Tasha company had the following ordinary shares outstanding during the current year: 1/1, ordinary shares outstanding, 450,000; 2/1, issued a 10% share dividend, 45,000; 3/1, issued ordinary shares in a "purchase" combination, 135,000; 7/1, issued ordinary shares for cash, 120,000; 12/31 ordinary shares outstanding, 750,000. What is the weighted average number of shares outstanding?
Q: The practice of auditing firms to spread work throughout the year by carrying out as many auditing…
A: Audit is the process by which the auditors verify the financial statements of the company and makes…
Q: Assume the following (1) contribution margin = $150,000 (2) net operating income = $15,000, and (3)…
A: If % change in sales if given, % change in net income can be calculated with the help of Degree of…
Q: What two accounts are impacted when a customer indicates an inability to pay?
A: At the time of purchase Customers account will be debited because of increase in Debtor. When there…
Q: Analyze the trends and factors that determine Astro Berhad Malaysia in 2022 that need for the debt…
A: The debt to equity ratio, also known as the "debt-equity ratio," "risk ratio," or "gearing," is a…
Q: Your company has a travel policy that reimburses employees for the "ordinary and necessary" costs of…
A: The question requires to calculate the Business portion of the airfare based in maximum…
Q: Mia bought a hifg-definition television for $7,500. Based on her income she could afford to pay back…
A: INTRODUCTION: Accounts payable is the sum that clients owe the business for the products they have…
Q: 16.3 Brondon Corp. purchased a put option on MyKia common shares on July 7, 2023, for $480. The put…
A: Common Shares As evidence of the funds invested in a corporation, common shares are granted to…
Q: Bens Corporation has three service departments (Repairs, HR, and IT) and two production departments…
A: The direct method of allocation is used to allocate the cost of the service department is allocated…
Q: Morning Dove Company manufactures one model of birdbath, which is very popular. Morning Dove sells…
A: The contribution margin is calculated as difference between sales and variable costs. The…
Q: You own 1,000 shares of stock in Avondale Corporation. You will receive a $3.45 per share dividend…
A: Dividend refers to the amount of earnings that are distributed to the shareholders in proportion to…
Q: Activities of a county recreation center are reported in an enterprise fund. During 2019, $5,000,000…
A: An enterprise fund is an accounting and financial reporting system to fund government activities. In…
Q: Which of the two plans it would suit you plus?
A: It has been given in the question that the deposit is to be for the years of only three years. So,…
Q: Construct a cost-volume-profit chart indicating the break-even sales for last year. Verify your…
A: INCOME FROM LAST YEAR SALES Per Unit No.of Units Total Sales $200 2000 $400,000 Less :…
Q: The units of an item available for sale during the year were as follows: Date Line Item Description…
A: Periodic inventory system is the one wherein the inventory record is prepared at the end of a…
Q: n 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid…
A: FICA Social Security Tax Withheld A payroll tax is required to be deducted from employees' paychecks…
Q: Revenue recognition is based primarily on which criteria? O revenue has been accrued but not…
A: Revenue recognition principle states that revenues must be recorded on the income statement in…
Q: -excess of par, common X, 8% l-excess of par, preferred 1,000 300 575 amount of dividends to be paid…
A: When the preferred stock is cumulative, the dividend payable if in arrears is payable in the…
Q: Income Statements under Absorption Costing and Variable Costing Gallatin County Motors Inc.…
A: As per the absorption costing method, the product cost includes fixed and variable manufacturing…
Q: When preparing government-wide financial statements at the end of the fiscal year, Lambertsville…
A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. These…
Q: [The following information applies to the questions displayed below.] Caro Manufacturing has two…
A: The question is based on the concept of Cost Accounting.
Q: An employer in San Francisco, California, employs three individuals, whose taxable earnings to date…
A: FUTA refers to the Federal Unemployment Tax Act which states that every employer requires to pay 6%…
Q: which of the following is correct about the appropriateness of evidence? A. Audit evidence from…
A: Audit is the process of checking the financial statement and identifying the errors and…
Q: Assume that the hospital uses the direct method for cost allocation. Furthermore, the cost driver…
A: Lets understand the basics. In direct allocation method, cost of the service department gets…
Q: KIMEP BCB Task 1-CVP SINGLE PRODUCT- The Arman Company manufactures and sells pens. Present sales…
A: BREAKEVEN POINT Break Even means the volume of production or sales where there is no profit or…
Q: n 2016, Carow sold 3,000 units at $500 each. Variable expenses were $250 per unit, and fixed…
A: Break even Point - It is the level of sales wherein the company have no profit no loss. below the…
Q: The following accounts appear in the led $1,500 1,800 2,000 3,200 1,200 Accounts Payable Accounts…
A: The balance sheet is one of the financial statements of the business. The balance sheet represents…
Q: Can I Dr. Investment also? (for Avaliable for sale securities?)
