Homework Help is Here – Start Your Trial Now!
Business
Accounting
As of January 2, 2021, The Triple J Company had the following items in its capital structure: o 12,000 shares of preferred stock issued, with a par value of $7, a market value of $12, an annual dividend of $2, and 3,000 shares in the treasury, and 24,000 shares of common stock issued, with a stated value of $5, a market value of $9, and 4,000 shares in the treasury.

As of January 2, 2021, The Triple J Company had the following items in its capital structure: o 12,000 shares of preferred stock issued, with a par value of $7, a market value of $12, an annual dividend of $2, and 3,000 shares in the treasury, and 24,000 shares of common stock issued, with a stated value of $5, a market value of $9, and 4,000 shares in the treasury.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%
Need help with doing the statement entries on accounting paper.
**FINANCIAL ACCOUNTING II** *Homework due by next week, 10/12/2023.* As of January 2, 2021, The Triple J Company had the following items in its capital structure: - **12,000 shares of preferred stock issued**, with a par value of $7, a market value of $12, an annual dividend of $2, and 3,000 shares in the treasury. - **24,000 shares of common stock issued**, with a stated value of $5, a market value of $9, and 4,000 shares in the treasury. On April 1, 2021, Triple J issued **8,000 additional shares of common stock** for cash. Triple J also had **stock warrants outstanding** which were issued on September 30, 2021, and which could be converted into 24,000 shares of common stock, beginning in 2024. In addition, Triple J had **stock options outstanding**, originally issued in 2019, that could be exercised in 2023 for 12,000 shares. The exercise price per share is $8, and the cash that would be received from the hypothetical exercise of the stock options would permit Triple J to reacquire 8,138 shares of its own stock in the marketplace. Triple J’s net income was **$278,000 for the year ended December 31, 2021**. Prepare a schedule of the earnings per share reported by The Triple J Company for 2021.
Transcribed Image Text:**FINANCIAL ACCOUNTING II** *Homework due by next week, 10/12/2023.* As of January 2, 2021, The Triple J Company had the following items in its capital structure: - **12,000 shares of preferred stock issued**, with a par value of $7, a market value of $12, an annual dividend of $2, and 3,000 shares in the treasury. - **24,000 shares of common stock issued**, with a stated value of $5, a market value of $9, and 4,000 shares in the treasury. On April 1, 2021, Triple J issued **8,000 additional shares of common stock** for cash. Triple J also had **stock warrants outstanding** which were issued on September 30, 2021, and which could be converted into 24,000 shares of common stock, beginning in 2024. In addition, Triple J had **stock options outstanding**, originally issued in 2019, that could be exercised in 2023 for 12,000 shares. The exercise price per share is $8, and the cash that would be received from the hypothetical exercise of the stock options would permit Triple J to reacquire 8,138 shares of its own stock in the marketplace. Triple J’s net income was **$278,000 for the year ended December 31, 2021**. Prepare a schedule of the earnings per share reported by The Triple J Company for 2021.
**Text Transcription for Educational Use:** --- **Jeffer Y Wang** **Triple Company** **Computation of Earnings Per Share (EPS)** **For the year ended December 31, 2021** | | 1 | 2 | 3 | 4 | |---------|---------|---------|---------|---------| | | Basic | | | | | | Diluted | | | | | | | | | | **Initials** **Prepared By:** __________________ **Approved By:** __________________ **Date** --- **Description of Graphs or Diagrams:** The image shows a ledger page template titled "Computation of Earnings Per Share (EPS)." The page is structured with columns designated for numerical data inputs, including "Basic" and "Diluted" EPS calculations. There are multiple rows available for recording detailed financial data, but the sections are currently unused, providing a clean slate format for bookkeeping purposes. The document includes spaces for initials and approval, implying a review process for the recorded computations.
Transcribed Image Text:**Text Transcription for Educational Use:** --- **Jeffer Y Wang** **Triple Company** **Computation of Earnings Per Share (EPS)** **For the year ended December 31, 2021** | | 1 | 2 | 3 | 4 | |---------|---------|---------|---------|---------| | | Basic | | | | | | Diluted | | | | | | | | | | **Initials** **Prepared By:** __________________ **Approved By:** __________________ **Date** --- **Description of Graphs or Diagrams:** The image shows a ledger page template titled "Computation of Earnings Per Share (EPS)." The page is structured with columns designated for numerical data inputs, including "Basic" and "Diluted" EPS calculations. There are multiple rows available for recording detailed financial data, but the sections are currently unused, providing a clean slate format for bookkeeping purposes. The document includes spaces for initials and approval, implying a review process for the recorded computations.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS