Blossom Inc., a publicly traded company, had 180,000 common shares outstanding on December 31, 2022. During 2023, the companyissued 7,200 shares on May 1 and retired 12,000 shares on October 31. For 2023, the company reported net income of $228,500after a loss from discontinued operations of $54,840 (net of tax).(a)Calculate the weighted average number of common shares.Weighted average number of common sharesshares

The weighted average number of shares are calculated on the basis of number of days for which the…

Answered: Blossom Inc., a publicly traded…

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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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.
On January 1, 2023, Sunland Corporation had 84,600 common shares outstanding. On April 1, the company issued an additional 28,200 shares. On July 1, the company repurchased and cancelled 43,200 common shares. On November 1, the company issued 53,400 new shares. Cash dividends of $56,000 were declared to non-cumulative preferred shareholders. Net income for the year was $856,230. Calculate the weighted average number of shares for 2023 and earnings per share (EPS). (Round earnings per share to 2 decimal places, e.g. 15.75.) Weighted average number of shares Earnings per share 6A 11 /share
The Esposito Import Company had 1 million shares of common stock outstanding during 2024. Its income statement reported the following items: income from continuing operations, $7 million; loss from discontinued operations, $1.4 million. All of these amounts are net of tax. Required: Prepare the 2024 EPS presentation for the Esposito Import Company. Note: Amounts to be deducted should be indicated with a minus sign. Round your answers to 2 decimal places.
The year-end balance sheet of Pointe Company shows average Pointe shareholders’ equity attributable to controlling interest of $7,997 million, net operating profit after tax of $2,308 million, net income attributable to Pointe of $2,513 million, and common shares issued of 760.035 million. Assume the company has no preferred shares issued. Calculate Pointe’s ROE for the year.
Mechforce, Incorporated had net income of $171,200 for the year ended December 31, 2022. At the beginning of the year, 16,000 shares of common stock were outstanding. On April 1, an additional 17,000 shares were issued. On October 1, the company purchased 6,000 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Mechforce paid the annual dividend on the 8,000 shares of 3.35%, $100 par value preferred stock that were outstanding the entire year. Required: Calculate basic earnings per share of common stock for the year ended December 31, 2022. Note: Do not round intermediate calculations. Round your answer to 2 decimal places.
* Your answer is incorrect. Pharoah Corporation had 108,000 common shares outstanding on December 31, 2022. During 2023, the company issued 13,000 shares on March 1, retired 6,400 shares on July 1, issued a 20% stock dividend on October 1, and issued 19,500 shares on December 1. For 2023, the company reported net income of $432,000 after a loss from discontinued operations of $46,000 (net of tax). The company issued a 2-for-1 stock split on February 1, 2024, and the company's financial statements for the year ended December 31, 2023, were issued on February 28, 2024. Calculate earnings per share for 2023 as it should be reported to shareholders. (Round answer to 2 decimal places, e.g. 15.75.) Income per share before discontinued operations Discontinued operations loss per share, net of tax Net income per share Earnings per share 3.41 (0.33) 3.08
Horticultural Products Inc. reported $1,324,050 profit in 2023 and declared preferred dividends of $65,100. The following changes in common shares outstanding occurred during the year. pan. 1 102,000 common shares were outstanding. Mar. 1 Declared and issued a 30% common share dividend. Aug. 1 Sold 40,000 common shares. Nov. 1 Sold 20,000 common shares. Calculate the weighted-average number of common shares outstanding during the year and earnings per share. (Round the "Earnings per share" answer to 2 decimal places.) Weighted-average outstanding shares Earnings per share
The following data were reported in the shareholders' equity section of the Bubba Industries' comparative balance sheets for the years ended December 31 ($ in millions): 2020 2019 Common stock, $1 par per share Paid-in capital-excess of par Retained earnings $306 $300 174 150 314 300 During 2020, Bubba declared and paid cash dividends of $45 million. The company also issued a stock dividend. No other changes occurred in shares outstanding during 2020. What was Bubba's net income for 2020? $99 million O $24 million O $69 million $75 million
Marutzky Corporation had a net income of $2,200,000 for the year 2018. On January 1, 2018, the corporation had 300,000 shares of common stock outstanding and issued an additional 250,000 shares of common stock on October 1, 2018. Calculate the earnings per shares using the weighted-average number of common shares outstanding.
(a) Your answer is correct. Determine the weighted-average number of shares outstanding as of December 31, 2026. (b) The weighted-average number of shares outstanding eTextbook and Media X Your answer is incorrect. Earnings per share 1751425 Assume that Ivanhoe Corp. earned net income of $3,500,000 during 2026. In addition, it had 101,000 shares of 9%, $100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in 2026. Compute earnings per share for 2026, using the weighted-average number of shares determined in part (a). (Round answer to 2 decimal places, e.g. 2.55.) 34.66 Attempts: 1 of 3 used
Assume that, on January 1, 2021, Matsui Co. paid $1,795,200 for its investment in 74,800 shares of Yankee Inc. Further, assume that Yankee has 220,000 total shares of stock issued. The book value and fair value of Yankee's identifiable net assets were both $440,000 at January 1, 2021. The following information pertains to Yankee during 2021: Net income Dividends declared and paid Market price of common stock on 12/31/2021 Multiple Choice $2,081,200. What amount would Matsui report in its year-end 2021 balance sheet for its investment in Yankee? $1,949,200. $220,000 66,000 $1,847,560. $ $ 26/share
Cookie Company had 3.0 million shares of common stock outstanding all through 2020. On April 1, 2021, an additional 110,000 shares were sold and issued. On September 30, 2021, Cookie declared a 2-for-1 stock split. Net income in 2021 and 2020 was $20 million and $13.0 million, respectively. In the 2021 comparative financial statements, EPS (rounded) would be reported as follows: 2021 EPS 2020 EPS a. $ 3.24 $ 2.17 b. $ 3.24 $ 4.34 c. $ 6.48 $ 2.17 d. $ 6.48 $ 4.34

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