A: Lets understad the basics. Available for sale security is as name suggest a security which are…
Q: Hera earned a $175,000 salary in 2021. Her husband, Zeus, earned $100,000 salary in 2021. Hera and…
A: $17050
Q: Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets…
A: Comparative financial statements are used to compare two or more years to understand the financial…
Q: S McGuire Corporation began operations in 2013. The manufacturers and then sells to retail stores.…
A: Income statement for 2013 Statement of financial position as of December 31, 2013
Q: On January 1, 2020, Sheridan Company leased equipment to Flynn Corporation. The following…
A: INTRODUCTION: Annual Rental Payments refers to the minimum rental payments for any Person or Persons…
Q: How is EPS calculated if no preferred stock is involved?
A: EPS refers to Earnings Per Share. It is the amount of net income earned per one equity share held by…
Q: Fast Flight Inc. paid $36,000 for 3 years of rent in advance on June 30th 2022. What is the balance…
A: Current assets: Current assets are all those assets that are expected to be sold or used as a result…
Q: Prepare the current assets section of Bramble's statement of financial position as at December 31,…
A: Balance sheet shows the financial position of the company that involves the assets, liabilities, and…
Q: Which of the following reports tracks past-due bills and bills that are due shortly? Profit & Loss…
A: A crucial accounting document known as accounts payable aging report compiles a summary of the bills…
Q: Holding Artisans Inc. (HAI) operates a craft market which sells paintings, handmade dolls and…
A: The closing entries are prepared to close the temporary accounts of the business. The temporary…
Q: Question: Prepare the Journal Entries, General Ledger, Adjusted Trial Balance
A: Journal Entry In order to document a business transaction in the accounting records of the company,…
Q: Carla Vista Limited is a company that produces machinery to customer orders, using a normal…
A: Solution Working notes- Calculation of under or over applied manufacturing overhead-…
Q: 2. (Prepare Financial Statements) The adjusted trial balance of Decimal Co. as of December 31, 2017,…
A: The financial statements of the business include income statement and balance sheet. The income…
Q: Operating Leverage Beck Inc. and Bryant Inc. have the following operating data: Beck Inc. Bryant…
A: Contribution Margin :— It is the difference between sale and variable cost. Operating Income :— It…
Q: the
A:
Q: TB Problem 3-215 (Algo) Daube Industries' operations for... Daube Industries' operations for the…
A: Cash Basis of Accounting :— Under this method of accounting, Expenses is recognised when cash is…
Q: 4. Manufacturing equipment has a capital cost of $86,000 with an asset life of 3 years. Compute the…
A: Modified accelerated cost recovery system was a depreciation system introduced by the revenue…
Q: Which of the following is true? I. If there is no change in gross fixed assets from one year to…
A: The Gross Fixed Assets is the cost of acquisition of the asset. In other words it is the purchase…
Q: Julia Jacobsen files as single on her tax return and earned weekly gross pay of $500. For each pay…
A: Weekly gross pay = $500 For each week, she makes 401(k) on 2% of gross pay…
Q: ABC Manufacturing Company expects to retire a lathe machine at the end of 2018 and will replace it…
A: Given in the question: Retire machine at end of Year 2018 Estimated Cost of New Machine…
Q: 1: Neil Mitchell earns $11/hour. During the most recent week, he receives a discretionary bonus of…
A: If an employee works more than 40 hours in a week, then he must be paid overtime 1.5 times of the…
Q: PSb 4-6 Populate a Payroll Register Complete the remaining columns of the payroll register for the…
A: The payroll register includes the payment details of each employee working in an organization along…
Q: he quality of Walmart’s financial information helps its users to correct their prior expectations on…
A: 1)understandability 2)consistency 3)faithful representation
Q: Juan Dela Cruz is a production manager in a manufacturing company. He recently instructed e…
A: Ethical Issues in Business When a choice, action, or circumstance goes against the organization's or…
Tasha company had the following ordinary shares outstanding during the current year: 1/1, ordinary shares outstanding, 450,000; 2/1, issued a 10% share dividend, 45,000; 3/1, issued ordinary shares in a "purchase" combination, 135,000; 7/1, issued ordinary shares for cash, 120,000; 12/31 ordinary shares outstanding, 750,000. What is the weighted average number of shares outstanding?
