December 31, 2016:
Common stock—$25 par value,
100,000 shares authorized,
40,000 shares issued and outstanding
$
1,000,000
Paid-in capital in excess of par
value, common stock
70,000
Retained earnings
370,000
Total stockholders' equity
$
1,440,000
In year 2017, the following transactions affected its stockholders’
equity accounts.
Jan.
1
Purchased 4,500 shares of its own
stock at $20 cash per share.
Jan.
5
Directors declared a $4 per share
cash dividend...
Sally Coprporation's stockholder's equity on December 31, 2014
was as follows.
?10% cumulative preferred stock, $100...
Sally Coprporation's stockholder's equity on December 31, 2014
was as follows.
?10% cumulative preferred stock, $100 par value,
?callable at $105, with one year dividends in arrears $10,000
?Common stock, $1 par value 50,000
?Additional paid-in capital 150,000
?Retained earnings 160,000
?Total stockholders' equity 370,000
On January, 2015, Panata Corporation paid $300,000 for a 70%
interest in Saito's
?common stock. On January 2015, the book values of Saito's assets
and liabilites were
?were equal to fair values.
#1...
Goff Corporation acquired stock of Spiegel, Inc., on March 1,
2016, at a cost of $500,000....
Goff Corporation acquired stock of Spiegel, Inc., on March 1,
2016, at a cost of $500,000. The stock had a fair value of $550,000
at December 31, 2016, $610,000 at December 31, 2017, and $590,000
at December 31, 2018. Goff sold the stock for $640,000 on July 1,
2019. Spiegel did not pay any dividends during the time Goff held
the stock.
When Goff acquired the stock, it classified the investment as
available-for-sale. However, Goff transitioned to the new
accounting...
The stockholders’ equity of TVX Company at the beginning of the
day on February 5 follows....
The stockholders’ equity of TVX Company at the beginning of the
day on February 5 follows.
Common stock—$10 par value, 150,000 shares
authorized, 60,000 shares issued and outstanding
$
600,000
Paid-in capital in excess of par value, common stock
425,000
Retained earnings
550,000
Total stockholders’ equity
$
1,575,000
On February 5, the directors declare a 20% stock dividend
distributable on February 28 to the February 15 stockholders of
record. The stock’s market value is $40 per share on February 5...
On January 1, 2016, the following information was drawn from the
accounting records of Carter Company:...
On January 1, 2016, the following information was drawn from the
accounting records of Carter Company: cash of $400; land of $2,400;
notes payable of $700; and common stock of $1,540. Required a.
Determine the amount of retained earnings as of January 1, 2016. b.
After looking at the amount of retained earnings, the chief
executive officer (CEO) wants to pay a $500 cash dividend to the
stockholders. Can the company pay this dividend? Yes No c. As of
January...
The following data pertain to Tyne Company’s investments in
marketable equity securities. (Assume that all securities...
The following data pertain to Tyne Company’s investments in
marketable equity securities. (Assume that all securities were held
throughout 2019 and 2020.) Note that the new FASB guidance on
accounting for minority-passive investments is effective beginning
in 2018. Under the prior rules, Alpha was a trading security and
Beta was an available-for-sale security. Beta’s fair value at
12/31/17 was $135,000.
Fair value
Cost
12/31/20
12/31/19
Alpha Co.
$
150,000
$
155,000
$
100,000
Beta Co.
150,000
130,000
120,000
Required:
What...
On December 31, 2016, Crane Company had 1,315,000 shares of $6
par common stock issued and...
On December 31, 2016, Crane Company had 1,315,000 shares of $6
par common stock issued and outstanding. At December 31, 2016,
stockholders’ equity had the amounts listed here.
Common Stock
$7,890,000
Additional Paid-in Capital
1,905,000
Retained Earnings
1,210,000
Transactions during 2017 and other information related to
stockholders’ equity accounts were as follows.
1.
On January 10, 2017, issued at $114
per share 130,000 shares of $104 par value, 7% cumulative preferred
stock.
2.
On February 8, 2017, reacquired
10,400 shares...
Derivatives: Accounting for Options Pratt Agriculture sells
approximately 600,000 bushels of grain each month. On January...
Derivatives: Accounting for Options Pratt Agriculture sells
approximately 600,000 bushels of grain each month. On January 1,
2015, Pratt purchased an option to sell 600,000 bushels of grain on
January 1, 2017, at a price of $1.25 per bushel. The market price
on January 1, 2015, is $1.25 per bushel. Pratt had to pay $90,000
to purchase this grain put option, which it designated as a hedge
against price decreases for its January 2017 sales of grain. On
December 31,...