P11-1 Finding Missing Amounts LO 11-1, 11-2, 11-3, 11-4, 11-6 At the end of the

Question

P11-1 Finding Missing Amounts LO 11-1, 11-2, 11-3, 11-4, 11-6 At the end of the year, the records of NCIS Corporation provided the following selected and incomplete data: Common stock ($10 par value); no changes in account during the year. Shares authorized: 200,000 Shares issued Treasury stock: 3,000 shares (repurchased at $20 per share). The treasury stock was acquired after a stock split was announced Net income: $240,340 Dividends declared and paid: $123,220 Retained earnings beginning balance: $555,000. (all shares were issued at $17 per share. Total cash collected: $2,125,000) Required 1. Complete the following tabulation: Answer is complete and correct. Shares authorized Shares issued Shares 200,000 125,000 22,000 2. Calculate the balance in the Additional Paid-in Capital account. Answer is complete and correct. l paid-in 875,000

Explanation / Answer

ans 5 Stockholder Equity $60,000 (3000*20) ans 6 Par value $5 Shares outstanding 300000 (125000*2) ans 7 No entruy required ans 8 Dr Cr 1) Retained earnings (122000*10%*21) 256200 Stock dividend payable 256200 entry could be done in other way also 1) Retained earnings (122000*10%*21) 256200 stock dividend distributable (12200*10) 122000 Aditional paid in capital 122000

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