In 2022, Sheffield Corporation reported net income of $ 1,141.200. It declared and paid preference dividends of $ 262,964. During 2022, Sheffield had a weighted average of 194,300 ordinary shares outstanding. Compute Sheffield's 2022 earnings per share. (Round earnings per share to 2 decimal places, eg 1.48.) Sheffield's 2022 earnings per share %24
Q: Jupiter corporation had the following shares outstanding at December 31, 2018: Ordinary shares, par…
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…
Q: Marigold Inc. had net income for the current year ending December 31, 2020 of $872,880. During the…
A: Earnings per share refers to the profit earned during the period that is attributable to each common…
Q: Suppose the following information is available for Callaway Golf Company for the years 2022 and…
A: Weighted average no. of shares for 2021 = (Beginning no. of shares+ ending no. of shares) / 2 =…
Q: Commons, Inc. provides the following information for 2018: Net income $ 38 comma…
A: Dividend Yield refers to the dividend per share divided by price per share. It shows total income…
Q: During 2018, Longhorn Corp. had net income of $300,000 and paid dividends to its preferred…
A: The question is based on the concept of Shares and debentures.
Q: At December 31, 2020, Coronado Industries had 1140000 shares of common stock outstanding. In…
A: We know that the diluted earnings per share is the net income generated by each outstanding share…
Q: On January 1, 2020, Volume Company had the following account balance carried over from the previous…
A: The treasury share are the shares that are repurchased by the company fron its own issued shares.
Q: On December 31, 2022, Voice Company had 500,000 ordinary shares issued and outstanding, 400,000 of…
A: SOLUTION- COMPUTATION OF WEIGHTED AVERAGE NUMBER OF SHARES - DATE NUMBER OF SHARES MONTHS…
Q: During 2021, R Co. had the following two classes of stock issued and outstanding for the entire…
A:
Q: At December 31, 2020 and 2021, Funk & Noble Corporation had outstanding 840 million shares of…
A: Earnings per Share: Earnings per share help to measure the profitability of a company. Earnings per…
Q: Coronado Corporation had net income of $2060000 and paid dividends to common stockholders of $296000…
A:
Q: The following account balances relate to the stockholders' equity accounts of Sunland Corp. at…
A: The cash flow statement assesses a corporation's ability to handle its cash balance, or how…
Q: Bonita Industries had the following information in its financial statements for the years ended 2020…
A: The payout ratio is calculated by dividing the cash dividend by the net income and multiplying by…
Q: At December 31, 2020 and 2021, Funk & Noble Corporation had outstanding 820 million shares of…
A: Preferred Dividend = No. of share x Par value per share x rate of dividend…
Q: At December 31, 2017 and 2018, Funk & Noble Corporation had outstanding 820 million shares of…
A: Preferred Dividend = No. of preferred share x Par value per share x rate of dividend…
Q: On January 1, 2021, Oriole Corporation had 1,020,000 shares of common stock outstanding. On March 1,…
A: EPS means net earnings on a single share. Firm use equity funds to generate a profit. EPS show how…
Q: On January 1, 2020 ,Herron Corporation purchased 5,000 shares of treasury stock. Other information…
A: Return on Common Stockholders' Equity will be calculated using following Formulae : Return on Common…
Q: Computing earnings per share HEB Corporation had net income for 2018 of $60,450. HEB had 15,500…
A: Earnings per share: Earnings per share represent the amount of income earned per share of…
Q: Flatfish Limited reported the following items in shareholders' equity on December 31, 2020: Share…
A: Cumulative preference share holders enjoy the right to claim any unpaid dividend from the previous…
Q: Flyaway Travel Company reported net income for 2021 in the amount of $90,000. During 2021, Flyaway…
A:
Q: On December 31, 2021, Cullumber Company had 1,290,000 shares of $6 par common stock issued and…
A: As on 31.12.2021 Common Stock 1290000 share of $6 per Share $ 77,40,000 1290000…
Q: n 2021, Ehrlich Corporation reported net income of $700,000. It declared and paid preferred stock…
A: Solution: Earnings per share is the monetary value of earnings per outstanding share of common stock…
Q: Sandhill Corporation had 2020 net income of $1,066,000. During 2020, Sandhill paid a dividend of $2…
A: EARNING PER SHARE IS THE PORTION OF A COMPANY'S PROFIT ALLOCATED TO EACH OUTSTANDING SHARE OF COMMON…
Q: Tomba Corporation had 300,000 shares of common stock outstanding on January 1, 2020. On May 1, Tomba…
A: Weighted average number of shares refers to number of shares after incorporating change in shares…
Q: Tito Corporation had net income of $2,000,000 and paid dividends to common stockholders of $300,000…
A: Price-earnings ratio = Market price per share / Earnings per share where, Earnings per share = Net…
Q: On January 1, 2022, Splish Brothers Inc. had $1,320,000 of common stock outstanding that was issued…
A: Definition: Dividends: Dividends are the rewards to the stockholders for investing their money in…
Q: The Dark Red Company, which started operations in 2018, paid dividends at the end of 2018,2019 and…
A: The participating preference shareholder is entitled for fixed preference dividend and also the…
Q: On January 1, 2021, Oriole Corporation had 1,020,000 shares of common stock outstanding. On March 1,…
A: Earnings per share (EPS) is calculated by dividing the net income earned by the Company by the…
Q: On December 31, 2020, the Frisbee Company had 262,000 shares of common stock issued and outstanding.…
A: Earnings per share indicate the profits per share of common stockholders. It can be calculated by…
Q: Clair, Inc reports net income of $700,000. It declares and pays dividends of $100,000 for the year,…
A: Given that, Net income = $700000 Preference dividend = $50000 Common stock dividend = $50000 The…
Q: Snow Cleaners, Inc., had net income of $493,600 for its year ended December 31, 2018. During the…
A: Earning Per Share is the amount of total earning of the firm in a financial year, available to…
Q: 1.- Prepare the income statement of the company and calculate the net income obtained in 2021 2.-…
A: Particulars Amount ($) Income from continuing activities after taxes 877,000 Add:…
Q: What are the amounts of dividends payable on both the ordinary and preference shares?
