Please help me Exercise 9-15 (Static) Calculate basic EPS LO 9-6Mechforce, Incorporated had net income of $151,800 for the year ended December 31, 2022. At the beginning of the year, 15,000shares of common stock were outstanding. On April 1, an additional 10,000 shares were issued. On October 1, the company purchased3,000 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common sharesoutstanding occurred during the year. During the year, Mechforce paid the annual dividend on the 6,000 shares of 5%, $100 par valuepreferred stock that were outstanding the entire year.Required:Calculate basic earnings per share of common stock for the year ended December 31, 2022.Note: Round your answer to 2 decimal places.Earnings por share

Earnings per share is the amount per share earned by the common shares of the entity. It is…

Answered: Mechforce, Incorporated had net income…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter11: Stockholders' Equity

Section: Chapter Questions

Problem 11.13AMCP

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Problem 10-86A Stock Dividends and Stock Splits Lance Products balance sheet includes total assets of $587,000 and the following equity account balances at December 31, 2019: Lances common stock is selling for $12 per share on December 31, 2019. Required: How much would Lance Products have reported for total assets and retained earnings on December 31, 2019, if the firm had declared and paid a $15,000 cash dividend on December 31, 2019? Prepare the journal entry for this cash dividend. How much would Lance have reported for total assets and retained earnings on December 31, 2019, if the firm had issued a 15% stock dividend on December 31, 2019? Prepare the journal entry for this stock dividend. CONCEPTUAL CONNECTION How much would Lance have reported for total assets and retained earnings on December 31, 2019, if the firm had effected a 2-for-l stock split on December 31, 2019? Is a journal entry needed to record the stock split? Why or why not?
Problem 3 National Supply's shareholders' equity included the following accounts at December 31, 2022: Ordinary share capital, P1 par Share premium-ordinary Retained earnings P 6,000,000 30,000,000 20,000,000 Each share was originally issued at an average price of P6 per share. National Supply reacquired its ordinary shares in two separate transactions and later sold shares. February 15 February 17 Reacquired 300,000 shares at P8 per share Reacquired 300,000 shares at P5.50 per share November 9 Sold 200,000 shares at P7 per share (assume FIFO). Prepare the entries for each of the transactions under each of two separate assumptions: 1. The shares are retired. 2. The shares are accounted for as treasury shares,
Exercise 9-13 (Algo) Calculate basic EPS LO 7 Ringmeup Inc. had net income of $148,800 for the year ended December 31, 2019. At the beginning of the year, 38,000 shares of common stock were outstanding. On May 1, an additional 15,000 shares were issued. On December 1, the company purchased 4,700 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Ringmeup paid the annual dividend on the 8,000 shares of 5.00%, $100 par value preferred stock that were outstanding the entire year. Required: Calculate basic earnings per share of common stock for the year ended December 31, 2019. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Earnings per share
Exercise 9-15 (Algo) Calculate basic EPS LO 9-6 Mechforce, Incorporated had net income of $145,200 for the year ended December 31, 2022. At the beginning of the year, 14,000 shares of common stock were outstanding. On April 1, an additional 20,000 shares were issued. On October 1, the company purchased 5,000 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Mechforce paid the annual dividend on the 9,000 shares of 4.95%, $100 par value preferred stock that were outstanding the entire year. Required: Calculate basic earnings per share of common stock for the year ended December 31, 2022. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Earnings per share
Question 14 Hamad Town Company had the following balances in the stockholders' equity accounts at Dec. 31, 2020: - Common stock, $10 par, 50,000 shares authorized, 30,000 shares issued and outstanding ....$ 300,000 Paid in Capital in Excess of Par Value, Common Stock Retained Eamings The following transactions occurred during 2021: 1. Feb. 20: Purchased 2,000 of its own shares for $ 18 per share. 2. March 10: Declared a $2 per share cash dividend on the outstanding common stock. 3. April 07: Paid the cash dividends declared early in March 10. 4. May 20: Sold all treasury shares for $19 each. 5. Oct. 1: Declared 10% stock dividends on the outstanding common stock for the record of Nov. 1 and to be distributed on Dec. 10; The market value of stock on Oct. 1 was $14 per share. 6. Dec. 10: Distributed the shares which declared on Oct. 1. 7. Dec. 25: Implemented a 2-for-1 stock split, when the market value of stock was $26 per share. NOTE: If there is no entry, please write: "NO ENTRY"…
EXERCISE 4 The Millenium Company had 100,000 shares of Ordinary Share Capital on December 31,2019. Its statement of financial position on that date showed the following shareholder's equity balances: Ordinary Share Capital, P 10 par P 1,000,000 Share premium 300,000 Retained Earnings 900,000 The following treasury share transactions took place in 2020: 1.) Purchased 10,000 ordinary shares at P 14 per share. 2.) Sold 4,000 of the treasury shares above at P 15 per share. 3.) Sold 5,000 of the treasury shares above at P 13 per share. 4.) Retired the remaining treasury shares. REQUIRED: a) Prepare the entries in the books of Millenium Company to record the foregoing transactions. b) Determine the total shareholder's equity at December 31,2020, assuming that profit for the year was P 280,000 and cash dividends declared were P 200,000.
Problem 4 On December 29, 2018, Blue Company was registered at the Securities and Exchange Commission with 100,00 authorized shares of P100 par value. The following were Blue's transactions: December 29, 2018 May 14, 2019 August 9, 2019 December 31, 2019 Issued 40,000 shares at P105 per share. Purchased 600 of its ordinary shares at P110 per share. 400 treasury shares were resold at P95 per share. Profit for 2019 is P830,000. Dividends paid P200,000. 34. What is the total outstanding shares? 35. What is the balance of treasury shares? 36. How many shares are entitled to receive dividends? 37. What is the total shareholders' equity? Problem 5 Partners A & B have capital balances of P600,000 and P400,000 and share profits and losses in the ratio of 3:2, respectively, before the admission of C. With the consent of B, A sells one-half of his equity to C, with C paying A the amount of P350,000. 38. What is A's capital balance after the admission of C? 39. What is the total partnership…
Exercise 12-12 Allocating dividends between common and cumulative preferred shares L05 The outstanding share capital of Sheng Inc. includes 43,000 shares of $9.60 cumulative preferred and 78,000 common shares, all issued during the first year of operations. During its first four years of operations, the corporation declared and paid the following amounts in dividends: Year 2021 2022 2023 2024 Total Dividends Declared $ -0- 440,000 1,058,000 440,000 Determine the total dividends paid in each year to each class of shareholders. Also determine the total divi dends paid to each class over the four years. Exercise 12-13 Allocating dividends between common and non-cumulative preferred shares LO5 Determine the total dividends paid in each year to each class of shareholders of Exercise 12-12 under th assumption that the preferred shares are non-cumulative. Also determine the total dividends paid to eac class over the four years.

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