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acct 212 homework 1 chapter 13Exercise 13-2 Accounting for par, stated, and no-par stock issuances
L.O. P1

Aloha
Corporation issues 16,000 shares of its common stock for $222,000 cash on
February 20.

1.

Assume
the stock has neither par nor stated value. Prepare journal entries to record
this event. (Omit the “$” sign in
your response.)

2.

Assume
the stock has a $11 par value. Prepare journal entries to record this event. (Omit the “$” sign in your response.)

3.

Assume
the stock has an $5.5 stated value. Prepare journal entries to record this
event. (Omit the “$” sign in your
response.)

Q2

Exercise 13-3 Recording stock issuances L.O. P1
[The following information applies to
the questions displayed below.]

Prepare
journal entries to record the following four separate issuances of stock. (Omit the “$” sign in your response.)

Section Break

Exercise 13-3 Recording stock issuances L.O. P1

2.
award:
1 out of
1.00 point

Exercise 13-3 Part 1

1.

A corporation issued 5,000 shares of no-par
common stock to its promoters in exchange for their efforts, estimated to
be worth $37,000. The stock has no stated value.

rev: 09_21_2012
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Exercise 13-3 Part 1

3.
award:
1 out of
1.00 point

Exercise 13-3 Part 2

2.

A corporation issued 5,000 shares of no-par
common stock to its promoters in exchange for their efforts, estimated to
be worth $37,000. The stock has a $1 per share stated value.

rev: 09_21_2012
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Exercise 13-3 Part 2

4.
award:
1 out of
1.00 point

Exercise 13-3 Part 3

3.

A corporation issued 10,000 shares of $20 par
value common stock for $240,000 cash.

rev: 09_21_2012
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Exercise 13-3 Part 3

5.
award:
1 out of
1.00 point

Exercise 13-3 Part 4

4.

A corporation issued 2,500 shares of $50 par
value preferred stock for $162,000 cash.

6.
award:
1 out of
1.00 point

Exercise 13-4 Stock issuance for noncash assets L.O. P1

Soku Company issues 19,000 shares of $10 par
value common stock in exchange for land and a building. The land is
valued at $231,000 and the building at $373,000.

Prepare the journal entry to record issuance
of the stock in exchange for the land and building. (Omit the “$” sign in your response.)

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Difficulty: Easy

Exercise 13-4 Stock issuance for noncash assets L.O. P1

Learning Objective: 13-P1 Record the issuance of corporate stock.

7
.
award:
1.34 out of
2.00 points

Exercise 13-6 Stock dividends and splits L.O. P2

On
June 30, 2011, Quinn Corporations common stock is priced at $25.5 per
share before any stock dividend or split, and the stockholders equity
section of its balance sheet appears as follows.

Common
stock$6 par value, 75,000 shares authorized,
30,000 shares issued and outstanding

$

180,000

Paid-in
capital in excess of par value, common stock

100,000

Retained
earnings

280,000

Total
stockholders equity

$

560,000

Assume that the company declares and
immediately distributes a 100% stock dividend. This event is recorded by
capitalizing retained earnings equal to the stocks par value. Answer these
questions about stockholders equity as it exists after issuing
the new shares.

1a.

What
is the retained earnings balance? (Omit the
“$” sign in your response.)

1b.

What
is the amount of total stockholders equity? (Omit the “$” sign in your response.)

1c.

How
many shares are outstanding?

Assume that the company implements a 2-for-1
stock split instead of the stock dividend in part 1. Answer these questions
about stockholders equity as it exists after issuing the
new shares.

2a.

What
is the retained earnings balance? (Omit the
“$” sign in your response.)

2b.

What
is the amount of total stockholders equity? (Omit the “$” sign in your response.)

2c.

How
many shares are outstanding?

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Difficulty: Medium

Exercise 13-6 Stock dividends and splits L.O. P2

Learning Objective: 13-P2 Record transactions involving cash
dividends, stock dividends, and stock splits.

Exercise 13-7 Stock dividends and per share book values L.O. P2
[The following information applies to
the questions displayed below.]

The
stockholders equity of Whiz.com Company at the beginning of the day on
February 5 follows.

