Standward Company’s shareholders’ equity section balance

II. Exercises
1. Standward Company’s shareholders’ equity section balance sheet at December
31, 2016 is shown below. Preferred shares Authorized—100 shares Issued and
outstanding—55 shares $2,145. Common shares Authorized—900 shares Issued and
outstanding—600 shares $1,010. Retained earnings $450. Total shareholders’
equity $3,605.
Required:
1. What is the average price received for each issued preferred share?
2. What is the average price received for each issued common share?
NOTE: For this part 2 only round your answer to the nearest 2 decimal
places.
2. A company had the following bank reconciliation at June 30, 2016:
Balance per bank statement, 6/30/16
$151,125
Add deposit in transit
33,475
184,600
Less outstanding checks
40,950
Balance per books, 6/30/16
$143,650
Data per bank for the month of July 2016 follow:
Deposits
$189,800
Disbursements
$161,525
All reconciling items at June 30, 2016, cleared the bank in July. Outstanding
checks at July 31, 2016, totaled $22,750. There were no deposits in transit at
July 31, 2016. What is the cash balance per books at July 31, 2016?
3. Expresso Company had the following information related to common and
preferred shares during the year:
Common shares outstanding 1/1 Common shares repurchased
Conversion of preferred
shares
Common shares repurchased 3/1
7/1
12/
1 568,75
0
17,500
32,500
29,250 Expresso reported net income of $1,625,000 at December 31. What amount of
shares should Expresso use as the denominator in the computation of basic
earnings per share? ACCT310 Quiz One Concluded: Page 3 of 3 Page 1 of 2 4. An extract from the trial balance of Armstrong Corp. at June 30, 2016 is
reproduced below: Account
1
2
3
4
5
6 Prepaid insurance
Salaries payable
Interest payable
Unearned revenue
Accumulated
depreciation
Unused office supplies Amount in
unadjusted
trial
balance
$3,200
$1,500
$
0
$5,000
$2,200
$ 450 Amount in
adjusted
trial
balance
$2,600
$2,100
$ 1,000
$4,000
$2,750
$ 125 Required: Prepare in general journal format the entries that were posted,
including a plausible description. General ledger account numbers are not
necessary. Page 2 of 2