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Category > Accounting Posted 07 May 2017 My Price 12.00

The stockholders’ equity of Embassy Corporation

The stockholders’ equity of Embassy Corporation at December 31, 2010, is shown below.

 

Stockholders’ equity:

Common stock, $10 par, 100,000 shares authorized,

 

40,000 shares issued and outstanding   . . . . . . . . . . . . . . . . . . . . . . . . . . .

$  400,000

Additional paid-in capital: common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . .

200,000

Total paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$  600,000

Retained earnings  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,700,000

Total stockholders’ equity  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,300,000

 

Transactions affecting stockholders’ equity during 2011 are as follows:

Mar. 31    A 5-for-4 stock split proposed by the board of directors was approved by vote of the stockholders. The 10,000 new shares were distributed to stockholders.

Apr.    1    The company purchased 2,000 shares of its common stock on the open market at $37 per share.

July   1    The company reissued 1,000 shares of treasury stock at $48 per share.

July   1    The company issued for cash 20,000 shares of previously unissued $8 par value common stock at a price of $47 per share.

Dec.    1    A cash dividend of $1 per share was declared, payable on December 30, to stock- holders of record at December 14.

Dec.  22    A 10 percent stock dividend was declared; the dividend shares are to be distributed on January 15 of the following year. The market price of the stock on December 22 was

$48 per share

The net income for the year ended December 31, 2011, amounted to $173,000, after an extra- ordinary loss of $47,400 (net of related income tax benefits).

Instructions

a.      Prepare journal entries (in general journal form) to record the transactions affecting stockhold- ers’ equity that took place during the year.

b.      Prepare the lower section of the income statement for 2011, beginning with income before extraordinary items and showing the extraordinary loss and the net income. Also illustrate the presentation of earnings per share in the income statement, assuming that earnings per share is determined on the basis of the weighted-average number of shares outstanding during the year.

c.       Prepare a statement of retained earnings for the year ending December 31, 2011.

 

 

 

Answers

Alpha Geek
(8)
Status NEW Posted 07 May 2017 03:05 PM My Price 12.00

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file 1494172171-Answer.docx preview (510 words )
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