Common
stock$5 par value, 150,000 shares authorized,
83,000 shares issued and outstanding

$

415,000

Paid-in
capital in excess of par value, common stock

525,000

Retained
earnings

675,000

Total
stockholders equity

$

1,615,000

On
February 5, the directors declare a 12% stock dividend distributable on
February 28 to the February 15 stockholders of record. The stocks market
value is $39 per share on February 5 before the stock dividend. The stocks
market value is $35 per share on February 28.

Section Break

Exercise 13-7 Stock dividends and per share book values L.O. P2

8.
award:
1.20 out of
2.00 points

Exercise 13-7 Part 1

1.

Prepare
entries to record both the dividend declaration and its distribution. (Omit the “$” sign in your response.)

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Difficulty: Medium

Exercise 13-7 Part 1

Learning Objective: 13-P2 Record transactions involving cash
dividends, stock dividends, and stock splits.

9.
award:
0.25 out of
1.00 point

Exercise 13-7 Part 2

2.

One
stockholder owned 950 shares on February 5 before the dividend. Compute the
book value per share and total book value of this stockholders shares
immediately before and after the stock dividend of February
5. (Do not round intermediate calculations.
Round book value per share to 2 decimal places and other answers to the
nearest dollar amount. Omit the “$” sign in your response.)

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Difficulty: Medium

Exercise 13-7 Part 2

Learning Objective: 13-P2 Record transactions involving cash
dividends, stock dividends, and stock splits.

10.
award:
1 out of
1.00 point

Exercise 13-7 Part 3

3.

Compute
the total market value of the investors shares in part 2 as of February 5
and February 28.(Omit
the “$” sign in your response.)

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Difficulty: Medium

Exercise 13-7 Part 3

Learning Objective: 13-P2 Record transactions involving cash
dividends, stock dividends, and stock splits.

11.
award:
2 out of
2.00 points

Exercise 13-8 Dividends on common and noncumulative preferred stock L.O.
C2

Wades
outstanding stock consists of 13,000 shares of noncumulative 7.30%
preferred stock with a $10 par value and also 32,500 shares of common stock
with a $1 par value. During its first four years of operation, the
corporation declared and paid the following total cash dividends.

Determine
the amount of dividends paid each year to each of the two classes of
stockholders. (Leave no cells blank – be
certain to enter “0” wherever required. Omit the “$” sign
in your response.)

Compute
the total dividends paid to each class for the four years combined. (Omit the “$” sign in your response.)

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Difficulty: Medium

Exercise 13-8 Dividends on common and noncumulative preferred stock
L.O. C2

Learning Objective: 13-C2 Explain characteristics of, and distribute
dividends between, common and preferred stock.

2.
award:
1.60 out of
2.00 points

Exercise 13-9 Dividends on common and cumulative preferred stock L.O. C2

Wades
outstanding stock consists of 53,000 shares of cumulative 9.50%
preferred stock with a $10 par value and also 132,500 shares of common stock
with a $1 par value. During its first four years of operation, the
corporation declared and paid the following total cash dividends.

Determine
the amount of dividends paid each year to each of the two classes of
stockholders. (Leave no cells blank – be
certain to enter “0” wherever required. Omit the “$” sign
in your response.)

Determine
the total dividends paid to each class for the four years combined. (Omit the “$” sign in your response.)

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13.
award:
1.67 out of
2.00 points

Exercise 13-11 Preparing a statement of retained earnings L.O. C3

The
following information is available for Ballard Company for the year ended
December 31, 2011.

a.

Balance
of retained earnings, December 31, 2010, prior to discovery of error, $870,000.

b.

Cash
dividends declared and paid during 2011, $13,000.

c.

It
neglected to record 2009 depreciation expense of $42,600, which is net of
$6,400 in income taxes.

d.

The
company earned $220,000 in 2011 net income.

Prepare a 2011 statement of retained earnings for
Ballard Company. (Amounts to be deducted
should be indicated with a minus sign. Omit the “$” sign in your
response.)