Step by step
Solved in 2 steps
- Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. Open the file STOCKEQ from the website for this book at cengagebrain.com. Enter the formulas in the appropriate cells on the worksheet. Then fill in the columns to show the effect of each of the selected transactions and events listed earlier. Enter your name in cell A1. Save the completed worksheet as STOCKEQ2. Print the worksheet. Also print your formulas. Check figure: Total stockholders equity balance at 12/31/12 (cell G21). 398,800.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. In the space provided below, prepare the stockholders equity section of Chen Corporations balance sheet as of December 31, 2012. Use proper headings and provide full disclosure of all appropriate information. Chens corporate charter authorizes the issuance of 1,000 shares of preferred stock and 100,000 shares of common stock.Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.
- Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements.Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.Raun Company had the following equity items as of December 31, 2019: Preferred stock, 9% cumulative, 100 par, convertible Paid-in capital in excess of par value on preferred stock Common stock, 1 stated value Paid-in capital in excess of stated value on common stock| Retained earnings The following additional information about Raun was available for the year ended December 31, 2019: 1. There were 2 million shares of preferred stock authorized, of which 1 million were outstanding. All 1 million shares outstanding were issued on January 2, 2016, for 120 a share. The preferred stock is convertible into common stock on a 1-for-1 basis until December 31, 2025; thereafter, the preferred stock ceases to be convertible and is callable at par value by the company. No preferred stock has been converted into common stock, and there were no dividends in arrears at December 31, 2019. 2. The common stock has been issued at amounts above stated value per share since incorporation in 2002. Of the 5 million shares authorized, 3,580,000 were outstanding at January 1, 2019. The market price of the outstanding common stock has increased slowly but consistently for the last 5 years. 3. Raun has an employee share option plan where certain key employees and officers may purchase shares of common stock at 100% of the marker price at the date of the option grant. All options are exercisable in installments of one-third each year, commencing 1 year after the date of the grant, and expire if not exercised within 4 years of the grant date. On January 1, 2019, options for 70,000 shares were outstanding at prices ranging from 47 to 83 a share. Options for 20,000 shares were exercised at 47 to 79 a share during 2019. During 2019, no options expired and additional options for 15,000 shares were granted at 86 a share. The 65,000 options outstanding at December 31, 2019, were exercisable at 54 to 86 a share; of these, 30,000 were exercisable at that date at prices ranging from 54 to 79 a share. 4. Raun also has an employee share purchase plan whereby the company pays one-half and the employee pays one-half of the market price of the stock at the date of the subscription. During 2019, employees subscribed to 60,000 shares at an average price of 87 a share. All 60,000 shares were paid for and issued late in September 2019. 5. On December 31, 2019, there was a total of 355,000 shares of common stock set aside for the granting of future share options and for future purchases under the employee share purchase plan. The only changes in the shareholders equity for 2019 were those described previously, the 2019 net income, and the cash dividends paid. Required: Prepare the shareholders equity section of Rauns balance sheet at December 31, 2019. Substitute, where appropriate, Xs for unknown dollar amounts. Use good form and provide full disclosure. Write appropriate notes as they should appear in the publisher financial statements.
- The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.Longmont Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the numerator of the EPS calculation for Longmont?
- Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.The following selected transactions and events occurred during 2013: a. Issued 200 shares of preferred stock for 20,000. b. Sold 800 shares of treasury stock for 2,800. c. Declared and issued a 4% common stock dividend. The market value on the date of declaration was 5 per share. d. Generated a net loss for the year of 16,000. e. Declared and paid the full years dividend on all the preferred stock and a dividend of 15 per share on common stock outstanding at the end of the year. Enter beginning balances for 2013 on STOCKEQ2. Then erase all 2012 entries and enter the transactions for 2013. Save the results as STOCKEQ4. Print the results.Ammon Company is authorized to issue 500,000 shares of $5 par value preferred stock. In its first year, the company has the following transaction: Mar. 1, issued 40,000 shares of preferred stock at $20.50 per share. Journalize the transaction.