Effect of stock split Willey's Grill & Restaurant Corporation wholesales ovens and ranges to restaurants throughout the

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Effect Of Stock Split Willey S Grill Restaurant Corporation Wholesales Ovens And Ranges To Restaurants Throughout The 1 (30.49 KiB) Viewed 9 times

Effect of stock split Willey's Grill & Restaurant Corporation wholesales ovens and ranges to restaurants throughout the Southwest. Willey's Grill & Restaurant, which had 33,000 shares of common stock outstanding, declared a 4-for-1 stock split. a. What will be the number of shares outstanding after the split? shares b. If the common stock had a market price of $144 per share before the stock split, what would be an approximate market price per share after the split? per share
Selected stock transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 300,000 shares of common stock with a par of $1. The following transactions affecting stockholders' equity were completed during the first year of operations. Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a. Issued 11,000 shares of stock at par to Paul Glenn for cash. Cash Common Stock Account b. (1) Issued 750 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and (2) issued 17,000 shares of stock at par to Michele Kirby for cash. Debit Credit Transaction (1) (2) Debit Credit Account Organizational Expenses Common Stock Cash Common Stock c. Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The land has fair value of $50,000, and the building has a fair value of $120,000. Account Land Building Common Stock Debit Credit
Issuing stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 125,000 shares of preferred 1% stock, $40 par and 600,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5. Issued 95,000 shares of common stock at par for cash. Date Account Debit Credit Feb. 5. Feb. 5. Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Account Debit Credit Date Feb. 5. Organizational Expenses Common Stock Cash Common Stock Apr. 9. Issued 24,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $89,000, $487,000, and $110,000, respectively. Date Apr. 9. Land Buildings Equipment Common Stock Paid-In Capital in Excess of Par-Common Stock Date Account Debit Credit June 14. Issued 30,000 shares of preferred stock at $55 for cash. Account Debit Credit June 14. Cash Perferred Stock Paid-In Capital in Excess of Par-Preferred Stock