Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby

Exercise 57

Finding Missing Amounts
At December 31, 2013, the records of Nortech Corporation provided the following selected and incomplete data:

Required:
1. Complete the following:
Shares authorized _________.
Shares issued __________.
Shares outstanding ___________.
TIP : To determine the number of shares issued, divide the balance in the Common Stock account by the par value per share.
2. The balance in Additional Paid-in Capital would be $ _______.
3. Earnings per share is $ ______.
4. Dividends paid per share of common stock is $ ________.
5. Treasury stock should be reported in the stockholders' equity section of the balance sheet in the amount of $ ________.
6. Assume that the board of directors approved a 2-for-l stock split. After the stock split, the par value per share will be $ _______.
7. Disregard the stock split (assumed above). Assume instead that a 100 percent stock dividend was declared and issued after the treasury stock had been acquired, when the market price of the common stock was $21. Give any journal entry that should be made.