At January 1, 2025, Skysong Company's outstanding shares included the following.283,000 shares of $50 par value, 7% cumulative preferred stock942,000 shares of $1 par value common stockNet income for 2025 was $2,521,000. No cash dividends were declared or paid during 2025. OnFebruary 15, 2026, however, all preferred dividends in arrears were paid, together with a 5%stock dividend on common shares. There were no dividends in arrears prior to 2025.On April 1, 2025, 449,000 shares of common stock were sold for $10 per share, and on October1, 2025, 109,000 shares of common stock were purchased for $19 per share and held astreasury stock.Compute earnings per share for 2025. Assume that financial statements for 2025 were issued inMarch 2026. (Round answer to 2 decimal places, e.g. 2.55.)Earnings per shareLA

The earning per share represent the net income available to a unit of common shares. The earning per…

Answered: At January 1, 2025, Skysong Company's…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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At January 1, 2023, Carla Vista Limited's outstanding shares included the following: 294,000 900,000 $50 par value, 8%, cumulative preferred shares common shares Net income for 2023 was $2,107,700. No cash dividends were declared or paid during 2023. On February 15, 2024, however, all preferred dividends in arrears were paid, together with a 10% stock dividend on common shares. There were no dividends in arrears before 2023. On April 1, 2023, 530,000 common shares were sold for $12 per share, and on October 1, 2023, 350.000 common shares were purchased for $24 per share. The financial statements for 2023 were issued in March 2024. (a) Your answer is incorrect. Calculate the weighted average number of common shares outstanding for the year ended December 31, 2023. Weighted average number of shares outstanding I
On January 1, 2019, Concord Corporation had $1,470,000 of common stock outstanding that was issued at par. It also had retained earnings of $741,500. The company issued 41,500 shares of common stock at par on July 1 and earned net income of $400,000 for the year.Journalize the declaration of a 15% stock dividend on December 10, 2019, for the following independent assumptions. (a) Par value is $10, and market price is $18. (b) Par value is $5, and market price is $21.
The company issued its 2023 financial statements on April 30 2024. Calculate the weighted average cost of common shares to be used for 2023.
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On January 1, 2026, Sheridan Corp. had 491,000 shares of common stock outstanding. During 2026, it had the following transactions that affected the common stock account. February 1 March 1 May 1 June 1 October 1 (a) Issued 116,000 shares Issued a 10% stock dividend Acquired 96,000 shares of treasury stock Issued a 3-for-1 stock split Reissued 59,000 shares of treasury stock Your answer is incorrect. Determine the weighted-average number of shares outstanding as of December 31, 2026. The weighted-average number of shares outstanding
Vishal
Schaefer Co. reported net income of $191,150 for its fiscal year ended January 31, 2023. At the beginning of that fiscal year, 50,000 shares of common stock were outstanding. On October 31, 2022, an additional 15,000 shares were issued. No other changes in common shares outstanding occurred during the year. Also during the year, the company paid the annual dividend on the 20,000 shares of 6%, $50 par value preferred stock that were outstanding the entire year. Required: a. Calculate basic earnings per share of common stock for the year ended January 31, 2023.
At January 1, 2025, Coronado Company's outstanding shares included the following. 252,000 shares of $50 par value, 7% cumulative preferred stock 823,000 shares of $1 par value common stock Net income for 2025 was $2,579,000. No cash dividends were declared or paid during 2025. On February 15, 2026, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2025. On April 1, 2025, 457,000 shares of common stock were sold for $10 per share, and on October 1, 2025, 109,000 shares of common stock were purchased for $21 per share and held as treasury stock. Compute earnings per share for 2025. Assume that financial statements for 2025 were issued in March 2026. (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share $
on january 1, 2020, abc corporation had 200,000 ordinary shares issued and outstanding. on april 1, 2020 the company issued 10% stock dividends. on october 1, 2017 20,000 additional shares were issued for cash and on november 1, 2020 the shares were split on a 2 for 1 basis. what is the number of shares to be used in computing the earnings per share on december 31, 2020?
On January 1, 2022, Blossom Corporation had $1,485,000 of common stock outstanding that was issued at par. It also had retained earnings of $751,000. The company issued 45,000 shares of common stock at par on July 1 and earned net income of $390,000 for the year. Journalize the declaration of a 14% stock dividend on December 10, 2022, for the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Par value is $10, and market price is $18. b. Par value is $5, and market price is $20. a. No. Account Titles and Explanation a. b. Debit Credit
Vihno
Denfort corp had 4,000 shares of P7.00, P100 par preferred stock and 50,000 shares of common stock outstanding throughout 2018. During 2018, it declared a dividend of P7.00 per share on its common stock. Compute earnings per share for 2018 if its income statement showed net income of 630,000.

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