What is the weighted-average number of shares outstanding for 2020? *
Q: TJH Corporation was organized on January 1, 2020, with authorized capital of 200,000 shares of P10…
A: Formula: Share capital = Number of shares issued x Issue price.
Q: On July 1, 2020, Nall Co. issued 2,500 shares of its $10 par common stock and 5,000 shares of its…
A: Preferred share: These shareholders received a fixed dividend. These are considered a liability for…
Q: On January 1, 2020, XYZ Corporation had 250,000 ordinary shares of P2 par value outstanding.
A: Solution: Option (c). 750,000 is the answer. Earnings per share = (Net income - preferred…
Q: On January 1, 2020, Gridley Corporation had 375,000 shares of its $2 par value common stock…
A: Given: Jan 1st Outstanding shares = 375,000 Par value = $2 March 1 Sold = 750,000 Market price = $20…
Q: On July 1, 2020, Tomas Company's board of directors declared a 10% share dividend. The market price…
A: No. of shares issued under stock dividend = No. of outstanding ordinary shares x share dividend rate…
Q: On December 31, 2019, LBC Co. had 2,000,000 shares of ordinary shares standing. On January 1, 2020,…
A: EPS means earnings available for each equity shareholder. Diluted EPS means when earnings of the…
Q: If income tax rate is 30%, how much is the diluted EPS for the year ended December 31 , 2020
A: Formula: Diluted EPS=Net Income-Preferred Dividend PaidWeighted Avarage No of common shares+…
Q: LEE Company had the following amounts in the shareholders’ equity on January 1, 2020: Preference…
A: Accumulated Profits are part of net income that is not distributed to the equity shareholders at the…
Q: 2021, the board of directors of ABC Co. declares a 10% share dividend. The market price of ABC’s…
A: Explanation of Concept Dividend is the part of earning which is been distributed to the shareholder…
Q: AGUILA Company was organized on January 1, 2018. On that date, it issued 500,000 shares of its P10…
A: Stockholders Equity (often recognized as Stakeholders Equity) seems to be a balance-sheet statement…
Q: On July 1, 2021, Funk Company has 400,000 shares of P25 par ordinary outstanding and the market…
A: No. of treasury shares after split = treasury shares x 5/1 = 50000 x 5/1 = 250,000 shares
Q: Doffy Company issued 200,000 shares of P5 par value at P10 per share. On January 1, 2020, the…
A: Retained earnings are the plowed back profits which are used to make disbursements, to pay…
Q: On January 1, 2020, Volume Company had the following account balance carried over from the previous…
A: Shares are used to divide the capital of the company into small parts, so that it is will be…
Q: On December 31, 2020, the Treasury Share account of Jumbo Corporation showed a balance of $490,000.…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: tive, preferred stock were outstanding. (convertible into 40,000 shares of common). No dividends…
A: After distributing the net income to the preference shareholders whatever has been left is divided…
Q: ordinary shares and outstanding at December 31, 2021. On July 1, 2022, an additional 40,000 shares…
A: Diluted Shares can be referred as the total number of shares which the corporation has at the…
Q: On July 1, 2021, Funk Company has 400,000 shares of P25 par ordinary outstanding and the market…
A: No. of treasury shares after split = treasury shares x 5/1 = 50000 x 5/1 = 250,000 shares
Q: On July 1, 2021, Funk Company has 400,000 shares of P25 par ordinary outstanding and the market…
A: No. of treasury shares after split = treasury shares x 5/1 = 50000 x 5/1 = 250,000 shares
Q: COVAX Corporation was organized on January 1, 2020, at which date it issued 100,000 shares of P10…
A: In case of a company the shareholders are the owners of the company.
Q: On January 1, 2022, Dumbledore Company issued 10,000 shares of its P10 par value shares with a…
A: Owner equity means the amount that belong to the owner of the business. Any profit will increase…
Q: On January 1, 2020, XYZ Corporation had 250,000 ordinary shares of P2 par value outstanding. On…
A:
Q: During its first year of operations, Cupola Fan Corporation issued 40,000 of $1 par Class B shares…
A: Journal entries No. Date account titles and explanation Debit…
Q: On April 1, 2020, Giants Company issued 2,500 shares of its $10 par common stock and 5,000 shares of…
A:
Q: On July 1, 2010, Bettina Company’s board of directors declared a 10% share dividend. The market…
A: The dividend is declared from the retained earnings of the business. The dividend can be paid in the…
Q: On July 1, 2010, Bettina Company's board of directors declared a 10% share dividend. The market…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: On January 1, 2021, Tonge Industries had outstanding 440,000 common shares ($l par) that originally…
A: Compute the basic and diluted earnings per share for the year ended December 31, 2021: Compute the…
Q: On January 1, 2022, Alma Corp had 300 million $1 par common shares outstanding that were originally…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: During 2022, Sunflower Corporation had the following capital transactions: January 5 - Issued…
A: Calculation of share premium before purchase of own (treasury) shares: Date No of shares…
Q: ABC Company was organized on January 1, 2022 with 100,000 authorized shares of P100 par value.…
A: Share premium account shows the difference between the par value of shares issued and the issue…
Q: On January 1, 2020, Volume Company had the following account balance carried over from the previous…
A: Treasury Stock The purpose of issue of treasury stock which describes as the repurchase of own stock…
Q: On 1 January 2020, the company "A" S.A. had a common share capital of 2,000,000€, differences from…
A: Date Particulars Amount in Dr. Amount in Cr. 1/5/2020 Ordinary Share Capital A/c To Bank A/c…
Q: On July 1, 2021, TJH Corporation has 200,000 shares of P10 par common stock outstanding and the…
A: The stock split leads to change in number of outstanding shares.
