Myrtle Corporation began the year with a simple capital structure consisting of 480,000 shares of outstanding common stock. On April 1, 10,000 additional common shares were issued, and another 60,000 common shares were issued on August 1. The company had net income for the year of $589,375. Calculate the earnings per share of common stock. Round to two decimal points.

Q: Richards Corporation had net income of $196,700 and paid dividends to common stockholders of…

A: Earning per Share= Net income-(preferred stock dividend)/No. of shares outstanding Price earning…

Q: James Corporation earned net income of $90,000 this year. The company began the year with 600 shares…

A: Theory part: EPS: Full form of EPS is Earnings per share. This ratio tells the profit earned on each…

Q: Instructions: prepare the journal entries on above transactions.

A: Calculation of Dividend Paid :- Shares outstanding at the beginning 60000 Add : New issue…

Q: What is Jupiter Corporation’s weighted average number of shares for the year?

A: Answer:   975

Q: The Harbinger Corporation reported net income of $6 million and total assets of $7 million in its…

A: Earnings per share (EPS): The amount of net income available to each shareholder per common share…

Q: On July 1, a board of directors declared a $3 per share cash dividend, payable on July 31 to all…

A: Date Accounts Debit Credit July 1 Dividends (1,000-200) * $3 2,400       Dividends Payable…

Q: A company had 125,000 shares of common stock outstanding on January 1 and then sold 35.000…

A: Earnings per share is an financial ratio which was used to find the company's profitability. = Net…

Q: 4) ABC Co. had 800,000 shares of common stock outstanding on January 1, issued 120,000 shares on…

A: This is used in calculating EPS. In this no. of shares is computed after adjusting of modifications…

Q: During its first year of operations, Cullumber Company had the following transactions pertaining to…

A: Total cash received on Jan. 10 = No. of shares issued x pr value per share = 65000 x $5 = $325,000

Q: Lucky Corporation began the year with a simple capital structure consisting of $240,000 shares of…

A: Formula: Earnings per share = Net Income / outstanding Weighted average common shares Division of…

Q: shares of common stock are outstanding at year-end

A: Number of common shares outstanding = Amount of common stock/Par value

Q: Richards Corporation had net income of $305,067 and paid dividends to common stockholders of…

A: Price earnings ratio: It is the ratio used for valuing the company and to measure whether the…

Q: During its first year of operations, the McCollum Corporation entered into the following…

A: Journal entry for issue of shares:

Q: During its first year of operations, Collin Raye Corporation had the following transactions…

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: The annual report for Sneer Corporation disclosed that the company declared and paid preferred…

A: Answer 1) Account Titles and Explanation  Debit  Credit Dividends  $      1,20,000…

Q: The annual report for Sneer Corporation disclosed that the company declared and paid preferred…

A: Debit Credit   Dividends declared $         160,000     Dividends Payable   $      160,000…

Q: From January 1 to April 30, Company A had 7,500 shares outstanding. From May 1 to October 31, the…

A: Earnings per share = (Net income - Preferred dividend) / Weighted average outstanding shares

Q: The Harbinger Corporation reported net income of $6 million and total assets of $7 million in its…

A: Earnings per share (EPS): The amount of net income available to each shareholder per common share…

Q: Throughout the year, Baker Construction Company had3 million shares of common stock and 150,000…

A: Convertible preference share are those preferences shares which carry a right to be converted into…

Q: Required 1. Explain the transaction(s) underlying each journal entry (a) through (d). 2. How many…

A: Since more than one question are posted i am providing you the answer for first three questions.