14.
award:
1 out of
1.00 point

Exercise 13-12 Earnings per share L.O. A1

Guess
Company reports $1,375,000 of net income for 2011 and declares $192,500 of
cash dividends on its preferred stock for 2011. At the end of 2011, the
company had 320,000 weighted-average shares of common stock.

1.

What
amount of net income is available to common stockholders for 2011? (Omit the “$” sign in your response.)

2.

What is
the companys basic EPS for 2011? (Round your
answer to 2 decimal places. Omit the “$” sign in your response.)

15.
award:
1 out of
1.00 point

Exercise 13-13 Earnings per share L.O. A1

Franklin
Company reports $2,000,000 of net income for 2011 and declares $280,000 of
cash dividends on its preferred stock for 2011. At the end of 2011, the
company had 290,000 weighted-average shares of common stock.

1.

What
amount of net income is available to common stockholders for 2011? (Omit the “$” sign in your response.)

2.

What is
the companys basic EPS for 2011? (Round your
answer to 2 decimal places. Omit the “$” sign in your response.)

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Difficulty: Medium

Exercise 13-13 Earnings per share L.O. A1

16.
award:
2 out of
2.00 points

Exercise 13-14 Dividend yield computation and interpretation L.O. A3

Compute
the dividend yield for each of these four separate companies. (Round your answers to 1 decimal place. Omit the
“%” sign in your response.)

Which
companys stock would probably not be classified as an
income stock?

Company 4

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Difficulty: Medium

Exercise 13-14 Dividend yield computation and interpretation L.O. A3

Learning Objective: 13-A3 Compute dividend yield and explain its use
in analysis.

17.
award:
1.20 out of
2.00 points

Exercise 13-15 Price-earnings ratio computation and interpretation L.O.
A2

Compute
the price-earnings ratio for each of these four separate companies. (Round your answers to 1 decimal place.)

Which
stock might an analyst likely investigate as being potentially undervalued by
the market?

Company 4

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8.
award:
1 out of
2.00 points

Exercise 13-16 Book value per share L.O. A4

The
equity section of Webster Corporations balance sheet shows the following.

Preferred
stock5% cumulative, $20 par value, $25 call price,
10,000 shares issued and outstanding

$

200,000

Common
stock$10 par value, 35,000 shares issued and outstanding

350,000

Retained
earnings

267,500

Total
stockholders equity

$

817,500

Determine
the book value per share of the preferred and common stock under two separate
situations.(Round your answers to 2 decimal
places. Omit the “$” sign in your response.)

1.

No
preferred dividends are in arrears.

2.

Three
years of preferred dividends are in arrears.

19.
award:
2 out of
2.00 points

Exercise 13-17 Accounting for equity under IFRS L.O. C3, P1

Unilever
Group reports the following equity information for the years ended December
31, 2007 and 2008 (euros in millions).

December
31

2008

2007

Share
capital

499

499

Share
premium

136

168

Other
reserves

(6,455

)

(3,414

)

Retained
profit

15,826

15,169

Shareholders
equity

10,006

12,422

1.

Match
each of the three account titles share capital, share premium, and retained
profit with the usual account title applied under U.S. GAAP.

a.

Share
capital

Common
stock, par value

b.

Share
premium

Paid-in
capital in excess of par value, common stock

c.

Retained
profit

Retained
earnings

2.

Prepare
Unilevers journal entry, using its account titles, to record the issuance of
capital stock assuming that its entire par value stock was issued on December
31, 2007, for cash. (Enter answers in
millions of euros and not in whole euros. Omit
the “” sign in your response.)

General journal

Debit

Credit

Cash

667

Share
capital

Share
premium

3.

What
were Unilevers 2008 dividends assuming that only dividends and income
impacted retained profit for 2008 and that its 2008 income totaled 2,676? (Enter answers in millions of euros and not in whole euros. Omit the “” sign in your response.)

Dividends

2,019

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Difficulty: Medium

Learning Objective: 13-P1 Record the issuance of corporate stock.

Exercise 13-17 Accounting for equity under IFRS L.O. C3, P1

Learning Objective: 13-C3 Explain the items reported in retained
earnings.

