2. Assume the following data relative to ABC Corporation for 2016 is available:Net Income$1,400,000Transactions in common shares.Jan 1, 2016 Beginning number:March 1, 2016 Purchased treasury sharesJune 1,2016 Stock split 2 for 1Nov 1, 2016 Issuance of new shares500,00060,0004. What is Diluted EPS per share?a 1.43b. 1.57c. 1.17d. 1.24120,0008% Cumulative Preferred StockSold at par, convertible into 200,000 shares as adjusted for stock split $1,000,000Stock Options-60,000 optionsExercisable at the option price of $25 per share. $30 average market price in 2016,$20 year end marke price (market price and option price adjusted for stock split)

The earning per share is important to the shareholders and investors. Diluted earnings per share are…

Answered: 2. Assume the following data relative…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Preferred shares, $4.55 non-cumulative, 52,000 shares authorized and issued* $ 3,328,000 Common shares, 87,000 shares authorized and issued* 1,392,000 *All shares were issued during 2018. 2. Calculate the dividends paid per share to both the preferred and the common shares in 2020 assuming preferred shares are cumulative. (Round the final answers to 2 decimal places.)
Subject: acounting
Q1 Sara Corporation was organized on January 1, 2017. During its first year, the corporation issued 40,000 shares of $5 par value preferred stock and 400,000 shares of $1 par value common stock. At December 31, the compan 2017 $10,000 2018 $30,000 2019 $70,000 Instructions (a) (b) (c) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and not cumulative. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative. Journalize the declaration of the cash dividend at December 31, 2019 using the assumption of part (b). Explain the difference between cumulative or noncumulative stocks. (d) Solution (d) cumulative stocks noncumulative stocks Solution (a) Solution (b) Item 2017 2018 2019 Item 2017 2018 2019 Solution (c) Accounts Debit Credit
Holland Corporation's annual report is as follows. March 31, 2023 March 31, 2024 Net Income $359,000 $438,500 Preferred Dividends 0 0 Total Stockholders' Equity $4,230,000 $5,252,000 Stockholders' Equity attributable to Preferred Stock 0 0 Number of Common Shares Outstanding 288,000 202,000 Based on the information provided, find the rate of return on common stockholders' equity on March 31, 2024. (Round your final answer two decimal places.)
Selected information regarding the accounts of Infinity Minerals Corp. follows: Common shares, unlimited authorized, 51,000 shares issued and outstanding, December 31, 2022 Common dividends declared and paid during 2023 Cumulative effect of change in accounting estimate (net of $7,200 tax) Profit for the year ended December 31, 2023 Preferred dividends declared and paid during 2023 Preferred shares, $4.90 non-cumulative, 15,100 shares orized, issued, and outstanding, December 31, 2022 Retained earnings, December 31, 2022 (as originally reported) Balance, January 1 Balance, December 31 Next Prepare a statement of changes in equity for the year ended December 31, 2023, assuming 7,100 common shares were issued during 2023 at an average price of $21.94 per share and that no preferred shares were issued in 2023. (Negative answers should be indicated by a minus sign.) INFINITY MINERALS CORP. Statement of Changes in Equity For Year Ended December 31, 2023 Preferred Shares $ $1,075,000 121,000…
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Requirements: 1. What is the amount debited to accumulated profits as a result of the declaration of the 10% stock dividend in item f? 2. What is the amount debited to accumulated profits as a result of the 2016 cash dividend declaration? please answer the two questions with solution.
On January 1, 2021, Novak Corp. had 479,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account. February 1 Issued 117,000 shares March 1 Issued a 10% stock dividend May 1 Acquired 103,000 shares of treasury stock June 1 Issued a 3-for-1 stock split October 1 Reissued 59,000 shares of treasury stock Part 1 Incorrect answer icon Your answer is incorrect. Determine the weighted-average number of shares outstanding as of December 31, 2021.Assume the same facts as in part (b), except that net income included a loss from discontinued operations of $ 426,000 (net of tax). Compute earnings per share for 2021. (Round answer to 2 decimal places, e.g. $2.55.) Novak Corp.Income Statementchoose the accounting period select an opening name for this statement $ enter a dollar amount per share rounded to 2 decimal places select an income…
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Journalize transactions, post, and prepare a stockholders' equity section; calculate ratios. P11-2B The stockholders' equity accounts of Warden Corporation on January 1, 2014, were as follows. Preferred Stock (9%, $50 par cumulative, 10,000 shares authorized) Common Stock ($1 stated value, 2,000,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (8,000 common shares) $ 200,000 1,000,000 16,000 1,400,000 1,716,000 20,000 (LO 2, 3, 5, 7, 8), AP GLS During 2014 the corporation had these transactions and events pertaining to its stock- holders' equity. Feb. Issued 20,000 shares of common stock for $160,000. Purchased 4,000 shares of common stock for the treasury at a cost of $16,000. Declared a 9% cash dividend on preferred stock, payable December 15. Declared a $0.30 per share cash dividend to common stockholders of record on December 15, payable December 31, 2014. Nov. 10…

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