Q: On June 1, 2020, Ping Corp. purchased 10,000 of Pong's 50,000 outstanding shares at a price of P6.00…
A: The correct statement is
Q: On October 1, 2021, Taehyung Company acquired 40,000 ordinary shares for $880,000 at to be held for…
A: Gain = Sale value of shares sold - Purchase value of shares purchased
Q: basic earnings per share for preference shareholders
A: In respect of cumulative preference shares, dividend is accumulated until paid. Hence, the…
Q: Doffy Company issued 200,000 shares of P5 par value at P10 per share. On January 1, 2020, the…
A: Retained earnings refer to the accumulated portion of the profits of business that is not…
Q: Santol Inc. issued 200,000 shares of P5 par value at P10 per share. On January 1, 2021, the retained…
A: >Treasury Stocks are the shares that have been repurchased by the company from its stockholders…
Q: ABC Corporation has outstanding 10,000 shares of 10% Preference Share Capital with a par value of…
A: Given that, 10% preference shares capital = 10,000 shares at par value of P100 Ordinary share…
Q: Helu Corporation was organized on January 1, 2021, with an authorization of 1,000,000 ordinary…
A: Share premium is the accounting term used to represent the amount collected over the par value of…
Q: Santol Inc. issued 200,000 shares of P5 par value at P10 per share. On January 1, 2021, the retained…
A: Solution: Amount should be credited to share capital on issuance = Nos of shares issued * Par value…
Q: At December 31, 2020 and 2019, Atsumu Corporation had 100,000 Ordinary shares and 10,000 cumulative…
A: Formula: Preferred dividend = Total preferred shares value x Preferred dividend rate.
Q: On July 1, 2021, Funk Company has 400,000 shares of P25 par ordinary outstanding and the market…
A: No. of treasury shares after split = treasury shares x 5/1 = 50000 x 5/1 = 250,000 shares
Q: The balance of Arndt’s retained earnings as of March 31, 2020, should be
A: Given that: Balance of Retained Earnings = P154,000 Value of additional shares as dividend = 900*18…
Q: On December 31, 2019, LBC Co. had 2,000,000 shares of ordinary shares standing. On January 1, 2020,…
A: Earnings per share indicates the net income of the firm after preferred dividend which is available…
Q: anuary 1, 2019, ABC Corporation had 125,000 shares of its $2 par value ordinary shares outstanding.…
A: Solution: Weighted-average number of shares outstanding are the number of outstanding share which…
Q: On January 1, 2020, Star Corp. sold 10,000 shares of common stock, par $2, at $18 per share. On…
A: Under the treasury stock method, the common stock are held as treasury stock and they are not…
Q: On July 1, 2021, Funk Company has 400,000 shares of P25 par ordinary outstanding and the market…
A: General Journal Debit Credit Cash [(50,000 shares * 5 *50%) * P10] P12,50,000…
Q: On July 1, 2021, Funk Company has 400,000 shares of P25 par ordinary outstanding and the market…
A: No. of treasury shares after split = treasury shares x 5/1 = 50000 x 5/1 = 250,000 shares
Q: On January 1, 2021, Tonge Industries had outstanding 540,000 common shares ($1 par) that originally…
A: Earnings Per Share - Businesses all over the world exist to make money and increase the wealth of…
Step by step
Solved in 2 steps with 1 images
- Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000Winona Company began 2019 with 10,000 shares of 10 par common stock and 2,000 shares of 9.4%, 100 par, convertible preferred stock outstanding. On April 2 and June 1, respectively, the company issued 2,000 and 6,000 additional shares of common stock. On November 16, Winona declared a 2-for-1 stock split. The preferred stock was issued in 2018. Each share of preferred stock is currently convertible into 4 shares of common stock. To date, no preferred stock has been converted. Current dividends have been paid on both preferred and common stock. Net income after taxes for 2019 totaled 109,800. The company is subject to a 30% income tax rate. The common stock sold at an average market price of 24 per share during 2019. Required: 1. Prepare supporting calculations for Winona and compute its: a. basic earnings per share b. diluted earnings per share 2. Show how Winona would report the earnings per share on its 2019 income statement. Include an accompanying note to the financial statements. 3. Next Level Assume Winona uses IFRS. Discuss what Winona would do differently for computing earnings per share, and then repeat Requirement 1 under IFRS.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.
- Percy Company has 15,000 shares of common stock outstanding during all of 2019. It also has 2 convertible securities outstanding at the end of 2019. These are: 1. Convertible preferred stock: 1,000 shares of 9%, 100 par, preferred stock were issued in 2015 for 140 per share. Each share of preferred stock is convertible into 3.5 shares of common stock. The current dividends have been paid. To date, no preferred stock has been converted. 2. Convertible bonds: Bonds with a face value of 100,000 and an interest rate of 10% were issued at par on July 1, 2019. Each 1,000 bond is convertible into 35 shares of common stock. To date, no bonds have been converted. Percy earned net income of 54,000 during 2019. Its income tax rate is 30%. Required: Compute the 2019 diluted earnings per share. What earnings per share amount(s) would Percy report on its 2019 income statement?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.Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions took place during 2019, the first year of the corporations existence: Sold 5,000 shares of common stock for 18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at 100,000. At the end of Carys first year, total contributed capital amounted to: a. 40,000 b. 90,000 c. 100,000 d. 190,000
- Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.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.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.
- 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.Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73Ponce 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.