20.
award:
1.29 out of
4.00 points

Exercise 13-18 Cash dividends, treasury stock, and statement of retained
earnings L.O. C3, P2, P3

Kroll
Corporation reports the following components of stockholders equity on
December 31, 2011.

Common
stock$27 par value, 52,000 shares authorized,
42,000 shares issued and outstanding

$

1,134,000

Paid-in
capital in excess of par value, common stock

51,000

Retained
earnings

268,000

Total
stockholders equity

$

1,453,000

In year 2012, the following transactions affected
its stockholders equity accounts.

Jan.

2

Purchased
3,600 shares of its own stock at $27 cash per share.

Jan.

7

Directors
declared a $1 per share cash dividend payable on Feb. 28 to the Feb. 9
stockholders of record.

Feb.

28

Paid
the dividend declared on January 7.

July

9

Sold
400 of its treasury shares at $32 cash per share.

Aug.

27

Sold
3,200 of its treasury shares at $25 cash per share.

Sept.

9

Directors
declared a $1 per share cash dividend payable on October 22 to the September
23 stockholders of record.

Oct.

22

Paid
the dividend declared on September 9.

Dec.

31

Closed
the $8,000 credit balance (from net income) in the Income Summary account to
Retained Earnings.

Required:

1.

Prepare
journal entries to record each of these transactions for 2012. (Omit the “$” sign in your response.)

2.

Prepare
a statement of retained earnings for the year ended December 31, 2012. (Amounts to be deducted should be indicated with a minus
sign. Omit the “$” sign
in your response.)

/

3.

Prepare
the stockholders equity section of the companys balance sheet as of
December 31, 2012.(Omit the “$” sign in
your response.)

rev: 02_21_2012

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Worksheet

Difficulty: Hard

Learning Objective: 13-P2 Record transactions involving cash
dividends, stock dividends, and stock splits.

Exercise 13-18 Cash dividends, treasury stock, and statement of
retained earnings L.O. C3, P2, P3

Learning Objective: 13-C3 Explain the items reported in retained
earnings.

Learning Objective: 13-P3 Record purchases and sales of treasury stock
and the retirement of stock.

