At the end of the year, the records of Duo Corporation provided the following selected and incomplete
Question:
At the end of the year, the records of Duo Corporation provided the following selected and incomplete data:
Common stock: $1,500,000 ($1 par value; no changes in account during the year). Shares authorized: 5,000,000.
Shares issued:____(all shares were issued at $80 per share).
Shares held as treasury stock: 100,000 shares (repurchased at $60 per share).
Net income: $4,800,000.
Dividends declared and paid: $2 per share.
Retained earnings beginning balance: $82,900,000.
Required:
1. Answer the following:
a. How many issued shares are there?
b. How many outstanding shares are there?
2. What is the balance in the Additional Paid-in Capital account?
3. What is earnings per share (EPS)?
4. What was the total dividend paid during the year?
5. In what section of the balance sheet should treasury stock be reported? What is the amount of treasury stock that should be reported?
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
Step by Step Answer:
1 Shares issued 1500000 1 1500000 Shares outstandin...View the full answer
Financial Accounting
ISBN: 978-1259222139
9th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
