Whiplash, Co. reported the following information from the Stockholders' Equity section of their balance sheet as...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Whiplash, Co. reported the following information from the Stockholders' Equity section of their balance sheet as of January 1, 2021: Common Stock: $15,000 ($0.20 par value; 900,000 shares authorized, 75,000 shares issued and outstanding as of 1/1/21); Additional Paid-in Capital: $2,468,990; Retained Earnings: $571,673 During the year 2021, Whiplash completed these transactions that affected Stockholders' Equity: • On March 25th, issued 5,000 shares of Common Stock for $30 per share. • On June 13th, issued 3,500 shares of Common Stock for $33 per share. On June 30th, declared a cash dividend of $0.10 per common share, payable to all stockholders of record on July 15th. • On July 31", paid the cash dividend declared on June 30th. • On September 25th, reacquired 6,000 shares of common stock as Treasury Stock, paying $23 per share. a. Calculate the number of shares of Common Stock that would be outstanding as of the date of record, July 15, 2021. Show all calculations. b. Calculate the number of shares of Common Stock that would be outstanding as of December 31, 2021. Show all calculations. c. Record all the journal entries for Whiplash's 2021 transactions listed above. Show all calculations. d. Taking into account all of the information and all of the transactions above, prepare a Statement of Stockholders' Equity for Whiplash for the year ended December 31, 2021. Use the format used in the pre-recorded lecture videos and also provided in your e-text, Illustration 10-20. Assume net income for 2021 was $119,450. e. Taking into account all of the information and all of the transactions above, prepare the Stockholders' Equity Section of the Balance Sheet as of December 31, 2021. Use the format used in the pre- recorded lecture videos and also provided in your e-text, Illustration 10-19. Assume net income for the year ended 2021 was $119,450. Whiplash, Co. reported the following information from the Stockholders' Equity section of their balance sheet as of January 1, 2021: Common Stock: $15,000 ($0.20 par value; 900,000 shares authorized, 75,000 shares issued and outstanding as of 1/1/21); Additional Paid-in Capital: $2,468,990; Retained Earnings: $571,673 During the year 2021, Whiplash completed these transactions that affected Stockholders' Equity: • On March 25th, issued 5,000 shares of Common Stock for $30 per share. • On June 13th, issued 3,500 shares of Common Stock for $33 per share. On June 30th, declared a cash dividend of $0.10 per common share, payable to all stockholders of record on July 15th. • On July 31", paid the cash dividend declared on June 30th. • On September 25th, reacquired 6,000 shares of common stock as Treasury Stock, paying $23 per share. a. Calculate the number of shares of Common Stock that would be outstanding as of the date of record, July 15, 2021. Show all calculations. b. Calculate the number of shares of Common Stock that would be outstanding as of December 31, 2021. Show all calculations. c. Record all the journal entries for Whiplash's 2021 transactions listed above. Show all calculations. d. Taking into account all of the information and all of the transactions above, prepare a Statement of Stockholders' Equity for Whiplash for the year ended December 31, 2021. Use the format used in the pre-recorded lecture videos and also provided in your e-text, Illustration 10-20. Assume net income for 2021 was $119,450. e. Taking into account all of the information and all of the transactions above, prepare the Stockholders' Equity Section of the Balance Sheet as of December 31, 2021. Use the format used in the pre- recorded lecture videos and also provided in your e-text, Illustration 10-19. Assume net income for the year ended 2021 was $119,450.
Expert Answer:
Answer rating: 100% (QA)
a Calculate the number of shares of Common Stock that would be outstanding as of the date of record July 15 2021 Show all calculations Number of share... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
Posted Date:
Students also viewed these accounting questions
-
During 2009, Federal Express reported the following information (in millions): net sales of $35,497 and net income of $98. Its balance sheet also showed total assets at the beginning of the year of...
-
In a recent balance sheet, Wal-Mart reported the following information (in millions): Required Calculate Wal-Mart's current ratio for each year and answer the following questions: a. Was the company...
-
Earnings per Share Disclosure Extreme Company reported the following information about its stock on its December 31, 2016, balance sheet: Preferred stock, $2 par value, 5% cumulative, 300,000 shares...
-
In subsurface pipe drainage, describe the different types and materials used for the drainage?
-
The manufacturer of a pill for back pain claims that 86% of those who take the pill get relief within one hour. You work for a consumer organization and you want to check the claim. You take a random...
-
An investor is considering three different television news stocks to complement his portfolio: British Broadcasting Company (BBC), Canadian Broad-casting Company (CBC), and Australian Broadcasting...
-
I dont know you, and I very much liked working with Oscar Jones. Why was he transferred to Chicago? The customer you have just met for the first time is unhappy because of his relationship with the...
-
FIGURE P24.47 shows an infinitely wide conductor parallel to and distance d from an infinitely wide plane of charge with surface charge density η. What are the electric fields E 1 to E...
-
1. Is Integrated Marketing campaign truly integrated and how to establish Promotion Mix reflect on your understanding of IMC and how it fits with Marketing (particularly marketing mix and the 4Ps. ...
-
1. a. How much did the materials cost per unit change between June and July? b. How much did the conversion cost per unit change between June and July? 2. Which is the optimal choice of material and...
-
Almost overnight, the Coronavirus (Covid-19) pandemic has transformed the work and workplaces of the public sector (OECD, 2020). Why does the public sector have trouble coping with the pandemic? How...
-
On November 1st, the company pays a local radio station $15,000 for 3 months of radio ads that are to be aired equally throughout November through January. Prepaid Advertising was debited on November...
-
The following table presents the monthly demand and supply in the market for boots in Philadelphia. Price (Dollars per pair of boots) 20 40 60 80 100 PRICE (Dollars per pair of boots) 120 On the...
-
A general form of the gravity model that economists typically estimate is given by: Tij = Ax Empirical studies have found that the values of the exponents: 'a', 'b', and 'c' are very close to: D
-
Calculate for Each Project: NPV (at 12%) IRR MIRR (at 12%) Pl (at 12%) Profitability Index = NPY/(absolute value of Initial Investment) Crossover point calculation: Project Rankings: NPV Rankings IRR...
-
Suppose there are three assets in an economy with the following payoff matrix. The t = 3 payoff of asset 3 is uncertain, and has a value of m. The t = 0 prices of the assets are listed below. 5 = ( X...
-
Dinvi Inc. is currently selling two products, A, and B, 200 units and 100 units per year respectively at a price of $50/unit. Dinvi is considering introducing a new product, C, to the market. Company...
-
r = 0.18 Find the coefficients of determination and non-determination and explain the meaning of each.
-
Sandro Spina is the president of TemPro Inc., a company that provides temporary employees for not-for- profit companies. TemPro has been operating for five years; its revenues are increasing with...
-
During its first month of operations, March 2015, Fayes Fashions Inc. completed seven transactions with the dollar effects indicated in the following T-accounts: Required: 1. Write a brief...
-
Saputo Inc. produces, markets, and distributes a wide variety of products, including cheese, fluid milk, yogurt, dairy ingredients, and snack cakes. It is the largest dairy processor in Canada and...
-
Which of the following questions can an interviewer legally ask a job candidate during a telephone interview? (a) Are you pregnant or planning to soon start a family? (b) What skills do you have that...
-
An employment test that yields different results over time when taken by the same person lacks ____________. (a) validity (b) reliability (c) realism (d) behavioral anchors
-
The responses most likely to be associated with use of a force-coercion change strategy are best described as __________. (a) internalized commitment (b) temporary compliance (c) passive cooptation...
Study smarter with the SolutionInn App