acct 302, fall 1998 the following slides cover the tentatively planned exam 2 exercises and problems...
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ACCT 302, FALL 1998
The following slides cover the tentatively planned Exam 2 Exercises and Problems Ch.15, Ch.16, & partial Ch.17
Chapter 15 Chapter 16 Chapter 17 (partial)
Ex 15-2 E16-1 Ex 17-1
Ex 15-3 E16-5 Ex 17-2
Ex 15-4 E16-6 Ex 17-8
Ex 15-5 E16-17 Ex 17-18
Ex 15-6 Ex 17-21
P15-2
P15-3
P15-6
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Splitting Lump Sums received for Bonds + Stock:
1. Incremental Method: If total received and value of one is known…
(See Ill 15-3, p. 768)
2. Proportional Method: If market value of both are known then split cash received based on relative % of total value received.
(See Ill. 15-2, p. 767)
Ex 15-6: Bonds $5,000,000 5/9
Stock 10,000 x 10 x $40 = $4,000,000 4/9
Total $9,000,000
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Part 1a asks for the Incremental Method. The Incremental method is demonstrated next, followed by a discussion of individual Calculations in the JE
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Ex. 15-6 Where did the $200,000 bond issue costs come from???
Value of Units Sold: %
Bonds 5,000,000 (5/8.8)
Stock 9,600 units x 10 shares x $40 = 3,840,000 (3.8/8.8)
Total 8,840,000
Total UnderWriting fee 400 units x $880 = $352,000
Amount Allocated to Bonds vs. Stock:
Bonds: (5/8.8) x $352,000 = $200,000 rounded
(Shown as Bond Issue Cost)
Stock: (3.8/8.8) x $352,000 = $152,000
(Reflected as a decrease to PIC Excess, See p. 769)
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Where did PIC EXCESS $3,148,000 come from??? PLUG!!!
Bond Issue Cost + Cash 200,000 + 8,448,000 = $8,648,000
- Bonds Payable (5,000,000)
- Par of Stock Issued ( 500,000)
Net Credit to PIC Excess $3,148,000=========
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Part a2. asks for the Proportional Method. The proportional method is demonstrated next, followed by a discussion of individual Calculations in the JE
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P15-2 REMEMBER:
5/1: (.7 x $120 x 500)/ 3 = $14,000
6/1: 14,000 - ((.7 x $120 x 100sh)/3)) = $11,200
6/5: 1. Remove CS Subscribed associated with her
2. Remove remaining Subscription Rec Associated with her
(100 x $120) x 70% x (2/3) … she made 1 pymt!
3. Balance is due to her 10,000 - 5,600 = 4,400
6/17: Sold for 105 vs 100 orig subscript… She will get Net Excess
10,500 - 10,000 = 500 BUT THIS GETS REDUCED BY $125
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End Of Ch 15 Ex & Probs
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Chapter 16 Stockholder’s Equity: Retained Earnings
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Dividends: Can They be Paid vs. Can We Pay Them?
Legal Issues Working Capital Issue
The trend???
What is a Dividend Yield? Div / Stk Price
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Stock Dividends: Permanent transfer from RE to PIC
Small (<20 -25%) base transfer on Market Price
Large (>25%) base transfer on Par Value
Own more shares… each worth proportionately less
Not a thing of value?
Stock Split: No JE, Just an adjustment of Par
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Ex. 16-5
a) Cumulative Preferred, fully participating:
Preferred Common Total Remaining 366,000
1 Yr Arrears 14,000 14,000 352,000
Current 14,000 210,000 224,000 128,000
Split Remaining 8,000 120,000 128,000 0
(Based on % of Total Par Value)
.2/3.2 x 128,000 = 8,000 3/3.2 x 128,000 = 120,000
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Ex. 16-5
b) Noncumulative, non-participating Split $366,000
Preferred Common Total
14,000 352,000 366,000
c) Noncumulative, participating in excess of 10%
Preferred Common Total Remaining
366,000
Current 14,000 210,000 224,000 142,000
Last 3% 90,000 90,000 52,000
Split 52,000 3,250 48,750 52,000 0
.2/3.2 x 52,000 = 3,250 3/3.2 x 52,000 = 48,750
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Chapter 17 Topics for Exam 2:
Convertible Bonds
Bonds & Detachable Warrants
Simple EPS
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