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(Solved) (Latest ver. Aug 2020) - Myers Co Types of dividends - assets, liab & equity accounts

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Myers Company provides you with the following condensed balance sheet information.

Assets
Current assets 43,600
Equity investments (ABC stock; 10,290 shares at cost)41,160
Equipment (net)252,900
Intangibles60,310
Total assets397,970
Liabilities and Stockholders' Equity
Current and long-term liabilities104,800
Stockholders' equity
Common stock ($5 par)$ 21,000
Paid-in capital in excess of par116,400
Retained earnings155,770293,170
Total liabilities and stockholders' equity397,970

For each transaction below, indicate the dollar impact (if any) on the following five items: (1) total assets, (2) common stock, (3) paid-in capital in excess of par, (4) retained earnings, and (5) stockholders' equity. (Each situation is independent.)

(a) Myers declares and pays a $0.6 per share cash dividend.

(1)Total assets
(2)Common stock
(3)Paid-in capital in excess of par
(4)Retained earnings
(5)Total stockholders' equity

(b) Myers declares and issues a 10% stock dividend when the market price of the stock is $13 per share.

(1)Total assets
(2)Common stock
(3)Paid-in capital in excess of par
(4)Retained earnings
(5)Total stockholders' equity

(c) Myers declares and issues a 40% stock dividend when the market price of the stock is $15 per share.

(1)Total assets
(2)Common stock
(3)Paid-in capital in excess of par
(4)Retained earnings
(5)Total stockholders' equity

(d) Myers declares and distributes a property dividend. Myers gives one share of ABC stock for every two shares of Myers Company stock held. ABC is selling for $11 per share on the date the property dividend is declared.

(1)Total assets
(2)Common stock
(3)Paid-in capital in excess of par
(4)Retained earnings
(5)Total stockholders' equity

(e) Myers declares a 2-for-1 stock split and issues new shares.

(1)Total assets
(2)Common stock
(3)Paid-in capital in excess of par
(4)Retained earnings
(5)Total stockholders' equity

 







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