These account balances at December 31 relate to Sportplace Inc.:Accounts Payable.....$ 51,400 Preferred Shares, $0.01,Accounts Receivable.Common SharesBonds Payable...81,150 860,000 shares issued595,000 Retained Earnings86,00071,5003,100 Notes Receivable12,600If the average issue price of Sportplace's outstanding common shares is $11.90, how many common shares are issued and outstanding?OA. 50,000OB. 595,000O c. 100,000OD. UnknownNext

Common stock, occasionally appertained to as common shares, is a symbol of power in a…

Answered: These account balances at December 31…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 6Q: The following data was reported by Saturday Corporation: Authorized shares: 30,000 Issued shares:...

See similar textbooks

Similar questions

Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.
The following data was reported by Saturday Corporation: Authorized shares: 30,000 Issued shares: 25,000 Treasury shares: 5,000 How many shares are outstanding?
These account balances at December 31 relate to Sportaid Inc.: Accounts Payable... Accounts Receivable. Common Shares... Bonds Payable ... What is the total share capital for Sportaid Inc.? OA. $694,445 OB. $701,345 C. $753,800 D. $682,000 E. None of the above $ 51,700 Preferred Shares, $0.01, 81,350 890,000 shares issued 593,000 Retained Earnings. . 3,400 Notes Receivable .. 89,000 71,800 12,500
These account balances at December 31 relate to Sportaid Inc.: Accounts Payable... $ 51,700 Preferred Shares, $0.01, Accounts Receivable. 81,350 890,000 shares issued 89,000 Common Shares 593,000 Retained Earnings 71,800 Bonds Payable. 3,400 Notes Receivable. 12,500 If the average issue price of Sportaid's outstanding common shares is $11.86, how many common shares are issued and outstanding? A. 50,000 B. 593,000 C. 100,000 D. Unknown
These account balances at December 31 relate to Sportring Inc.: Accounts Payable... $ 51,200 Preferred Shares, $0.01, Accounts Receivable 82,050 840,000 shares issued Common Shares.. 594,000 Retained Earnings. . Bonds Payable 3,700 Notes Receivable If the board of directors declare a dividend of $22,000 on December 31, how much of this total would the common shareholders receive? No other dividends have been declared during the year. 84,000 71,400 12,900
Prepare the journal entry to record Jevonte Company’s issuance of 36,000 shares of its common stock assuming the shares have a a. $2 par value and sell for $18 cash per share. b. $2 stated value and sell for $18 cash per share.
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: Record on journal page 10: Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15 Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 16 Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. 26 Paid the cash dividends declared on May 16. Jun. 8 Purchased 8,000 shares of treasury common stock at $33 per share. 30 Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. Jul. 11 Paid the cash dividends to the preferred…
Prepare the journal entry to record Zende Company’s issuance of 75,000 shares of $5 par value common stock assuming the shares sell for a. $5 cash per share. b. $6 cash per share.
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y5, were as follows: Record on journal page 10: Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15 Issued 4,000 shares of $80 par preferred $1 stock at $100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 16 Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held and 20,000 shares of preferred stock were outstanding. Journalize this transaction as two separate entries. 26 Paid the cash dividends declared on May 16. Jun. 1 Purchased 4% bonds issued by Solstice Corp. as an available-for-sale investment for $300,150. 8 Purchased 8,000 shares of treasury common stock at $33 per share. 22 Purchased 40,000 shares of Pinkberry Co.’s…
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y5, were as follows: Record on journal page 10: Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15 Issued 4,000 shares of $80 par preferred $1 stock at $100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 16 Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held and 20,000 shares of preferred stock were outstanding. Journalize this transaction as two separate entries. 26 Paid the cash dividends declared on May 16. Jun. 1 Purchased 4% bonds issued by Solstice Corp. as an available-for-sale investment for $300,150. 8 Purchased 8,000 shares of treasury common stock at $33 per share. 22 Purchased 40,000 shares of Pinkberry Co.’s…
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y5, were as follows: Record on journal page 10: Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15 Issued 4,000 shares of $80 par preferred $1 stock at $100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. May 16 Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held and 20,000 shares of preferred stock were outstanding. Journalize this transaction as two separate entries. May 26 Paid the cash dividends declared on May 16. June 1 Purchased 4% bonds issued by Solstice Corp. as an available-for-sale investment for $300,150. June 8 Purchased 8,000 shares of treasury common stock at $33 per share. June 22…
Summit Apparel has the following accounts at December 31: Common Stock, $1 par value. 1.700,000 shares issued; Additional Paid-in Capital, $16.30 million; Retained Earnings, $9.30 million; and Treasury Stock, 43,000 shares. $0.946 million. Prepare the stockholders' equity section of the balance sheet. (Amounts to be deducted should be indicated by a minus sign. Enter your answer in dollars, not millions. For example, $5.5 million should be entered as 5,500,000.) SUMMIT APPAREL Balance Sheet (Stockholders' Equity Section) December 31 Stockholders equity Total Paid in Capital Total Stockholders' Equity

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Corporate Financial Accounting

Accounting

ISBN:

9781305653535

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Accounting (Text Only)

Accounting

ISBN:

9781285743615

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS