Vishu MacroApps Corporation's disclosure notes for the year ending June 30, 2020, included the following regarding its $0.00000625 parcommon stockEmployee Stock Purchase Plan-We have an ESPP for all eligible employees Shares of our common stock may be purchased byemployees at three-month intervals at 85% of the fair market value on the last trading day of each three month period. Employees maypurchase shares having a value not exceeding 15% of their gross compensation during an offering period. Employees purchased thefollowing shares during the periods presented(Shares in millions)Year Ended June 30,shares purchased2920201910.912.914.9Average price per share$ 146.40 $ 109.03 $0.50As of June 30, 2020, 96 milion shares of our common stock were reserved for future issuance through the ESPPRequired:Prepare the journal entry that summarizes MacroApos's employee share purchases for the year ending June 30, 2020Note: If no entry is required for a transaction/event, select "No journal entry required in the first account fleid. Enter your answersIn whole dollars.Journal entry worksheet<Record the entry for employee share purchase.DateJune 30 2020dryGeneral JournalCashCompensation expenseCommon stockPaid in capital excess of par2018ChayIMDebil145 400 00017.223 529View alCredit65

An Employee Stock Purchase Plan (ESPP) is a company-sponsored initiative that enables qualified…

MacroApps Corporation's disclosure notes for the year ending June 30, 2020, included the following regarding its $000000625 par common stock Employee Stock Purchase Plan-We have an ESPP for all eligible employees. Shares of our common stock may be purchased by employees at three-month intervals at 85% of the fair market value on the last trading day of each three month period. Employees may purchase shares having a value not exceeding 15% of their gross compensation during an offering period. Employees purchased the following shares during the periods presented (Shares in millions) Year Ended June 30, shares purchased 2013 12.9 Average price per share $146.40 $ 109.03 $0.50 As of June 30, 2020, 96 milion shares of our common stock were reserved for future issuance through the ESPP 2920 30.9 2014 14.9

MacroApps Corporation's disclosure notes for the year ending June 30, 2020, included the following regarding its $000000625 par common stock Employee Stock Purchase Plan-We have an ESPP for all eligible employees. Shares of our common stock may be purchased by employees at three-month intervals at 85% of the fair market value on the last trading day of each three month period. Employees may purchase shares having a value not exceeding 15% of their gross compensation during an offering period. Employees purchased the following shares during the periods presented (Shares in millions) Year Ended June 30, shares purchased 2013 12.9 Average price per share $146.40 $ 109.03 $0.50 As of June 30, 2020, 96 milion shares of our common stock were reserved for future issuance through the ESPP 2920 30.9 2014 14.9

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 26P

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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.
Calculating the Number of Shares Issued Castanet Inc. issued shares of its $1. 50 par value common stock on November 9,2019, for $13 per share. In recording the issuance of the stock, Castanet credited the Additional Paid-In Capital- Common Stock account for $416,300. Required: How many shares were issued on November 9, 2019?
Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common stock on September 4, 2019, for $8 per share. The Additional Paid-In Capital-Common Stock account was credited for 5612,000 in the journal entry to record this transaction. Required: How many shares were issued on September 4, 2019?
Waseca Company had 5 convertible securities outstanding during all of 2019. It paid the appropriate interest (and amortized any related premium or discount using the straight line method) and dividends on each security during 2019. Each of the convertible securities is described in the following table: Additional data: Net income for 2019 totaled 119,460. The weighted average number of common shares outstanding during 2019 was 40,000 shares. No share options or warrants arc outstanding. The effective corporate income tax rate is 30%. Required: 1. Prepare a schedule that lists the impact of the assumed conversion of each convertible security on diluted earnings per share. 2. Prepare a ranking of the order in which each of the convertible securities should be included in diluted earnings per share. 3. Compute basic earnings per share. 4. Compute diluted earnings per share. 5. Indicate the amount(s) of the earnings per share that Waseca would report on its 2019 income statement.
Tama Companys capital structure consists of common stock and convertible bonds. At the beginning of 2019, Tama had 15,000 shares of common stock outstanding; an additional 4,500 shares were issued on May 4. The 7% convertible bonds have a face value of 80,000 and were issued in 2016 at par. Each 1,000 bond is convertible into 25 shares of common stock; to date, none of the bonds have been converted. During 2019, the company earned net income of 79,200 and was subject to an income tax rate of 30%. Required: Compute the 2019 diluted earnings per share.
Microsoft Corporation's disclosure notes for the year ending June 30, 2020, Included the following regarding its $0.00000625 par common stock Employee Stock Purchase Plan-We have an ESPP for all eligible employees. Shares of our common stock may be purchased by employees at three-month intervals at 90% of the fair market value on the last trading day of each three-month period. Employees may purchase shares having a value not exceeding 15% of their gross compensation during an offering period. Employees purchased the following shares during the periods presented (Shares in millions) Year Ended June 30, Shares purchased i Average price per share 2020 2019 11 $142.22 $104.85 2018 15 $76.48 As of June 30, 2020, 96 million shares of our common stock were reserved for future issuance through the ESPP Required: Prepare the journal entry that summarizes Microsoft's employee share purchases for the year ending June 30, 2020 Note: If no entry is required for a transection/event, select "No…
Microsoft Corporation's disclosure notes for the year ending June 30, 2020, Included the following regarding its $0.00000625 par common stock Employee Stock Purchase Plan-We have an ESPP for all eligible employees. Shares of our common stock may be purchased by employees at three-month intervals at 90% of the fair market value on the last trading day of each three-month period. Employees may purchase shares having a value not exceeding 15% of their gross compensation during an offering period. Employees purchased the following shares during the periods presented (Shares in millions) Year Ended June 30, 2020 2019 11 $104.85 2018 Shares purchased Average price per share 13 $76.48 $142,22 As of June 30, 2020, 96 milion shares of our common stock were reserved for future issuance through the ESPP Required: Prepare the journal entry that summanzes Microsoft's employee share purchases for the year ending June 30, 2020 Note: If no entry is required for a transaction/event, select "No Journal…
Flexsteel acquired 1,000 shares of its $1 par value stock for $44 per share on April 4, 2019 and held these shares in treasury. On March 1, 2020, the company resold all the treasury shares for $40 per share. What is the journal entry would be recorded when Flexsteel resells the shares of treasury stock?
ABC Co. was organized on January 1, 2019, with an authorization of 1.200.000 ordinary shares with a par value of Rp6 per share. During 2019, the corporation had the capital transactions as provided below. ABC Co. used the cost method to record the purchase and reissuance of the treasury shares. What is the total amount of share premium as of December 31, 2019?
In January 2019, ABC Limited called for subscriptions for 12 millions of shares. The issue price per share was $1.0 to be paid in four parts, these being $0.4 on application, $0.3 in the first call on 31 March, $0.20 in the second call on 31 July and $0.10 in the third call on 30 September. RequiredProvide the accounting entries to record the issue of ABC Limited’s shares.
In January 2019, ABC Limited called for subscriptions for 12 millions of shares. The issue price per share was $1.0 to be paid in four parts, these being $0.4 on application, $0.3 in the first call on 31 March, $0.20 in the second call on 31 July and $0.10 in the third call on 30 September. Required Provide the accounting entries to record the issue of ABC Limited’s shares. (BY HAND, not by excel)
Shrek Inc., had issued subscriptions for common shares on March 1, 2020. 40% of the subscription was to be paid by the subscribers on April 1 and the balance on June 1. The company would thereafter issue the shares on June 15. On April 1, the company received the funds for the first instalment and prepared the following journal entry to record the transaction: DR Cash $446,400 CR Share Subscription Receivable $446,400 On June 1, 2,000 subscribers failed to pay the second instalment and their subscriptions were forfeited. The company received the funds due on the second instalment from the remaining subscribers and prepared the following journal entry to record the transaction: DR Cash $648,000 CR Share Subscription Receivable $648,000 For how many shares were subscriptions issued by Shrek on March 1, 2020? Select one: a.…