The equity section of Celestial Seasonings Ltd. at December 31, 2014 appears below: Contributed capital: Common...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The equity section of Celestial Seasonings Ltd. at December 31, 2014 appears below: Contributed capital: Common shares, unlimited shares authorized, $ 375,000 25,000 shares issued and outstanding Retained earnings 125.000 Total equity $ 500,000 During 2015, Celestial completed the following transactions: 1. On January 2, Celestial's board of directors declared a 10% share dividend to shareholders of record on January 25 to be distributed on February 1. The market price of Celestial's shares on each of these dates was: January 2 January 25 February 1 $15.50 15.75 14.60 2. On March 1, Celestial repurchased and retired 1,000 of its common shares, paying $16.50 per share. 3. On June 1, Celestial repurchased and retired 500 of its common shares, paying $13.00 per share. 4. On October 1, Celestial's board of directors declared a 2:1 share split, effective October 1. 5. On November 1, Celestial sold 2,000 shares at $8.50 per share. 6. On December 1, Celestial's board of directors declared a $0.50 per share cash dividend, payable on January 2, 2016 to the shareholders of record on December 15. 1. Complete the table below to calculate the actual and weighted average number of common shares outstanding at December 31, 2015. Round to the nearest full share. Fraction of Year Outstanding Outstanding Share Share dividend split Weighted Time Period Shares Average 2. Prepare journal entries to record the 2015 transactions. The equity section of Celestial Seasonings Ltd. at December 31, 2014 appears below: Contributed capital: Common shares, unlimited shares authorized, $ 375,000 25,000 shares issued and outstanding Retained earnings 125.000 Total equity $ 500,000 During 2015, Celestial completed the following transactions: 1. On January 2, Celestial's board of directors declared a 10% share dividend to shareholders of record on January 25 to be distributed on February 1. The market price of Celestial's shares on each of these dates was: January 2 January 25 February 1 $15.50 15.75 14.60 2. On March 1, Celestial repurchased and retired 1,000 of its common shares, paying $16.50 per share. 3. On June 1, Celestial repurchased and retired 500 of its common shares, paying $13.00 per share. 4. On October 1, Celestial's board of directors declared a 2:1 share split, effective October 1. 5. On November 1, Celestial sold 2,000 shares at $8.50 per share. 6. On December 1, Celestial's board of directors declared a $0.50 per share cash dividend, payable on January 2, 2016 to the shareholders of record on December 15. 1. Complete the table below to calculate the actual and weighted average number of common shares outstanding at December 31, 2015. Round to the nearest full share. Fraction of Year Outstanding Outstanding Share Share dividend split Weighted Time Period Shares Average 2. Prepare journal entries to record the 2015 transactions.
Expert Answer:
Answer rating: 100% (QA)
Answer 1 Statement showing actual and weighted avera... View the full answer
Related Book For
Horngrens Accounting
ISBN: 978-0133855388
10th Canadian edition Volume 2
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
Posted Date:
Students also viewed these accounting questions
-
The balance sheet for Benson Inc. reported the following components of equity on December 31, 2014: Common shares, unlimited shares authorized, 20,600 shares issued and outstanding Retained earnings...
-
Jen and Berry's sells ice-creams from its factory-shop in Petone. There is a managing director (Maynard Dibble), a marketing manager (Mary Salman) and a production manager (Peter Pritchard). Maynard...
-
The stockholders' equity section of the balance sheet of Pittman Corporation as of December 31, 20x7, was as follows: Contributed capital Common stock, $4 par value, 500,000 shares authorized,...
-
develop a trial balance, complete with an appropriate three-line heading 1. Bought office equipment from Peckoff Equipment Co. on 30-day credit terms, $1,390. Purchase Invoice #2071. Ledger Entries:...
-
Enterprise Supplies Co. has a fleet of automobiles and trucks for use by salespersons and for delivery of office supplies and equipment. Bizarro Auto Sales Co. has automobiles and trucks for sale....
-
Determine the crystal structure for the following: (a) A metal with a0 = 4.9489 , r = 1.75 and one atom per lattice point; and (b) A metal with a0 = 0.42906 nm, r = 0.1858 nm, and one atom per...
-
The balance sheet data for Bobs Electronics, Co., November 30, 2010, follow: Requirement 1. The following are three independent assumptions about the business during November. For each assumption,...
-
The following is an alphabetical list of the December 31, 2007 balance sheet accounts and amounts for the Green Manufacturing Company: Required Prepare a properly classified balance sheet for the...
-
Pik-Fast, a chain of convenience stores, is planning to open a new store. The activities required, their immediate predecessors, and the optimistic, most likely, and pessimistic estimates of their...
-
New Age Solar sells and installs solar panels for residential homes. The companys sales representatives contact and pay a personal visit to potential customers to present the benefits of installing...
-
Andler Inc. estimates that an allowance of $4,000 is required on its accounts receivable balance of $80,000 as of December 31 of Year 1. Required a. What is the net amount expected to be collected on...
-
A. What are informational interviews? How can you prepare to conduct an effective informational interview? B. Aside from informational interviews, what other principles for professional networking...
-
Suppose that conflict over international trade leads to a fall in consumer confidence. Starting with the economy in long-run equilibrium, use the aggregate demandaggregate supply framework to...
-
Form a group of three to four classmates. Read one anothers rsums, spending three to five minutes per rsum. As you read, focus on how well the person communicates key abilities and attributes....
-
Redo Exercise 11.44, this time assuming Et = 100 + 0.8Yt + 0.5Yt1. Exercise 11.44 Consider this income-expenditure model: where Y is aggregate income and E is aggregate spending. Is this model...
-
Where must revenue legislation originate?
-
Ana is suing Belly for failing to pay her for goods she bought. It will be up to Ana to prove her case based on the evidence provided. True False
-
A simple random sample of 220 university students were asked what pasta they usually order and with which sauce. The preferences of these respondents are summarised below: Sauce Bolognese Pasta...
-
On January 1, 2017, Nanke Inc. issued $500,000 of 9 percent, five-year bonds payable at 104. Nanke has extra cash and wishes to retire all the bonds payable on January 1, 2018, immediately after...
-
TELUS Corporation's income statement and balance sheet on MyAccountingLab provide details about the company's long-term debt and equity. Use the data to answer the following questions: 1. What did...
-
Lisogar, Philip, & Walters (LPW) is a regional accounting firm with four offices. Summary data from the partnership's annual report follow: Required 1. What percentages of total revenues did LPW earn...
-
Match List I with List II an select the correct answer using the codes given below the lists: List I A. Quadric cycle chain B. Single slider crank chain C. Double slider crank chain D. Crossed slider...
-
In gears, interference takes place when (a) the tip of a tooth of mating gear digs into the portion between base and root circle (b) gear do not move smoothly in the absence of lubrication (c) pitch...
-
In a flat collar pivot bearing, the moment due to friction is proportional to \(\left(r_{1} ight.\) and \(r_{2}\) are the outer and inner radii respectively) (a)...
Study smarter with the SolutionInn App