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ACG 2021 ACG2021 week 11 teamwork – Everest College

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ACG 2021 ACG2021 week 11 teamwork – Everest College

Effects of Stockholders’ Equity Transactions on the Balance Sheet

The following transactionsoccurred at Horton Inc. during its first year of operation:

a. Issued 100,000 shares of common stock at $5 each; 1,000,000 shares are authorized at $1 parvalue.

b. Issued 10,000 shares of common stock for a building and land. The building was appraised for$20,000, but the value of the land is undeterminable. The stock is selling for $10 on the openmarket.

c. Purchased 1,000 shares of its own common stock on the open market for $16 per share.

d

Description

  

ACG 2021 ACG2021 week 11 teamwork – Everest College

Effects of Stockholders’ Equity Transactions on the Balance Sheet

The following transactionsoccurred at Horton Inc. during its first year of operation:

a. Issued 100,000 shares of common stock at $5 each; 1,000,000 shares are authorized at $1 parvalue.

b. Issued 10,000 shares of common stock for a building and land. The building was appraised for$20,000, but the value of the land is undeterminable. The stock is selling for $10 on the openmarket.

c. Purchased 1,000 shares of its own common stock on the open market for $16 per share.

d. Declared a dividend of $0.10 per share on outstanding common stock. The dividend is to bepaid after the end of the first year of operations. Market value of the stock is $26.

e. Declared a 2-for-1 stock split. The market value of the stock was $37 before the stock split.

f. Reported $180,000 of income for the year.

Required

1. Indicate each transaction’s effect on the assets, liabilities, and stockholders’ equity of HortonInc.

2. Prepare the Stockholders’ Equity section of the balance sheet.

3. Write a paragraph that explains the number of shares of stock issued and outstanding at theend of the year

ACG 2021 ACG2021 week 11 teamwork – Everest College

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