Q: Loeb Co. had 800,000 shares of common stock outstanding on January 1, issued 112,000 shares on May…

A: Weighted average shares outstanding for the year = Beginning No. of shares outstanding + Shares…

Q: The articles of incorporation allow for the issuance of 1 million shares of common stock. During its…

A: Given is: The articles of incorporation allow for the issuance of 1 million shares of common stock.…

Q: During its first year of operations, Bonita Corporation had the following transactions pertaining to…

A: Share issued Known as issued shares, these are the subset of authorized shares that have been sold…

Q: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 100,000…

A: Common stock is a share of ownership issued to the shareholders. It is the most commonly used means…

Q: A company has an authorized capital of 10,000 common shares of $10 par value and 7,500 common shares…

A: Journal entry: An act of recording the daily transaction of a firm in the journal is called journal…

Q: During its first year of operations, Harlan Corporation had the following transactions pertaining to…

A: A par value stock is a type of common or preferred stock having a nominal amount (known as par…

Q: Green Thumb, Inc. had 18,000 shares of common stock outstanding on January 1. An additional 6,000…

A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…

Q: Ridgetown Corporation started the year with 50,000 common shares outstanding. On April 1st,…

A: • Weighted average number of common shares from January to March: For opening balance  = 50,000×3/12…

Q: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 94,200 shares…

A: Common stock:   These are the ordinary shares that a corporation issues to the investors in order to…

Q: Lucky Corporation began the year with a simple capital structure consisting of 200,000 shares of…

A: Formula: Earnings per share = Net income / Weighted average number of equity shares

Q: Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake…

A: a.

Q: AUBURN Corporation had 120,000 of ordinary shares issued and January 2 of the same year, the company…

A: Earnings per share represent the earnings held in hands of each shareholder of the company. It is…

Q: Company A has net sales revenue of $780,000, cost of goods sold of $343,200 and all other expenses…

A: Basic EPS = Net Income / Weighted Average No. of Shares Sales Revenue = $780000 Cost of Goods Sold =…

Q: The balance sheet for Crutcher Corporation reported 260,000 shares outstanding, 360,000 shares…

A: The corporation can issued that much shares which are authorized to the corporation by the Registrar…

Q: Ecker Company reports $2,700,000 of net income and declares $388,020 of cash dividends on its…

A: Earnings per share (EPS): The amount of net income available to each shareholder per common share…

Q: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 100,000…

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: Milo Co. had 800,000 shares of common stock outstanding on January 1, issued 126,000 shares on May…

A: Basic earnings per share = (Net income - Preferred dividend) / Weighted average no. of common shares…

Q: The annual report for Sneer Corporation disclosed that the company declared and paid preferred…

A: 1) Date Account Journal  Debit $ Credit $ 1 Dividend - Preferred stock 280,000     Dividends…

Q: Net income was $200,800 for the year. Throughout the year the company had outstanding 12,000 shares…

A: Formula: Basic EPS = ( Net Income - preferred dividend ) / outstanding shares of common stock.

Q: On January 1, the company had 150,000 common shares outstanding. During the year, the following…

A: On January 1, the company had 150,000 common shares outstanding. During the year, the following…

Q: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 86,000 shares…

A:

Q: During its first year of operations, Flounder Corporation had the following transactions pertaining…

A: Journal entries are used to record the transactions of business in a chronological order.

Q: During its first year of operations, Buffalo Corporation had the following transactions pertaining…

A: Common stock and Preferred stock are two type of shares issued by the companny. Any amount received…

Q: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 115,800…

A: Introduction:- The following basic information as follows under:- Wisconsin Corporation was formed…

Q: Marcy Company had 30,000 shares of common stock at the beginning of the year. On July 1, it issued…

A: Formulas: Weighted average number of shares = Actual shares out standing * Fraction of year…

Q: Kinkaid Company was incorporated at the beginning of this year and had a number of transactions. The…

A: Common Stock: The ownership stake in a company that is represented by securities known as common…

Q: The Channing Company earmed $64,000 last year. The capital stock of the company consists of $500.000…

A: Dividend: It can be defined as the distribution of the net profits of the company to its…

Q: The annual report for Sneer Corporation disclosed that the company declared and paid preferred…

A: Dividend is the amount of return paid to the shareholders in the form of return. The dividend…