Help with accounting homework about common stocks

Posted on 2014-03-14 12:20:00 in Accounting by GEORGE

I'm doing some accounting homework online, and I can't figure out the answers. Here's the information given:



At December 31, 2013, the records of Kozmetsky Corporation provided the following selected and incomplete data:

Common stock (par $2; no changes during 2013).

Shares authorized, 5,000,000.

Shares issued, ? ; issue price $8 per share.

Shares held as treasury stock, 10,000 shares, cost $6 per share.

Net income for 2013, $481,000.

Common Stock account $150,000.

Dividends declared and paid during 2013, $2 per share.

Retained Earnings balance, January 1, 2013, $800,000.



1a. How many shares are issued?

1b. How many shares are outstanding?

2. What is the balance in the addition capital?

3. What is the earnings per share?

4. What is the total dividends on common stock?

5. Treasury stock should be reported in the stockholder's equity section of the balance sheet in the amount of: ?

6. What would the par value should the board of directors vote for a 2-for-1 stock split?



Any help would be appreciated!

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