1. The Common Stock account for Alpha Corporation on January
1, 2017 was $37,500. On June 1, 2017 Alpha issued an additional 4,500 shares of
common stock. The Common Stock is $5 par. There was neither Preferred Stock nor
any Treasury Stock. Paid in Capital Excess to par Common Stock was $10,000 on
January 1 and $15,000 on June 2 and net income was $124,700. Use this information to determine for
December 31, 2017 the amount of:

2. Alpha Corporation started the 2017 fiscal year with
100,000 shares common stock outstanding.
On April 1 an additional 20,000 shares were issued. On July 1 Alpha
reacquired 10,000 shares. Use this information to determine the number of
weighted-average shares of common stock outstanding for the 2017 fiscal year?

3. On December 31, 2015, Alpha Corporation has outstanding
1,000 shares of $100 par value, 7% cumulative and nonparticipating preferred
stock, and 20,000 shares of $10 par value common stock. No dividends were paid
in 2015. During 2016, Alpha distributed $40,000 in dividends. Use this
information to determine for the 2016 the dollar amount of dividends that will
be distributed to:

4.On January 2, 2016, Alpha Corporation’s initial capital
stock transaction consisted of an issuance of 5,000 shares of $5 par value
common stock, for $60 per share. On June 30, 2017 another 10,000 shares were
authorized to be issued. Use this information to determine dollar values for
the June 30, 2017 dollar value balances for:

5.During all of fiscal year 2017, Alpha Corporation had
outstanding 100,000 shares of $10 par common stock and 5,000 shares of
noncumulative, $100 par value, 7% preferred stock. For 2017, Alpha Corporation had $230,000
income from continuing operations and $575,000 loss on discontinued operations;
dividends were paid only to preferred shareholders. Use this information to
determine how much Alpha Corporation should report for 2017 basic earnings per
share for net income (loss). If it is a loss EPS then present the value in
brackets.

6.On January 1, 2017, Alpha Corporation had 50,000 shares of
$10 par value common stock outstanding.
On July 1, 2017, Alpha issued 50,000 additional shares on July 1, 2017.
There is no class of preferred stock. At
December 31, 2017, total stockholders’ equity was $4,250,000. Use this information to determine the book
value as of end of the FY 2017: (Round your answer to the nearest penny.)

7.On July 1, 2017, Alpha Company purchased inventory from
its Japanese supply source. Terms of sale were 100,000 yen, due 30 days from
the date of purchase. On July 30, 2017,
Alpha paid for the supplies purchased on July 1. The exchange rate for the yen
was $0.01 on the date of purchase, and $0.0098 on the date of payment. Use this
information to prepare Alpha Company’s general journal entries to record the
purchase and payment for inventory purchased from is Japanese vendor.

8.On January 2, 2016, Alpha Corporation issued 2,500 shares
of $4 par value common stock. The issue price was $15 per share. On January 15,
Alpha Corporation issued 1,000 shares of its $100 par 5% cumulative preferred
stock for $107 per share. Use this information to prepare the General Journal
entry (without explanation) for the January 2 and January 15 entries.

9.On January 2, 2016, Alpha Corporation issued 5,000 shares
of $3 par value common stock. The issue price was $7.50 per share. Use this
information to prepare the General Journal entry (without explanation) for the
January 2 entry.

10.On January 2, 2016, Alpha Corporation issued 15,000
shares of $10 par value common stock for $15 per share. On March 1, 2016, Alpha
reacquired 1,000 of these shares when they were trading $20 each. September 1,
2016, when the market was soaring, Alpha reissued 500 shares of treasury stock
at the going market rate of $17 per share. Use this information to prepare the
General Journal entry (without explanation) for September 1.

11. On January 1, 2016, Alpha Corporation had 300,000 shares
of common stock outstanding with a par value of $3 per share. On March 31,
Alpha Corporation authorized a 10% stock dividend when the market value was $8
per share. Use this information to prepare the General Journal entry (without
explanation) for March 31. If no entry is required then write “No Entry
Required.”

12.On January 2, 2016, Alpha Corporation procured new
equipment with an issue of 5,500 shares of $4.50 par value common stock. The
equipment had an MSRP of $75,000. Alpha’s stock was trading on the open market
for $9.25 per share on January 2nd. Use this information to prepare the General
Journal entry (without explanation) for the January 2 entry.