Exercise 13-2 Accounting for par, stated, and no-par stock issuances
L.O. P1Aloha
Corporation issues 16,000 shares of its common stock for $222,000 cash on
February 20. 1.Assume
the stock has neither par nor stated value. Prepare journal entries to record
this event. (Omit the “$” sign in
your response.) 2.Assume
the stock has a $11 par value. Prepare journal entries to record this event. (Omit the “$” sign in your response.) 3.Assume
the stock has an $5.5 stated value. Prepare journal entries to record this
event. (Omit the “$” sign in your
response.)Q2Exercise 13-3 Recording stock issuances L.O. P1[The following information applies to
the questions displayed below.]Prepare
journal entries to record the following four separate issuances of stock. (Omit the “$” sign in your response.)Section BreakExercise 13-3 Recording stock issuances L.O. P1 2.award:
1 out of
1.00 point Exercise 13-3 Part 11.A corporation issued 5,000 shares of no-par
common stock to its promoters in exchange for their efforts, estimated to
be worth $37,000. The stock has no stated value. rev: 09_21_2012eBook LinkView Hint #1WorksheetExercise 13-3 Part 1
3.award:
1 out of
1.00 point Exercise 13-3 Part 22.A corporation issued 5,000 shares of no-par
common stock to its promoters in exchange for their efforts, estimated to
be worth $37,000. The stock has a $1 per share stated value.
rev: 09_21_2012eBook LinkView Hint #1WorksheetExercise 13-3 Part 2
4.award:
1 out of
1.00 point Exercise 13-3 Part 33.A corporation issued 10,000 shares of $20 par
value common stock for $240,000 cash.
rev: 09_21_2012eBook LinkView Hint #1WorksheetExercise 13-3 Part 3
5.award:
1 out of
1.00 point Exercise 13-3 Part 44.A corporation issued 2,500 shares of $50 par
value preferred stock for $162,000 cash. 6.award:
1 out of
1.00 point Exercise 13-4 Stock issuance for noncash assets L.O. P1Soku Company issues 19,000 shares of $10 par
value common stock in exchange for land and a building. The land is
valued at $231,000 and the building at $373,000. Prepare the journal entry to record issuance
of the stock in exchange for the land and building. (Omit the “$” sign in your response.)
eBook LinkWorksheetDifficulty: Easy Exercise 13-4 Stock issuance for noncash assets L.O. P1Learning Objective: 13-P1 Record the issuance of corporate stock.7.award:
1.34 out of
2.00 points Exercise 13-6 Stock dividends and splits L.O. P2On
June 30, 2011, Quinn Corporations common stock is priced at $25.5 per
share before any stock dividend or split, and the stockholders equity
section of its balance sheet appears as follows. Common
stock$6 par value, 75,000 shares authorized,
30,000 shares issued and outstanding$180,000 Paid-in
capital in excess of par value, common stock 100,000 Retained
earnings 280,000 Total
stockholders equity$560,000 Assume that the company declares and
immediately distributes a 100% stock dividend. This event is recorded by
capitalizing retained earnings equal to the stocks par value. Answer these
questions about stockholders equity as it exists after issuing
the new shares.1a.What
is the retained earnings balance? (Omit the
“$” sign in your response.) 1b.What
is the amount of total stockholders equity? (Omit the “$” sign in your response.) 1c.How
many shares are outstanding? Assume that the company implements a 2-for-1
stock split instead of the stock dividend in part 1. Answer these questions
about stockholders equity as it exists after issuing the
new shares.2a.What
is the retained earnings balance? (Omit the
“$” sign in your response.) 2b.What
is the amount of total stockholders equity? (Omit the “$” sign in your response.) 2c.How
many shares are outstanding?
eBook LinkView Hint #1WorksheetDifficulty: Medium Exercise 13-6 Stock dividends and splits L.O. P2Learning Objective: 13-P2 Record transactions involving cash
dividends, stock dividends, and stock splits.
Exercise 13-7 Stock dividends and per share book values L.O. P2[The following information applies to
the questions displayed below.]The
stockholders equity of Whiz.com Company at the beginning of the day on
February 5 follows. Common
stock$5 par value, 150,000 shares authorized,
83,000 shares issued and outstanding$415,000 Paid-in
capital in excess of par value, common stock 525,000 Retained
earnings 675,000 Total
stockholders equity$1,615,000 On
February 5, the directors declare a 12% stock dividend distributable on
February 28 to the February 15 stockholders of record. The stocks market
value is $39 per share on February 5 before the stock dividend. The stocks
market value is $35 per share on February 28.Section BreakExercise 13-7 Stock dividends and per share book values L.O. P2 8.award:
1.20 out of
2.00 points Exercise 13-7 Part 11.Prepare
entries to record both the dividend declaration and its distribution. (Omit the “$” sign in your response.) eBook LinkView Hint #1WorksheetDifficulty: Medium Exercise 13-7 Part 1Learning Objective: 13-P2 Record transactions involving cash
