The San Diego Corporation reported profit of year ended December 31, 2018. At the beginning of the year, the company had 200,000 ordinary shares outstanding. It issued an additional 30,000 shares on July 1, 2018 and reacquired as treasury shares 6,000 shares on November 1, 2018.
Q: Adham Corporation was organized on January 1, 2019. During its first year, the corporation issued…
A: The dividend on preference shares is paid before any dividend is paid to common stockholders, and…
Q: On January 1, 2021, Sunland Corp. had 459,000 shares of common stock outstanding. During 2021, it…
A: Note: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…
Q: During 2018, Longhorn Corp. had net income of $300,000 and paid dividends to its preferred…
A: The question is based on the concept of Shares and debentures.
Q: Macanas Company had 125,000 shares issued as of January 1, 2018, which includes 25,000 treasury…
A: Answer) Calculation of Number of shares issued Number of shares issued = Total number of shares…
Q: Major Communications Ltd., a publicly traded company that specializes in data capture, has been in…
A: Common stock: These are the shares issued by a company to an outsider. These shares entitle a share…
Q: Towson Corp., was organized on January 2, 2018. During the first year of operation, Towson issued…
A: No of shares issued = 60,000 shares Par value of shares issued = $2 Net Income = $250,000 Dividend =…
Q: Wissam Company was established on January 1, 2017. The Company issued 10,000 shares of common stock…
A: This question is asking preference share dividend, Common stock dividend, and the journal entry at…
Q: Blue Spruce Limited reported profit of $436,010 for its November 30, 2021, year end. Cash dividends…
A: Profit available to common share holders= Net profit- Preference dividend = 436010-69500 = 366510
Q: On January 1, 2021, Windsor Corp. had 488,000 shares of common stock outstanding. During 2021, it…
A: Since the student has posted multiple requirements, we shall answer the first three alone. Thank…
Q: Lucas Company reports net income of $5,125 for the year ended December 31, 2019, its first year of…
A: Earnings per share (EPS): The amount of net income available to each shareholder per common share…
Q: Listed below are the transactions that affected the shareholders’ equity of Branch-Rickie…
A: Stockholders’ equity is the measure of assets staying in a business after the sum total of the…
Q: On January 1, 2021, Paver Corporation had 84,000 common shares, recorded at $659,000, and retained…
A: Calculation of the number of common shares at the end of the year:- Number of common shares:-…
Q: Specific Motor Inc., makes and sells commercial vehicles. By December 31, 2018, the company reported…
A: Effect of given transactions on balance sheet:
Q: Bickle's Pickles Inc.'s charter authorizes the company to issue up to 100,000 common shares. As of…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: The shareholders' equity section of Charles Corporation at December 31, 2018 included the following:…
A: Preferred dividends are the dividends that are accrued paid on a company's…
Q: Basil Corporation is authorized to issue 900,000 shares of $10 par value common stock, and 200,000…
A: The Numerical has covered the concept of Journal entry relating to the stock purchase and sell.
Q: Oakwood Inc. Is a public enterprise who shares are traded in the over-the-counter market. At…
A: Income tax adjustment=Prior period adjustemnent-After tax value=$300,000-$210,000=$90,000
Q: Red Hat Company began operations in January 2018 and reported the following results of operations…
A: Book value per common stock = (Total stockholder's equity-(liquidation value of preferred stock+…
Q: Tomba Corporation had 300,000 shares of common stock outstanding on January 1, 2020. On May 1, Tomba…
A: Weighted average number of shares refers to number of shares after incorporating change in shares…
Q: On January 1, 2021, Bramble Corp. had 487,000 shares of common stock outstanding. During 2021, it…
A: GIVEN On January 1, 2021, Bramble Corp. had 487,000 shares of common stock outstanding. During…
Q: Paris Co. has a December 31 year-end date. Data for 2021 shows: • There were 60,000, $3, cumulative…
A: Number of common shares Common shares as on January 1 370000 Shares issued 60000 Less; shares…
Q: Garda World Security Corporation has the following shares, taken from the equity section of its…
A: Dividend - Dividend is the amount paid by the company to its preference and common shareholder's.…
Q: On January 1, 2020, Addy Company had 110,000 shares issued and 100,000 shares outstanding. The…
A: Gven, Shares outstanding on Jan 1, 2020 = 100,000 shares Shares issued on march 1 = 15,000 Treasury…
Q: On January 1, 2019, Metco Inc. reported 296,000 shares of $6 par value common stock as being issued…
A: Treasury stock: The shares which were reacquired or bought back by the company, but not formally…
Q: On January 1, 2021, Dreamy Company issued 30,000 shares of $2 par value common stock for $150,000.…
A: Treasury stock: Shares which are bought back by the company from the open market but not retired…
Q: LALALAND Corporation was organized on 1/1/2020. It was authorized to issue 2 million, $1 par, common…
A: Stockholder’s equity is a part of balance sheet which shows the total owner’s equity that is…
