PLEASE HELP ME Computing EPS: Convertible Preferred with Partial ConversionBridgeman Company reported the following data for the current year.°Net income, $2,220,000.• Common shares outstanding at the beginning of the year, 800,000.°Nonconvertible cumulative preferred stock, $100 par, $8 dividend per share per year, 100,000 shares outstanding all year.° Issued 200,000 shares of common stock on October 1.° Convertible cumulative preferred stock, $100 par, $7 dividend per share per year, 50,000 shares outstanding at the beginning of the year. On March 31, 20,000 sharesof preferred stock converted to 40,000 common shares.For both preferred stock issues, assume dividends are paid for the time they are held.a. Compute basic EPS.b. Compute diluted EPS.Net Income Available to Weighted Avg. CommonCommon Stockholders Shares OutstandingBasic EPS $Diluted EPS $1,175,000 ✓1,420,000 x880,000 $950,000 * $PerShare1.34 ✔1.49 x

The share capital of an organization consists of two types of shares which are equity shares and…

Answered: a. Compute basic EPS. b. Compute…

Financial Accounting Intro Concepts Meth/Uses

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ISBN:9781285595047

Author:Weil

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Chapter17: Synthesis And Extensions

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Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.
Preferred Dividends Eastern Inc.s equity includes 8%, $25 par preferred stock. There are 100,000 shares authorized and 45,000 shares outstanding. Assume that Eastern declares and pays preferred dividends quarterly. Required: Prepare the journal entry to record declaration of one quarterly dividend. Prepare the journal entry to record payment of the one quarterly dividend.
COMMON AND PREFERRED CASH DIVIDENDS Ramirez Company currently has 100,000 shares of 1 par common stock outstanding and 5,000 shares of 50 par preferred stock outstanding. On July 10, the board of directors declared a semiannual dividend of 0.30 per share on common stock to shareholders of record on August 1, payable on August 5. On July 15, the board of directors declared a semiannual dividend of 5 per share on preferred stock to shareholders of record on August 5, payable on August 10. Prepare journal entries for the declaration and payment of the common and preferred stock cash dividends.
Raun Company had the following equity items as of December 31, 2019: Preferred stock, 9% cumulative, 100 par, convertible Paid-in capital in excess of par value on preferred stock Common stock, 1 stated value Paid-in capital in excess of stated value on common stock| Retained earnings The following additional information about Raun was available for the year ended December 31, 2019: 1. There were 2 million shares of preferred stock authorized, of which 1 million were outstanding. All 1 million shares outstanding were issued on January 2, 2016, for 120 a share. The preferred stock is convertible into common stock on a 1-for-1 basis until December 31, 2025; thereafter, the preferred stock ceases to be convertible and is callable at par value by the company. No preferred stock has been converted into common stock, and there were no dividends in arrears at December 31, 2019. 2. The common stock has been issued at amounts above stated value per share since incorporation in 2002. Of the 5 million shares authorized, 3,580,000 were outstanding at January 1, 2019. The market price of the outstanding common stock has increased slowly but consistently for the last 5 years. 3. Raun has an employee share option plan where certain key employees and officers may purchase shares of common stock at 100% of the marker price at the date of the option grant. All options are exercisable in installments of one-third each year, commencing 1 year after the date of the grant, and expire if not exercised within 4 years of the grant date. On January 1, 2019, options for 70,000 shares were outstanding at prices ranging from 47 to 83 a share. Options for 20,000 shares were exercised at 47 to 79 a share during 2019. During 2019, no options expired and additional options for 15,000 shares were granted at 86 a share. The 65,000 options outstanding at December 31, 2019, were exercisable at 54 to 86 a share; of these, 30,000 were exercisable at that date at prices ranging from 54 to 79 a share. 4. Raun also has an employee share purchase plan whereby the company pays one-half and the employee pays one-half of the market price of the stock at the date of the subscription. During 2019, employees subscribed to 60,000 shares at an average price of 87 a share. All 60,000 shares were paid for and issued late in September 2019. 5. On December 31, 2019, there was a total of 355,000 shares of common stock set aside for the granting of future share options and for future purchases under the employee share purchase plan. The only changes in the shareholders equity for 2019 were those described previously, the 2019 net income, and the cash dividends paid. Required: Prepare the shareholders equity section of Rauns balance sheet at December 31, 2019. Substitute, where appropriate, Xs for unknown dollar amounts. Use good form and provide full disclosure. Write appropriate notes as they should appear in the publisher financial statements.
