Common stock outstanding that was issued at par

Assignment Help Financial Accounting

Reference no: EM131294255

On January 1, 2014, Frontier Corporation had $1,112,000 of common stock outstanding that was issued at par. It also had retained earnings of $742,000. The company issued 40,700 shares of common stock at par on July 1 and earned net income of $396,300 for the year. Journalize the declaration of a 15% stock dividend on December 10, 2014, for the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.

(a) Par value is $10, and market value is $18.

(b) Par value is $5, and market value is $22.

Reference no: EM131294255

Questions Cloud

Determine budgeted manufacturing cost per visor : Shadee Corp. expects to sell 540 sun visors in May and 370 in June. Each visor sells for $21. Shadee’s beginning and ending finished goods inventories for May are 75 and 40 units, respectively. Ending finished goods inventory for June will be 50 unit..

Depreciation for the year beginning : Concord Corporation bought a machine on June 1, 2015, for $37,200, f.o.b. the place of manufacture. Freight to the point where it was set up was $240, and $600 was expended to install it. The machine’s useful life was estimated at 10 years, with a sa..

Entries for the declaration and payment of stock dividend : Langley Corporation has 42,300 shares of $13 par value common stock outstanding. It declares a 10% stock dividend on December 1 when the market value per share is $17. The dividend shares are issued on December 31. Prepare the entries for the declara..

Determine budgeted cost of closures purchased : Shadee Corp. expects to sell 540 sun visors in May and 370 in June. Each visor sells for $21. Shadee’s beginning and ending finished goods inventories for May are 75 and 40 units, respectively. Ending finished goods inventory for June will be 50 unit..

Common stock outstanding that was issued at par : On January 1, 2014, Frontier Corporation had $1,112,000 of common stock outstanding that was issued at par. It also had retained earnings of $742,000. The company issued 40,700 shares of common stock at par on July 1 and earned net income of $396,300..

Prepare corporate income statement-earnings per share : The following information is available for Norman Corporation for the year ended December 31, 2014: sales revenue $817,700, other revenues and gains $88,100, operating expenses $105,800, cost of goods sold $464,100, other expenses and losses $33,100,..

Task level modeling : Helpful hints: Please give yourself plenty of time to complete this assignment. First, prepare the flowchart by hand. Then, transfer the flowchart to the computer package. Keep in mind that the creation of the flowchart within a package often takes l..

Qualified retirement plan included in decedents gross estate : Under which of the following conditions and to what extent are benefits from a qualified retirement plan included in a decedent’s gross estate?

The financial statement effects of this action : Many companies buy back their outstanding stock on an annual basis. List several reasons a company might want to repurchase shares of its stock, as well as the financial statement effects of this action.

User Account

All Pages