Coronado Corporation began its latest fiscal year on January 1, 2021, with 520,000 common shares outstanding. During the year, the following events occurred:On February 1, Coronado sold 15,400 additional common shares.The company declared and issued a 25% stock dividend on March 1.On June 1, Coronado repurchased and cancelled 3,850 common shares.●●●..An additional 4,700 common shares were issued on July 1.On September 1, Coronado declared and issued a three-for-one stock split.On December 1, Coronado issued an additional 14,400 shares.Following the fiscal year, Coronado declared and issued a two-for-one stock split on February 1, 2022.The company issued its 2021 financial statements on April 30, 2022. Calculate the weighted average number of common shares that Coronado should use for calculating its EPS numbers for 2021.Weighted average number of common shares:

The weighted average number of shares outstanding number of shares outstanding that is multiplied…

Answered: Coronado Corporation began its latest…

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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Anderson Steel Company began 2021 with 500,000 shares of common stock outstanding. On March 31, 2021, 160,000 new shares were sold at a price of $70 per share. The market price has risen steadily since that time to a high of $75 per share at December 31. No other changes in shares occurred during 2021, and no securities are outstanding that can become common stock. However, there are two agreements with officers of the company for future issuance of common stock. Both agreements relate to compensation arrangements reached in 2020. The first agreement grants to the company president a right to 32,000 shares of stock each year the closing market price is at least $73. The agreement begins in 2022 and expires in 2025. The second agreement grants to the controller a right to 37,000 shares of stock if she is still with the firm at the end of 2029. Net income for 2021 was $4,200,000. Required: Compute Anderson Steel Company's basic and diluted earnings per share for the year ended December…
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Waterway Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,210,000 shares of $12 par common stock. At no time has Waterway issued any potentially dilutive securities. Listed below is a summary of Waterway's common stock activities. 1. 2. 3. 4. (a) Number of common shares issued and outstanding at December 31, 2018 Shares issued as a result of a 12% stock dividend on September 30, 2019 Shares issued for cash on March 31, 2020 Number of common shares issued and outstanding at December 31, 2020 A 2-for-1 stock split of Waterway's common stock took place on March 31, 2021 Your Answer Correct Answer Your answer is correct. 2,116,800 1,890,000 shares 226,800 2,100,000 Compute the weighted-average number of common shares used in computing earnings per common share for 2019 on the 2020 comparative income statement. 4,216,800
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
i.6
At the beginning of 2019, Hardin Company had 210,000 shares of $10 par common stock outstanding. During the year, it engaged in the following transactions related to its common stock: March 1 Issued 48,000 shares of stock at $21 per share. June 1 Issued a 10% stock dividend. July 1 Issued 14,000 shares of stock at $26 per share. Aug. 31 Issued a 2-for-1 stock split on outstanding shares, reducing the par value to $5 per share. Oct. 31 Reacquired 98,000 shares as treasury stock at a cost of $29 per share. Nov. 30 Reissued 53,000 treasury shares at a price of $32 per share. Required: 1. Determine the weighted average number of shares outstanding for computing the current earnings per share. Round your interim computations and final answer for the number of shares to nearest whole number. shares 2. Determine the number of common shares outstanding at December 31, 2019. shares
Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 10% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. It has issued only 40,000 of the common shares and none of the preferred shares. In its sixth year, the corporation has the following transactions: Mar. 1 Declares a cash dividend of $2 per share. Mar. 30 Pays the cash dividend. Jul. 10 Declares a 5% stock dividend when the stock is trading at $20 per share. Aug. 5 Issues the stock dividend. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Mar. 1 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Mar. 30 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 Jul. 10 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18…
Cole Company was formed on January 1, 2022, when 300,000 shares of $2 par value common stock were issued for $8 per share. Net income for 2022 was $150,000. Cash dividends of $0.25 per share were declared in December 2022 and paid in January 2023. The following occurred in 2023 :• April 1st, 10,000 treasury shares were purchased for $6 per share.• April 15th, 500 treasury shares were retired. • June 1st, 3,000 treasury shares were reissued for $7.50 per share .• November 1st, 4,000 treasury shares were reissued for $4 per share. • Net Income for 2023 was $200,000. • Cash dividends of $0.50 per share were declared in December 2023, payable in January 2024. Assuming Cole Company uses the cost method to account for treasury stock, prepare the stockholders’ equity section of the balance sheet at December 31, 2023. Also note how many shares of common stock were issued, outstanding, and treasury.
On January 1, 2023, Ivanhoe Manufacturers had 246,000 common shares outstanding. On April 1, the corporation issued 24,600 new common shares to raise additional capital. On July 1, the corporation declared and distributed a 10% stock dividend on its common shares. On November 1, the corporation repurchased on the market 11,700 of its own outstanding common shares to make them available for issuances related to its key executives' outstanding stock options. × Your answer is incorrect. Calculate the weighted average number of shares outstanding as at December 31, 2023. (Round answer to O decimal places, e.g. 5,255.) Weighted average number of shares outstanding 262500 shares
Purple Cab Company had 60,000 shares of common stock outstanding on January 1, 2021. On April 1, 2021, the company issued 30,000 shares of common stock. The company had outstanding fully vested incentive stock options for 6,000 shares exercisable at $11 that had not been exercised by its executives. The average market price of common stock was $13. The company reported net income in the amount of $279,915 for 2021. What is the basic earnings per share (rounded)?
On January 1, 2019, Metco Inc. reported 296,000 shares of $6 par value common stock as being issued and outstanding. On March 24, 2019, Metco Inc. purchased for its treasury 2,400 shares of its common stock at a price of $39.00 per share. On August 19, 2019, 710 of these treasury shares were sold for $45.00 per share. Metco's directors declared cash dividends of $0.30 per share during the second quarter and again during the fourth quarter, payable on June 30, 2019, and December 31, 2019, respectively. A 4% stock dividend was issued at the end of the year. There were no other transactions affecting common stock during the year. a. Prepare the journal entry for the sale of the treasury stock on August 19, 2019. b. Calculate the number of shares of stock issued in the stock dividend.
The Li Group had 150,000 shares of common stock outstanding at January 1, 2024. The following activities affected common shares during the year. There are no potential common shares outstanding. 2024 February 28 Purchased 3,000 shares of treasury stock. October 31 Sold the treasury shares purchased on February 28. November 30 Issued 12,000 new shares. December 31 Net income for 2024 is $1,639,000. 2025 January 15 Declared and issued a 2-for-1 stock split. December 31 Net income for 2025 is $1,639,000. Required: 1. Determine the 2024 EPS. 2. Determine the 2025 EPS. 3. At what amount will the 2024 EPS be presented in the 2025 comparative financial statements? Note: Do not round intermediate calculations. Enter your answers in thousands (i.e., 10,000 should be entered as 10). Numerator Denominator Earnings per Share 1. = 0 23 2. = 0 3. 0

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