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Problem One

The financial statements for a company included the following information:

Common Stock

$1,750,000

Retained Earnings

$950,000

Net Income

$1,250,000

Shares Issued

110,000

Shares Outstanding

90,000

Dividends Declared and Paid

$900,000

The common stock was sold at a price of $30 per share.

Complete the following:

(a)    What is the amount of capital in excess of par?

(b)   What was the amount of retained earnings at the beginning of the year?

(c)    How many shares are in treasury stock (Treasury shares)?

(d)   Compute earnings per share.

 

Problem Two

Suppose a company had the following stock outstanding and retained earnings on December 31, 2011.

Common Stock (par $7; outstanding, 22,000 shares)

$154,000

Preferred Stock, 10% (par $10; outstanding, 6,000 shares)

$60,000

Retained Earnings

$179,000

 

Suppose that the preferred stock is noncumulative, and the total amount of dividends is $29,000.

Compute the amounts of dividends, in total and per share, that would be payable to each class of stockholders.

 

 

 

Problem Three

 

At December 31st, 2011, the records at a corporation provided the following selected and incomplete data:

Common stock (par $1; no changes during the year)

  

Shares authorized, 3,000,000

      

Shares issued, ?: issue price $65 per share

    

Shares held as treasury stock, 85,000 shares, cost $40 per share

Net income, $3,700,000

        

Common stock account, $1,400,000

      

Dividends declared and paid; $2 per share.

    

Retained Earnings balance, January 1, 2011, $74,700,000

  
         

 

 

Find the following:

(a)    the shares issued

(b)   the shared outstanding

(c)    the balance in the Capital in Excess of par account

(d)   the EPS on net income

(e)   The total dividends paid on common stock during 2011

(f)     The amount of treasury stock

 

 

Problem 4

On August 31, 2010, a company purchased 10,000 shares of stock for $30 per share. Management recorded the stock in the securities available for the sale portfolio. The following information pertains to the price per share of stock:

 

Price

12/31/2010

$35

12/31/2011

$34

12/31/2012

$37

 

Prepare journal entries for the investments in SAS and the Net Unrealized Gains/Losses for each date given. Then compute the balance in the Net Unrealized Gains/Losses.

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