Lodge Outfitters issues 1,200 shares of its $0.01 par value common stock to provide funds for further expansion. Assuming the issue price is $12 per share, determine the financial statement effects of the issuance of common stock. Note: Amounts to be deducted should be indicated with a minus sign. If there are no effects for a particular transaction/event, select "There are no financial statement effects" in the first account field. Assets Revenues Liabilities Income Statement Expenses Balance Sheet Contributed Capital Net Income Stockholders' Equity Retained Earnings Treasury Stock

Lodge Outfitters issues 1,200 shares of its $0.01 par value common stock to provide funds for further expansion. Assuming the issue price is $12 per share, determine the financial statement effects of the issuance of common stock. Note: Amounts to be deducted should be indicated with a minus sign. If there are no effects for a particular transaction/event, select "There are no financial statement effects" in the first account field. Assets Revenues Liabilities Income Statement Expenses Balance Sheet Contributed Capital Net Income Stockholders' Equity Retained Earnings Treasury Stock

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter13: Earnings Per Share (eps)

Section: Chapter Questions

Problem 2R: Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8%...

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Effective May 1, the shareholders of Baltimore Corporation approved a 2-for-1 split of the companys common stock and an increase in authorized common shares from 100,000 shares (par value 20 per share) to 200,000 shares (par value 10 per share). Baltimores shareholders equity items immediately before issuance of the stock split shares were as follows: What should be the balances in Baltimores Additional Paid-in Capital and Retained Earnings accounts immediately after the stock split is effected?
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Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.
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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?
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