ABFOR GRADIN PROBLEM 1 (5 POINTS)FGHLaurin Limited had 101,000 shars outstanding on Jan 1, Y4.On March 31, Y4 Laurin issued 23,000 shares in exchange for equipmentOn July 1, Y4 Laurin repurchased and cancelled 24,000 sharesOn October 31, Y4 Laurin declared and issued a 20% stock dividendREQUIREDCalculate Laurin's weighted average number of shares outstanding at Dec 31, Y4.EventDatesOutstandingSharesFractionWeightedOutstanding Restatementof yearSharesBeg bal1/1-3/1101,0001.200.1720,200sold shares 3/1-7/1124,0001.200.3349,600repurchased 7/1 - 10/1100,0001.200.2530,000stock div10/1 - 12/31120,0000.2530,000129,800

The objective of this question is to calculate the weighted average number of shares outstanding for…

Answered: A B FOR GRADIN PROBLEM 1 (5 POINTS) F G…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter17: Synthesis And Extensions

Section: Chapter Questions

Problem 6E

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Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, 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 8,000 shares of treasury common stock at 33 per share. G. 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. H. Paid the cash dividends to the preferred stockholders. I. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). J. Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the premium for six months. The amortization is determined using the straight-line method. Instructions 1. Journalize the selected transactions. 2. After all of the transactions for the year ended December 31, 20Y8, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follow were taken from the records of Equinox Products Inc. Income statement data: Advertising expense 150,000 Cost of goods sold 3,700,000 Delivery expense 30,000 Depreciation expenseoffice buildings and equipment 30,000 Depreciation expensestore buildings and equipment 100,000 Income tax expense 140,500 Interest expense 21,000 Interest revenue 30,000 Miscellaneous administrative expense 7,500 Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,313,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data: Accounts payable 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Bonds payable, 5%, due in 10 years 500,000 Cash 282,850 Common stock, 20 par (400,000 shares authorized; 100,000 shares issued, 94,600 outstanding) 2,000,000 Dividends: Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 700,000 Income tax payable 44,000 Interest receivable 1,200 Inventory (December 31, 20Y8),at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4,320,000 Paid-in capital from sale of treasury stock 13,000 Excess of issue price over parcommon stock 886,800 Excess of issue price over parpreferred stock 150,000 Preferred 5% stock, 80 par (30,000 shares authorized; 20,000 shares issued) 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 20Y8 8,197,220 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of 33 per share) 178,200 A. Prepare a multiple-step income statement for the year ended December 31, 20Y8. B. Prepare a retained earnings statement for the year ended December 31, 20Y8. C. Prepare a balance sheet in report form as of December 31, 20Y8.
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.
COMMON AND PREFERRED CASH DIVIDENDS Ramirez Company currently has 100,000 shares of 1 par common stock outstanding and 5,000 shares of 50 par preferred stock outstanding. On July 10, the board of directors declared a semiannual dividend of 0.30 per share on common stock to shareholders of record on August 1, payable on August 5. On July 15, the board of directors declared a semiannual dividend of 5 per share on preferred stock to shareholders of record on August 5, payable on August 10. Prepare journal entries for the declaration and payment of the common and preferred stock cash dividends.
Alert Companys shareholders equity prior to any of the following events is as follows: The company is considering the following alternative items: 1. An 8% stock dividend on the common stock when it is selling for 30 per share. 2. A 30% stock dividend on the common stock when it is selling for 32 per share. 3. A special stock dividend to common shareholders consisting of 1 share of preferred stock for every 100 shares of common stock. The preferred stock and common stock are selling for 123 and 31 per share, respectively. 4. A 2-for-1 stock split on the common stock, reducing the par value to 5 per share (assume the same date for declaration and issuance). The market price is 30 per share on the common stock. 5. A property dividend to common shareholders consisting of 100 bonds issued by West Company. These bonds are carried on the Alert Company books as an available-for sale investment at a fair value of 48,000 (which is also its cost); it has a current value of 54,000. 6. A cash dividend, consisting of a normal dividend and a liquidating dividend, on both the preferred and the common stock. The 10% preferred dividend includes a 2% liquidating dividend, and the 2.30 per share common dividend includes a 0.30 per share liquidating dividend (separate liquidating dividend contra accounts should be used). Required: For each of the preceding alternative items: 1. Record (a) the journal entry at the date of declaration and (b) the journal entry at the date of issuance. 2. Compute the balances in the shareholders equity accounts immediately after the issuance (any gains or losses are to be reflected in the retained earnings balance; ignore income taxes).
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nts CFAS Company showed the following information from its shareholders' equity at year-end before the effect of the transaction below: Ordinary share capital P6,250,000 Share premium 3,125,000 Retained earnings 3,724,000 Treasury shares (at cost) 1,530,000 The ordinary shares were originally issued for P187.50 per share. At the end of the year, CFAS Company retired 5,100 shares held in treasury. The treasury shares had a P125 par value per share and an average cost per share of P300. (Input your answers as figures, do NOT put any comma, peso sign or extra spaces. E.g. if your answer is one thousand, please input 1000): 1. How much is the adjusted ordinary share capital at year end? 2. How much is the adjusted share premium at year end? 3. How much is the adjusted balance of retained earnings at year end?
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During May 20x1, Yami, Inc. issued 90,000 of its P10 par value ordinary shares for P1,080,000. Net incomethrough December 31, 20x1 was P102,500. On July 3, 20x2, Yami issued 150,000 of its ordinary shares for P1,950,000. A 5% share dividend wasdeclared on October 2, 20x2, and issued in November 6, 20x2, to shareholders of record on October 23,20x2. The market value if the ordinary shares was P11 per share on the declaration date. Yami’s net incomefor the year ended December 31 ,20x2 was P220,000. During 20x3, Yami had the following transactions:1. In February, Yami reacquired 9,000 of its ordinary shares for P9 per share. Yami uses the cost methodto account for treasury shares.2. In June, Yami sold 4,500 of its treasury shares for P13 per share.3. In September, each shareholder was issued for each share held one (1) right to purchase two (2)additional ordinary shares for P13 per share. The rights expire on December 31, 20x3.4. In October, 75,000 rights issues were exercised when the…
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Current Attempt in Progress On January 1, Pharoah Enterprises had 100.000 no-par ordinary shares issued and outstanding. The shares have a stated value of €5 per share. During the year, the following occurred. Apr. 1 June 15 July 10 1 15 Dec. Issued 25,000 additional ordinary shares for €16 per share. Declared a cash dividend of €1 per share to shareholders of record on June 30. Paid the €1 cash dividend. Issued 2.500 additional ordinary shares for €20 per share. Declared a cash dividend on outstanding shares of €1.20 per share to shareholders of record on December 31. Prepare the entries to record these transactions. (If no entry is required, select "No entry for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
ctober 1, Cullumber Corporation’s stockholders’ equity is as follows. Common stock, $6 par value $464,400 Paid-in capital in excess of par—common stock 24,000 Retained earnings 176,000 Total stockholders’ equity $664,400 On October 1, Cullumber declares and distributes a 10% stock dividend when the market price of the stock is $14 per share. (a) Compute the par value per share (1) before the stock dividend and (2) after the stock dividend. Par value before the stock dividend $ Par value after the stock dividend $

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