A: Preference dividends shall be paid before paying any dividend to common stockholders. Further, if…
Q: Bonita Corporation had net income of $218000 and paid dividends to common stockholders of $44000 in…
A: Price earnings (P/E) ratio refers to a ratio which shows the relationship between the earnings per…
Q: Sheridan Company had 219,600 shares of common stock outstanding on December 31, 2021. During the…
A: Earnings per shares refers to the profit earned by each shareholder after paying all the expenses of…
Q: For the year 2021, Aquamarine Corporation has earned a net income of P400,000. Compute for the basic…
A: Earning per share refers to earning per share attributable to the ordinary shareholders. It is a net…
Q: on january 1, 2020, abc corporation had 200,000 ordinary shares issued and outstanding. on april 1,…
A: Earnings per share are the earnings earned by each shareholder from the earnings or net income of…
Q: In 2017 Pedroni Corporation reported net income of $1,000,000. It declared and paid preferred stock…
A: Earnings per share: It is to be calculated Deduct preferred dividend part from the net income and to…
Q: Pina Colada Corp. had net income of $1612000 and paid dividends to common stockholders of $403000 in…
A: The question is based on the concept of Payout ratio
Q: Denfort corp had 4,000 shares of P7.00, P100 par preferred stock and 50,000 shares of common stock…
A: Earnings per share (EPS) was used to measure profitability. Earnings per share: =(Net income -…
Q: At the end of its last fiscal year, December 31, 2021, Sink Corporation had issued 360,000 shares of…
A: According to the question, we are required to prepare the journal entries. The journal entries: The…
Q: On January 1, 2021, Sue Company had 3,000,000 shares of its common stock issued and outstanding. Sue…
A: Earnings per share are the earnings of the shareholders on each share purchased. The earnings per…
Q: Marutzky Corporation had a net income of $2,200,000 for the year 2018. On January 1, 2018, the…
A: Earning per share is calculated to know the earnings share, every shareholder would get for the…
Q: On January 1, 2022, Pharoah Company had the following stockholders' equity accounts. Common Stock…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: Carla Corporation reported net income of $315,350 in 2020 and had 50,500 shares of common stock…
A: Computation of the Carla's 2020 diluted earnings per share as follows:
Q: Yakun company had 4,000 shares of P7.00, P100 par preferred stock and 50,000 shares of common stock…
A: Earnings per share refer to the amount of earnings available to the common stockholders for each…
Q: On January 1, 2021, a company had 499,000 shares of common stock outstanding. During the year, it…
A: Weighted average number of shares outstanding is the average number of shares that are outstanding…
Q: On December 31, 2020 and 2021, Jimenez Corporation had 100,000 shares consisting of 90,000 shares…
A:
Q: BE4-8 In 2020, Hollis Corporation reported net income of $1,000,000. It declared and paid preferred…
A: Earnings per share (EPS) are company’s profit which is divided by outstanding common stock per…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Given the following year-end information for Somerset Corporation, compute its basic earnings per share. Net income, 13,000 Preferred dividends declared, 4,000 Weighted average common shares for the year, 4,500On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, 100 par, nonconvertible preferred stock outstanding, on which the years dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of 17,000 had been paid during 2019. At the end of 2019, the market price per share of common stock was 17.50. Required: 1. Compute Mononas basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.
- Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Also, assume that the market price per share for Rebert is 51.50. Required: 1. Compute the dollar amount of preferred dividends. 2. Compute the number of common shares. 3. Compute earnings per share. (Note: Round to two decimals.) 4. Compute the price-earnings ratio. (Note: Round to the nearest whole number.)Longmont Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the numerator of the EPS calculation for Longmont?Errol Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is the numerator of the EPS calculation for Errol?
- Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Also, assume that the dividends paid to common stockholders for last year were 2,600,000 and that the market price per share of common stock is 51.50. Required: 1. Compute the dividends per share. 2. Compute the dividend yield. (Note: Round to two decimal places.) 3. Compute the dividend payout ratio. (Note: Round to two decimal places.)Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73
- 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.Cash dividends on the 10 par value common stock of Garrett Company were as follows: The 4th-quarter cash dividend was declared on December 21, 2019, to shareholders of record on December 31, 2019. Payment of the 4th-quarter cash dividend was made on January 18, 2020. In addition, Garrett declared a 5% stock dividend on its 10 par value common stock on December 3, 2019, when there were 300,000 shares issued and outstanding and the market value of the common stock was 20 per share. The shares were issued on December 24, 2019. What was the effect on Garretts shareholders equity accounts as a result of the preceding transactions?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.
