Question (Please see attached document for better layout)

Question
(Please see attached document for better layout)
The following partial information is taken from the comparative balance sheet of Levi Corporation:
Shareholders’ equity
12/31/2016
12/31/2015
Common stock, $5 par value; 32 million shares authorized; 27 million shares issued and 21 million shares outstanding at 12/31/2016; and ____million shares issued and ____shares outstanding at 12/31/2015.
$135 million
$105 million
Additional paid-in capital on common stock
519 million
398 million
Retained earnings
196 million
156 million
Treasury common stock, at cost, 6 million shares at 12/31/2016 and 4 million shares at 12/31/2015
(87 million)
(33 million)
Total shareholders’ equity
$763 million
$626 million
What was the average price of the additional treasury shares purchased by Levi during 2016? (Round your answer to 2 decimal places.)
$27.00 per share.
$14.50 per share.
$8.25 per share.
None of these answer choices is correct.
Roberto Corporation was organized on January 1, 2016. The firm was authorized to issue 96,000 shares of $5 par common stock. During 2016, Roberto had the following transactions relating to shareholders’ equity:
Issued 9,400 shares of common stock at $5.50 per share.
Issued 20,900 shares of common stock at $9.00 per share.
Reported a net income of $104,000.
Paid dividends of $44,000.
Purchased 3,900 shares of treasury stock at $11.00 (part of the 20,900 shares issued at $9.00).
What is total shareholders’ equity at the end of 2016?
$300,900.
$258,000.
$256,900.
$258,700.
As of December 31, 2016, Warner Corporation reported the following:
Dividends payable
$35,000
Treasury stock
540,000
Paid-in capital – share repurchase
35,000
Other paid-in capital accounts
5,500,000
Retained earnings
$4,500,000
During 2017, half of the treasury stock was resold for $210,000; net income was $540,000; cash dividends declared were $1,350,000; and stock dividends declared were $650,000.
What was shareholders’ equity as of December 31, 2016?
$10,035,000.
$9,530,000.
$9,495,000.
$9,460,000.
As of December 31, 2016, Warner Corporation reported the following:
Dividends payable
$37,000
Treasury stock
770,000
Paid-in capital – share repurchase
37,000
Other paid-in capital accounts
5,700,000
Retained earnings
$4,700,000
During 2017, half of the treasury stock was resold for $274,000; net income was $770,000; cash dividends declared were $1,670,000; and stock dividends declared were $670,000.
What would shareholders’ equity be as of December 31, 2017?
$10,041,000.
$9,152,000.
$9,041,000.
$6,370,000.
Yellow Enterprises reported the following ($ in 000s) as of December 31, 2016. All accounts have normal balances.
Deficit (debit balance in retained earnings)
2,400
Common stock
3,500
Paid-in capital-treasury stock
2,000
Treasury stock at cost
250
Paid-in capital-excess of par
30,900
During 2017 ($ in 000s), net income was $9,900; 25% of the treasury stock was resold for $560; cash dividends declared were $800; cash dividends paid were $460.
What ($ in 000s) was shareholders’ equity as of December 31, 2017?
$43,190.
$43,410.
$43,650.
$44,410.
Top of Form
The shareholders’ equity of Green Corporation includes $298,000 of $1 par common stock and $490,000 par value of 7% cumulative preferred stock. The board of directors of Green declared cash dividends of $59,000 in 2016 after paying $29,000 cash dividends in each of 2015 and 2014. What is the amount of dividends common shareholders will receive in 2016?
$14,100.
$44,900.
$24,700.
$39,600.
Bottom of Form
Top of Form
Rick Co. had 24 million shares of $2 par common stock outstanding at January 1, 2016. In October, 2016, Rick Co.’s Board of Directors declared and distributed a 2% common stock dividend when the market value of its common stock was $65 per share. In recording this transaction, Rick would:
Credit common stock for $31.20 million.
None of these answer choices correct.
Debit retained earnings for $31.20 million.
Credit paid-in capital – excess of par for $31.20 million.
Olsson Corporation received a check from its underwriters for $75 million. This was for the issue of one million of its $5 par stock that the underwriters expect to sell for $75 per share.
Which is the correct entry to record the issue of the stock?
Cash
75,000,000
Common stock
75,000,000
Cash
75,000,000
Common stock
5,000,000
Paid-in capital – excess of par
70,000,000
Cash
75,000,000
Deferred stock issue revenue
27,000,000
Common stock
5,000,000
Paid-in capital – excess of par
43,000,000
Cash
75,000,000
Stock issue expense
27,000,000
Stock contract receivable
48,000,000
Boxer Company owned 25,000 shares of King Company that were purchased in 2014 for $390,000. On May 1, 2016, Boxer declared a property dividend of 1 share of King for every 10 shares of Boxer stock. On that date, there were 53,000 shares of Boxer stock outstanding. The market value of the King stock was $21 per share on the date of declaration and $36 per share on the date of distribution. By how much is retained earnings reduced by the property dividend?
$111,300.
$0.
$191,000.
$112,800.
On October 1, 2016, Chief Corporation declared and issued a 11% stock dividend. Before this date, Chief had 78,000 shares of $5 par common stock outstanding. The market value of Chief Corporation on the date of declaration was $10 per share. As a result of this dividend, Chief’s retained earnings will:
Decrease by $86,800.
Not change.
Increase by $85,800.
Decrease by $85,800.
Bottom of Form
ATTACHMENT PREVIEW Download attachment
1.The following partial information is taken from the comparative balance sheet of LeviCorporation:Shareholders’ equity12/31/201612/31/2015Common stock, $5 par value; 32 million shares authorized; 27million shares issued and 21 million shares outstandingat 12/31/2016; and ____million shares issued and ____sharesoutstanding at 12/31/2015.$135 million $105 millionAdditional paid-in capital on common stock519 million398 millionRetained earnings196 million156 millionTreasury common stock, at cost, 6 million shares at 12/31/2016and 4 million shares at 12/31/2015(87 million)(33 million)Total shareholders’ equity$763 million $626 millionWhat was the average price of the additional treasury shares purchased by Levi during 2016?(Round your answer to 2 decimal places.)$27.00 per share.$14.50 per share.$8.25 per share.None of these answer choices is correct.2.Roberto Corporation was organized on January 1, 2016. The firm was authorized to issue96,000 shares of $5 par common stock. During 2016, Roberto had the followingtransactions relating to shareholders’ equity:Issued 9,400 shares of common stock at $5.50 per share.Issued 20,900 shares of common stock at $9.00 per share.
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Reported a net income of $104,000.Paid dividends of $44,000.Purchased 3,900 shares of treasury stock at $11.00 (part of the 20,900 shares issued at $9.00).What is total shareholders’ equity at the end of 2016?$300,900.$258,000.$256,900.$258,700.3.As of December 31, 2016, Warner Corporation reported the following:Dividends payable$35,000Treasury stock540,000Paid-in capital – share repurchase35,000Other paid-in capital accounts5,500,000Retained earnings$4,500,000During 2017, half of the treasury stock was resold for $210,000; net income was $540,000; cashdividends declared were $1,350,000; and stock dividends declared were $650,000.What was shareholders’ equity as of December 31, 2016?$10,035,000.$9,530,000.$9,495,000.$9,460,000.4.As of December 31, 2016, Warner Corporation reported the following:
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