Blue Spruce Limited reported profit of $472,686 for its November 30, 2024, year end. Cash dividends of $63,700 on the commonshares and $60,000 on the noncumulative preferred shares were declared and paid during the year. The following information isavailable regarding Blue Spruce's common shares:Dec. 1,2023Feb. 28, 2024The opening number of common shares was 55,100.Sold 8,800 common shares for $220,000 cash.May 31, 2024Nov. 1, 2024Reacquired 4,400 common shares for $101,200 cash.Issued 13,200 common shares in exchange for land with a fair value of $280,000.(a)Question Part Score(b)Calculate the weighted average number of common shares for the year.Weighted average number of shares2/2

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

Answered: Blue Spruce Limited reported profit of…

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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Pet Boutique Corp, reported $4,365.410 of profit for 2023. On November 2, 2023, it declared and paid the annual preferred dividends of $283,560 On January 1, 2023, Pet Boutique had 111,410 and 567,000 outstanding preferred and common shares, respectively. The following transactions changed the number of shares outstanding during the year: Feb. 1 Declared and issued a 20% common share dividend. Apr.30 Sold 111,060 common shares for cash. May 1 Sold 45,550 preferred shares for cash. Oct. 31 Sold 32,760 common shares for cash. a. What is the amount of profit available for distribution to the common shareholders? Earnings available to common shareholders $ 4,081,850 Check my wark b. What is the weighted-average number of common shares for the year?
The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $300,000 in the current year. It also declared and paid dividends on common stock in the amount of $1.00 per share. During the current year, Sneer had 1 million common shares authorized; 500,000 shares had been issued; and 280,000 shares were in treasury stock. The opening balance in Retained Earnings was $700,000 and Net Income for the current year was $200,000. Required: 1. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. 2. Using the information given above, prepare a statement of retained earnings for the year ended December 31. 3. Prepare a journal entry to close the dividends account.
The shareholder's equity section of Chen Industries Limited at November 30, 2022 is shown below: Shareholders' Equity $1.00 cumulative preferred shares, 2,000 shares issued $ 60,000 Common shares, 5,000 shares issued 30,000 Retained earnings 122,000 $212,000 During 2023 the company completed the following transactions: February 10 Declared a regular cash dividend on the preferred shares. March 10 Paid the cash dividend April 14 Declared a 10% stock dividend on the common shares. Market price per common share was $10/ share May 14 Distributed the stock dividend July 10 Issued 5,000 common shares for $8/ share November 20 Received equipment valued at $50,000 and issued 5,000 common shares. REQUIRED: 1. Journalize Chen's transactions. Explanations are not required. 2. Prepare the shareholder's equity section of Chen Industries Limited balance sheet at November 30, 2023. Net income for the year ended November 30, 2023 was $175,000.
please answer this with must explanation , computation for each part and steps answer in text form
Whispering Inc. had net income for the current year ending December 31, 2023 of $1,063,260. During the entire year, there were 501,000 common shares outstanding. The company had two classes of preferred shares outstanding: the Class A preferred shares were $2.60 cumulative shares of which 12,000 were outstanding, and were convertible to common shares at a rate of 1:1. There were 107,000 $5.60 Class B non-cumulative preferred shares outstanding that were also convertible at a rate of 1:1. Whispering had outstanding a $1,000,000, 7% bond issued at par in 2012 that was convertible to 22,000 common shares. The company also had outstanding a $1,000,000, 6% bond issued at par in 2013 that was convertible to 26,000 common shares. No dividends were declared or paid this year. Whispering's tax rate is 37%. (a) Calculate the income effect of the dividends for the Class A preferred shares. (b) Your answer is correct. Dividends on Class A preferred shares $ (c) eTextbook and Media Your answer is…
National Supply's shareholders' equity included the following accounts at December 31, 2023: Shareholders Equity Common stock, 5 million shares at $1 part Paid-in capital-excess of par Retained earnings Required: 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions under each of two separate assumptions: the shares are (a) retired and (b) accounted for as treasury stock. February 15, 2024 Reacquired 480,000 shares at $9 per share. February 17, 2825 Reacquired 480,000 shares at $6.50 per share. November 9, 2826 Sold 335,000 shares at $8 per share (assume FIFO cost). 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2026, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net Income was $20 million in 2024, $22 million in 2025, and $24 million in 2026. No dividends were paid during the three-year period. Complete…
Titanic Corporation's net income for the year ended December 31, 2019, is $380,000. On June 30, 2019, a $0.75 per-share cash dividend was declared for all common stockholders. Common stock in the amount of 38,000 shares was outstanding at the time. The market price of Titanic's stock at year end (12/31/19) is $18 per share. Titanic had a $1,100,000 credit balance in retained earnings at December 31, 2018. Required: Calculate the ending balance (12/31/19) of retained earnings.
During its first year of operations, Cupola Fan Corporation issued 36,000 of $1 par Class B shares for $415,000 on June 30, 2024. Share issue costs were $2,100. One year from the issue date (July 1, 2025), the corporation retired 10% of the shares for $42,500. Required: 1. to 4. Prepare the journal entries to record the issuance of the shares, the declaration of a $2.60 per share dividend on December 1, 2024, the payment of the dividend on December 31, 2024, and the retirement of the shares. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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
A company reported $450,375 of profit for 2023. It also declared $64,000 of dividends on preferred shares for the same year. At the beginning of 2023, the company had 80,000 outstanding common shares. These three events changed the number of outstanding shares during the year: June 1 Sold 34,000 common shares for cash. Aug. 31 Purchased and retired 25,000 common shares. Oct. 1 Completed a three-for-one share split. a. What is the amount of profit available for distribution to the common shareholders? Earnings available to common shareholders b. What is the weighted-average number of common shares for the year? Weighted-average outstanding shares $ 386,375 c. What is the earnings per share for the year? (Round the final answer to 2 decimal places.) Earnings per share
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.

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