Treasury Stock, Cost Method Bush-Caine Company reported the following data on its December 31, 2018, balance sheet: The following transactions were reported by the company during 2019: 1. Reacquired 200 shares of its preferred stock at 57 per share. 2. Reacquired 500 shares of its common stock at 16 per share. 3. Sold 100 shares of preferred treasury stock at 58 per share. 4. Sold 200 shares of common treasury stock at 17 per share. 5. Sold 100 shares of common treasury stock at 9 per share. 6. Retired the shares of common stock remaining in the treasury. The company maintains separate treasury stock accounts and related additional paid-in capital accounts for each class of stock. Required: 1. Prepare the journal entries required to record the treasury stock transactions using the cost method. 2. Assuming the company earned a net income in 2019 of 30.000 and declared and paid dividends of 10,000, prepare the shareholders equity section of its balance sheet at December 31, 2019.
Issuances of Stock Cada Corporation is authorized to issue 10,000 shares of 100 par, convertible, callable preferred stock and 80,000 shares of no-par, no-stated value common stock. There are currently 7,000 shares of preferred and 30,000 shares of common stock outstanding. The following are several alternative transactions: 1. Purchased land by issuing 640 shares of preferred stock and 1,000 shares of common stock. Preferred and common are currently selling at 113 and 36 per share, respectively, No reliable appraisal of the land is available. 2. Same as Transaction 1, except that land is appraised at 104,000, and the preferred stock has no current market value. 3. Issued, for 99,000 cash, a combination of 400 shares of preferred stock and bonds payable with a face value of 50,000. Currently, the preferred stock is selling for 120 per share and the bonds at 104. 4. Same as Transaction 3, except that the bonds do not have a current market value. 5. Same as Transaction 3, except that the preferred stock does not have a current market value. 6. Preferred shareholders (who had originally paid the corporation 110 per share for their stock) convert 6,500 preferred shares into 19,500 shares of common stock. The current market prices of the preferred stock and the common stock are 120 and 41 per share, respectively. 7. The corporation calls the 7,000 shares of preferred stock (originally issued at 110 per share) at 123 per share. Common stock is currently selling for 42 per share. Shareholders elect not to convert into common stock. 8. Same as Transaction 7, except that shareholders owning 2,000 shares of preferred stock elect to convert each share into 3 shares of common stock The remaining 5,000 preferred shares are retired. Required: Next Level Prepare the journal entry necessary to record each transaction. Below each entry, explain your reason for the values used.
Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. Preferred stock subscriptions receivable 50,000 Preferred stock, 10 par, 9% (200,000 shares authorized; 20,000 shares issued)200,000 Preferred stock subscribed (10,000 shares)100,000 Paid-in capital in excess of parpreferred stock40,000 Common stock, 10 par (100,000 shares authorized; 60,000 shares issued)600,000 Paid-in capital in excess of parcommon stock250,000 Retained earnings750,000 During 20--, Gonzales Company completed the following transactions affecting stockholders equity: (a) Received 20,000 for the balance due on subscriptions for 4,000 shares of preferred stock with a par value of 40,000 and issued the stock. (b) Purchased 10,000 shares of common treasury stock for 18 per share. (c) Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d) Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e) Sold 5,000 shares of common treasury stock for 100,000. (f) Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g) Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.
STOCK SUBSCRIPTIONS Juneau Associates had the following stock transactions during the year: (a) Received subscriptions for 100,000 shares of 1 par common stock for 105,000. (b) Received subscriptions for 5,000 shares of 15 par, 8% preferred stock for 80,000. (c) Received a payment of 55,000 on the common stock subscription. (d) Received a payment of 40,000 on the preferred stock subscription. (e) Issued 40,000 shares of 1 par common stock in exchange for a truck with a fair market value of 48,000. (f) Received the balance in full for the common stock subscription and issued the stock. (g) Received the balance in full for the preferred stock subscription and issued the stock. REQUIRED Prepare general journal entries for these transactions, identifying each by letter.
Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. (a)Received 20,000 for the balance due on subscriptions for preferred stock with a par value of 40,000 and issued the stock. (b)Purchased 10,000 shares of common treasury stock for 18 per share. (c)Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d)Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e)Sold 5,000 shares of common treasury stock for Si00,000. (f)Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g)Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.

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a. Compute basic EPS. b. Compute diluted EPS.