Complete the Stockholders Equity section for ITC

Assignment Help Accounting Basics
Reference no: EM132742094

Question - The following equity data relates to Ike's Tuba Corporation (ITC) for 20Y2:

A 10% stock dividend was declared and issued to common stockholders in January when the stock was trading for $4 per share

Common stock cash dividends of $0.10 per share were declared and paid in March

80,000 shares were issued from Treasury Stock in April at a price of $2 each

100,000 shares of common stock were repurchased in September at a price of $6 each

200,000 shares of common stock were exchanged for a building when the shares were trading at $8. The building had an appraised value of $2 million. The shares are actively traded.

Net Income for the year was $600,000

Required - Complete the Stockholders' Equity section for ITC as of the end of 20Y2. Remember that cash and stock dividends are not paid on shares that are in treasury.

Reference no: EM132742094

Questions Cloud

What should the gain be on sale of this investment : Pharoah sold half of its stock in Sheridan for $672000 cash. What should the gain be on sale of this investment
Calculate the balance of the investment account : On January 1st 2019, Nizwa Corp purchased a 100% interest in Al Izz Corp for $500,000. On the date of acquisition, book value of Al Izz consists.
Compute ainsworth net loss per share for the year : Compute Ainsworth's net loss per share for the year ended December 31, 2018. On December 31, 2017, Ainsworth, Inc., had 720 million shares
What is systematic risk and what is unsystematic risk : What is 'systematic' risk and what is 'unsystematic' risk? With citing reasons classify the following events as a source of systematic risk or unsystematic.
Complete the Stockholders Equity section for ITC : Complete the Stockholders' Equity section for ITC as of the end of 20Y2. Remember that cash and stock dividends are not paid on shares that are in treasury
What is net present value of the investment for x company : X Company is considering conducting an immediate advertising campaign. Assuming a discount rate of 6%, what is the net present value of this investment?
How much will the expected return on boeing stock change : If the expected return on the market portfolio increases by 0.45%, by how much will the expected return on Boeing's stock change?
Calculate the unlevered cash flows from a project : Solar Energy Corp. has to value a project that will run for 3 years. The company has already spent $10 million on research and development associated.
Determine what is the margin of safety in dollars : Total fixed costs equal $18,000. The breakeven in units is 450, and we expect to sell 400 units. What is the margin of safety in dollars?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discuss the three different types of costing methods

told him about the three different types of costing methods that organizations use to classify costs

  Primm company produces a product that requires four

primm company produces a product that requires four standard gallons per unit. the standard price is 24.50 per gallon.

  Calculate Andre cost recovery deduction

Question - Andre acquired a computer on March 3, 2019, for $17,400. Calculate Andre's cost recovery deduction for the computer for tax years 2019 and 2020

  How much FICA tax were they required to pay

Bill and Mary are married. Mega Corporation employs them both. How much FICA tax were they required to pay for 2018

  A class has 80 students test 2 had a class average of 78

a class has 80 students. test 2 had a class average of 78 and a variance of 49. answer the following 7 questions.

  What is needed for an auditor to understand clients

what is needed for an auditor to understand clients business processes and accounting systems? what type of computer

  Prepare Statement of Cash Flows using direct method

During 2017, equipment costing $45,000 was sold for cash. Accounts receivable relate to sale of inventory. Prepare Statement of Cash Flows using direct method

  What is the rebate expense and liability

Chamberlain chainsaws offers a $20 cash rebate on every $150 chainsaw sold in 2013. What is the rebate expense and liability

  The standard cost of product b manufactured by tlc company

the standard cost of product b manufactured by tlc company includes 3 units of direct materials at 6.45 per unit.

  What is the best estimate of the stock current market value

The required return on this low-risk stock is 9.00%. What is the best estimate of the stock's current market value

  Calculate the garrett star inc cost of goods manufactured

Use the information below from Garret Star Inc. for the current year: Calculate the Garrett Star Inc.'s cost of goods manufactured during the current year

  Prepare an income statement

Assume all items are subject to income taxes at a 33% tax rate. Prepare an income statement, beginning with income from continuing operations

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd