MacArthur Company began operations on March 1, 2015 . The corporate charter authorized issuance of 3,000 shares of $2 par value common stock. MacArthur sold all of the stock on March 1 . On May 1, MacArthur repurchased 2,000 of the outstanding shares. On May 14, MacArthur sold 1,200 of the treasury shares. On June 1, MacArthur declared a 2-for-1 stock split. As a result of the split, what
occurred?
a. Assets declined.
b. Stockholders' equity increased.
c. Stockholders' equity decreased.
d. Total stockholders' equity stayed the same.
d
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After the economic recession, the boating industry suffered from a decline in sales. However, recent sales forecasts indicate that the upcoming season will produce a strong demand for boats and boating equipment. Based on this, Les has decided to ramp up production this winter of both his bass fishing boats and speed boats, keep them in storage until the boating sales season officially resumes, and hope that customers will buy them. This is an example of a
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