Q: Specific Motor Inc., makes and sells commercial vehicles. By December 31, 2018, the company reported…
A: The income statement is a financial statement that represents the financial performance of the…
Q: Show
A:
Q: On January 1, 2021, marine company had 125,000 issued shares and 25,000 treasury shares. During the…
A: No. of shares issued means shares issued by the company including the shares purchased by the…
Q: Oakwood Inc. is a public enterprise whose shares are traded in the over-the-counter market. At…
A: Shareholders Equity section of balance sheet shows all total amount attributable to equity…
Q: Wissam Company was established on January 1, 2017. The Company issued 10,000 shares of common stock…
A: Dividend means the amount given to shareholder of the company as profit distribution by company.…
Q: On January 1, 2021, Sunland Corp. had 459,000 shares of common stock outstanding. During 2021, it…
A: As you have posted multiple independent questions, we are answering the first three questions.…
Q: Major Communications Ltd., a publicly traded company that specializes in data capture, has been in…
A: To prepare Major Communications Ltd.Statement of Changes in Shareholders’ EquityYear Ended…
Q: Adham Corporation was organized on January 1, 2019. During its first year, the corporation issued…
A: The preferred stockholders should give a preference at the time of payment of dividend and the…
Q: on january 1, 2020, abc corporation had 200,000 ordinary shares issued and outstanding. on april 1,…
A: Earnings per share are the earnings earned by each shareholder from the earnings or net income of…
Q: Poodle Corporation was organized on January 3, 2021. The firm was authorized to issue 100,000 shares…
A: calculation of paid in capital are as follows:
Q: Data Controls Corporation had 250,000 shares of common stock outstanding at the end of 2017. During…
A: The number of shares in a corporation computed after accounting for variations in the share capital…
Q: On its Balance Sheet dated December 31st, 2020, the Crazy Cookie Company reports the following…
A: A treasury stock is a reacquired stock, it is the stock bought back by the issuing company. It…
Q: LALALAND Corporation was organized on 1/1/2020. It was authorized to issue 2 million, $1 par, common…
A: When the treasury stocks are re-issued at a price more than its cost then Additional paid-in capital…
Q: Marutzky Corporation had a net income of $2,200,000 for the year 2018. On January 1, 2018, the…
A: Earning per share is calculated to know the earnings share, every shareholder would get for the…
Q: On January 1. 2021, Novak Corp. had 502,000 shares of common stock outstanding. During 2021, it had…
A: Solution:- Weighted average number of shares outstanding as of December 31, 2021 Transaction…
Q: During the first year of operation, a company issued 60,000 shares of $2 par value common stock at a…
A: Paid in Capital Common Stock will consist of preferred and common stock in total. It is also called…
Q: Cole Company was formed on January 1, 2022, when 300,000 shares of $2 par value common stock were…
A: Common stock : 300,000 shares x $2 par value per share = $600,000 Additional Paid-in capital -Common…
Q: Purple Cab Company had 60,000 shares of common stock outstanding on January 1, 2021. On April 1,…
A: Weighted average outstanding common stock = 60000 shares + 30000*9/12 = 82500 shares
Q: IFA Corporations had Net Income of $780,000 and the following information for January 2021 to…
A: Ordinary Share- Ordinary shares, also called general shares, are stocks sold on a community swap.…
Q: A company was organized on January 2, 2018. During the first year of operation, it issued 60,000…
A: Paid in Capital Common Stock will consist of preferred and common stock in total. It is also called…
Q: On January 1, 2021, a company had 499,000 shares of common stock outstanding. During the year, it…
A: Weighted average number of shares outstanding is the average number of shares that are outstanding…
Q: LALALAND Corporation was organized on 1/1/2020. It was authorized to issue 2 million, $1 par, common…
A: Additional Paid in Capital from Treasury stock represents the excess amount over its cost generated…
Step by step
Solved in 2 steps
- Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.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.
- 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?Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?Jupiter 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 Jupiter Corporations weighted average number of shares for the year?
- Errol Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is the numerator of the EPS calculation for Errol?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.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.
- During 2012, Ponce Towers issued 30,000 additional shares of common stock on June 1 and 24,000 on November 1. The company earned 602,000 from continuing operations and 28,000 from another segment of the business that was discontinued during the year. Use your completed worksheet to prepare a computation of earnings per share for 2012. Erase any data in the Data Section that are not required for 2012. Save the solution for 2012 as EPS3 and print the results.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.