After closing the books at month end on May 31, 2013, XYZ Corporation’s Stockholders

by | Mar 18, 2020 | Uncategorized

  
After closing the books at month end on May 31, 2013, XYZ Corporation’s Stockholders’ equity section shows the
following balances: Stock Capital Common Stock, unlimited authorized 30,000 Stock issued and outstanding $450,000
Retained Earnings $370,000
Total Stockholders’ Equity $820,000 Do not enter dollar signs or commas in the input boxes. Scenario 1
The company declared and immediately distributed a 100% Stock dividend. Current market price was $10. The
company recorded the Stock dividends by debiting Retained Earnings. a) Prepare the statement of retained earnings after the Stock dividend. XYZ Corporation
Statement of Retained Earnings
For the Month Ended May 31, 2013 Opening Balance Less: Stock Dividend Balance — May 31, 2013
b) Prepare the Stockholders” equity section of the balance sheet as at May 31, 2013 (after the Stock dividend has
been distributed). Stock Capital Common Stock, unlimited authorized 60,000 Stock issued and outstanding Retained Earnings Total Stockholders’ Equity
Scenario 2
As a separate scenario from Scenario 1, the company implemented a 2-for-1 Stock split. a) Calculate the number of outstanding Stock. Outstanding Stock: shares b) Prepare the Stockholders’ equity section of the balance sheet as at May 31, 2013 (after the Stock split has been
completed). Stock Capital Common Stock, unlimited authorized, xxx Stock issued and outstanding Retained Earnings Total Stockholders’ Equity
  

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