On January 2, 2000, the board of directors of Gimli Mining Corporation declared a cash dividend of P1,200,000 to stockholders of record on January 18, 2000, and payable on February 10, 2000. The dividend is permissible by law in Gimli's state of incorporation. Selected data from Gimli's December 31, 1999, balance sheet follow: Accumulated depletion P 200,000 Capital stock 1,100,000 Additional paid-in capital 800,000 Retained earnings 500,000 The P1,200,000 dividend includes a liquidating dividend of Select the correct response: 600,000 800,000 700,000 O200,000

On January 2, 2000, the board of directors of Gimli Mining Corporation declared a cash dividend of P1,200,000 to stockholders of record on January 18, 2000, and payable on February 10, 2000. The dividend is permissible by law in Gimli's state of incorporation. Selected data from Gimli's December 31, 1999, balance sheet follow: Accumulated depletion P 200,000 Capital stock 1,100,000 Additional paid-in capital 800,000 Retained earnings 500,000 The P1,200,000 dividend includes a liquidating dividend of Select the correct response: 600,000 800,000 700,000 O200,000

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 4MC: Effective May 1, the shareholders of Baltimore Corporation approved a 2-for-1 split of the companys...

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Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: For 2011, Ponce Towers, Inc., had income from continuing operations of 545,000 and a 72,000 loss from discontinued operations (net of tax). Open the file EPS from the website for this book at cengagebrain.com. Enter all input items (AF) in the appropriate cells in the Data Section. Enter all formulas in the appropriate cells in the Answer Section. Enter your name in cell A1. Save the completed file as EPS2. Print the worksheet when done. Also print your formulas. Check figure: Basic earnings per share from continuing operations (cell D29), 5.94.
Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: For 2011, Ponce Towers, Inc., had income from continuing operations of 545,000 and a 72,000 loss from discontinued operations (net of tax). As vice president of finance for the firm, you have been asked to calculate earnings per share for 2011. The worksheet EPS has been provided to assist you.
Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% cumulative preferred stock. It is also authorized to issue 750,000 shares of $6 par value common stock. It has issued 50,000 of the common shares and 1,000 of the cumulative preferred shares. The corporation has never declared a dividend and the preferred shares are one years in arrears. Aggregate Mining has the following transactions this year: Journalize these transactions. For the stock split, show the calculation for how many shares are outstanding after the split and the par value per share after the split
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