dividends, stock dividends, and stock splits.
9.award:
0.25 out of
1.00 point Exercise 13-7 Part 22.One
stockholder owned 950 shares on February 5 before the dividend. Compute the
book value per share and total book value of this stockholders shares
immediately before and after the stock dividend of February
5. (Do not round intermediate calculations.
Round book value per share to 2 decimal places and other answers to the
nearest dollar amount. Omit the “$” sign in your response.)
eBook LinkView Hint #1WorksheetDifficulty: Medium Exercise 13-7 Part 2Learning Objective: 13-P2 Record transactions involving cash
dividends, stock dividends, and stock splits.
10.award:
1 out of
1.00 point Exercise 13-7 Part 33.Compute
the total market value of the investors shares in part 2 as of February 5
and February 28.(Omit
the “$” sign in your response.)
eBook LinkView Hint #1WorksheetDifficulty: Medium Exercise 13-7 Part 3Learning Objective: 13-P2 Record transactions involving cash
dividends, stock dividends, and stock splits.
11.award:
2 out of
2.00 points Exercise 13-8 Dividends on common and noncumulative preferred stock L.O.
C2Wades
outstanding stock consists of 13,000 shares of noncumulative 7.30%
preferred stock with a $10 par value and also 32,500 shares of common stock
with a $1 par value. During its first four years of operation, the
corporation declared and paid the following total cash dividends. Determine
the amount of dividends paid each year to each of the two classes of
stockholders. (Leave no cells blank – be
certain to enter “0” wherever required. Omit the “$” sign
in your response.) Compute
the total dividends paid to each class for the four years combined. (Omit the “$” sign in your response.)
eBook LinkView Hint #1WorksheetDifficulty: Medium Exercise 13-8 Dividends on common and noncumulative preferred stock
L.O. C2Learning Objective: 13-C2 Explain characteristics of, and distribute
dividends between, common and preferred stock.
2.award:
1.60 out of
2.00 points Exercise 13-9 Dividends on common and cumulative preferred stock L.O. C2Wades
outstanding stock consists of 53,000 shares of cumulative 9.50%
preferred stock with a $10 par value and also 132,500 shares of common stock
with a $1 par value. During its first four years of operation, the
corporation declared and paid the following total cash dividends. Determine
the amount of dividends paid each year to each of the two classes of
stockholders. (Leave no cells blank – be
certain to enter “0” wherever required. Omit the “$” sign
in your response.) Determine
the total dividends paid to each class for the four years combined. (Omit the “$” sign in your response.)
eBook LinkView Hint #113.award:
1.67 out of
2.00 points Exercise 13-11 Preparing a statement of retained earnings L.O. C3The
following information is available for Ballard Company for the year ended
December 31, 2011. a.Balance
of retained earnings, December 31, 2010, prior to discovery of error, $870,000.b.Cash
dividends declared and paid during 2011, $13,000.c.It
neglected to record 2009 depreciation expense of $42,600, which is net of
$6,400 in income taxes.d.The
company earned $220,000 in 2011 net income. Prepare a 2011 statement of retained earnings for
Ballard Company. (Amounts to be deducted
should be indicated with a minus sign. Omit the “$” sign in your
response.) 14.award:
1 out of
1.00 point Exercise 13-12 Earnings per share L.O. A1Guess
Company reports $1,375,000 of net income for 2011 and declares $192,500 of
cash dividends on its preferred stock for 2011. At the end of 2011, the
company had 320,000 weighted-average shares of common stock.1.What
amount of net income is available to common stockholders for 2011? (Omit the “$” sign in your response.) 2.What is
the companys basic EPS for 2011? (Round your
answer to 2 decimal places. Omit the “$” sign in your response.) 15.award:
1 out of
1.00 point Exercise 13-13 Earnings per share L.O. A1Franklin
Company reports $2,000,000 of net income for 2011 and declares $280,000 of
cash dividends on its preferred stock for 2011. At the end of 2011, the
company had 290,000 weighted-average shares of common stock.1.What
amount of net income is available to common stockholders for 2011? (Omit the “$” sign in your response.) 2.What is
the companys basic EPS for 2011? (Round your
answer to 2 decimal places. Omit the “$” sign in your response.)
eBook LinkView Hint #1WorksheetDifficulty: Medium Exercise 13-13 Earnings per share L.O. A1 16.award:
2 out of
2.00 points Exercise 13-14 Dividend yield computation and interpretation L.O. A3 Compute
the dividend yield for each of these four separate companies. (Round your answers to 1 decimal place. Omit the
“%” sign in your response.) Which
companys stock would probably not be classified as an
income stock?
Company 4
eBook LinkView Hint #1WorksheetDifficulty: Medium Exercise 13-14 Dividend yield computation and interpretation L.O. A3Learning Objective: 13-A3 Compute dividend yield and explain its use
in analysis.
17.award:
1.20 out of
2.00 points Exercise 13-15 Price-earnings ratio computation and interpretation L.O.
A2 Compute
the price-earnings ratio for each of these four separate companies. (Round your answers to 1 decimal place.) Which
stock might an analyst likely investigate as being potentially undervalued by
the market?
Company 4
eBook LinkView Hint #1Worksheet8.award:
1 out of
2.00 points Exercise 13-16 Book value per share L.O. A4The
equity section of Webster Corporations balance sheet shows the following. Preferred
stock5% cumulative, $20 par value, $25 call price,
10,000 shares issued and outstanding$200,000 Common
stock$10 par value, 35,000 shares issued and outstanding 350,000 Retained
earnings 267,500 Total
stockholders equity$817,500 Determine
the book value per share of the preferred and common stock under two separate
situations.(Round your answers to 2 decimal
places. Omit the “$” sign in your response.)1.No
preferred dividends are in arrears. 2.Three
years of preferred dividends are in arrears.
19.award:
2 out of
2.00 points Exercise 13-17 Accounting for equity under IFRS L.O. C3, P1Unilever
Group reports the following equity information for the years ended December
31, 2007 and 2008 (euros in millions). December
3120082007 Share
capital499 499 Share
premium 136 168 Other
reserves (6,455) (3,414) Retained
profit 15,826 15,169 Shareholders
equity10,006 12,422 1.Match
each of the three account titles share capital, share premium, and retained
profit with the usual account title applied under U.S. GAAP. a. Share
capitalCommon
stock, par valueb. Share
premiumPaid-in
capital in excess of par value, common stockc. Retained
profitRetained
earnings 2.Prepare
Unilevers journal entry, using its account titles, to record the issuance of
capital stock assuming that its entire par value stock was issued on December
31, 2007, for cash. (Enter answers in
millions of euros and not in whole euros. Omit
the “” sign in your response.) General journalDebitCredit Cash667 Share
capital Share
premium 3.What
were Unilevers 2008 dividends assuming that only dividends and income
impacted retained profit for 2008 and that its 2008 income totaled 2,676? (Enter answers in millions of euros and not in whole euros. Omit the “” sign in your response.) Dividends 2,019
eBook Links (2)WorksheetDifficulty: MediumLearning Objective: 13-P1 Record the issuance of corporate stock.Exercise 13-17 Accounting for equity under IFRS L.O. C3, P1Learning Objective: 13-C3 Explain the items reported in retained
earnings. 20.award:
1.29 out of
4.00 points Exercise 13-18 Cash dividends, treasury stock, and statement of retained
earnings L.O. C3, P2, P3Kroll
Corporation reports the following components of stockholders equity on
December 31, 2011. Common
stock$27 par value, 52,000 shares authorized,
42,000 shares issued and outstanding$1,134,000 Paid-in
capital in excess of par value, common stock 51,000 Retained
earnings 268,000 Total
stockholders equity$1,453,000 In year 2012, the following transactions affected
its stockholders equity accounts. Jan.2 Purchased
3,600 shares of its own stock at $27 cash per share. Jan.7 Directors
declared a $1 per share cash dividend payable on Feb. 28 to the Feb. 9
stockholders of record. Feb.28 Paid
the dividend declared on January 7. July9 Sold
400 of its treasury shares at $32 cash per share. Aug.27 Sold
3,200 of its treasury shares at $25 cash per share. Sept.9 Directors
declared a $1 per share cash dividend payable on October 22 to the September
23 stockholders of record. Oct.22 Paid
the dividend declared on September 9. Dec.31 Closed
the $8,000 credit balance (from net income) in the Income Summary account to
Retained Earnings. Required:1.Prepare
journal entries to record each of these transactions for 2012. (Omit the “$” sign in your response.) 2.Prepare
a statement of retained earnings for the year ended December 31, 2012. (Amounts to be deducted should be indicated with a minus
sign. Omit the “$” sign
in your response.)/ 3.Prepare
the stockholders equity section of the companys balance sheet as of
December 31, 2012.(Omit the “$” sign in
your response.)
rev: 02_21_2012

eBook Links (3)WorksheetDifficulty: HardLearning Objective: 13-P2 Record transactions involving cash
dividends, stock dividends, and stock splits.Exercise 13-18 Cash dividends, treasury stock, and statement of
retained earnings L.O. C3, P2, P3Learning Objective: 13-C3 Explain the items reported in retained
earnings.Learning Objective: 13-P3 Record purchases and sales of treasury stock
and the retirement of stock.

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