Crane Inc. had 37,400 common shares on January 1, 2024. On May 1, 2,880 common shares were repurchased and retired. On August 31 and November 30, 8,280 and 5,520 common shares were issued, respectively. Cranereported net income of $357,000. Crane also had 10,700 $3 noncumulative preferred shares, on which the dividend for the current year was declared and paid.Calculate the basic earnings per share. (Round answer to 2 decimal places, e.g. 15.25.)Basic earnings per share$8.23

1. EPS:Earnings per share (EPS) is calculated as a company's profit divided by the outstanding…

Answered: Crane Inc. had 37,400 common shares on…

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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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
Blossom Inc. had net income for the current year ending December 31, 2023 of $1.230,480. During the entire year, there were 506,000 common shares outstanding. The company had two classes of preferred shares outstanding the Class A preferred shares were $2.62 cumulative shares of which 10,000 were outstanding, and were convertible to common shares at a rate of 1:1. There were 102,000 $5.62 Class B non-cumulative preferred shares outstanding that were also convertible at a rate of 1:1. Blossom had outstanding a $1,000,000, 8% bond issued in 2012 that was convertible to 21,000 common shares. The company also had outstanding a $1,000,000, 7% bond issued in 2013 that was convertible to 26,000 common shares. No dividends were declared or paid this year. Blossom's tax rate is 38%.
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.
EPS Inc. had net income of $8,950,000 in 2xxx. The company had 2, 500, 000 shares of $4 par value common stock and 60,000 shares of 8%, $100 par, preferred stock outstanding throughout the year. Each share of preferred stock is both cumulative and convertible into 3 shares of common stock. Compute the following for 2xxx: (show your work) (a) The number of shares to be used in computing basic earnings per share. (b) The number of shares to be used in computing diluted EPS. (c) Basic earnings per share
FV Company earned net income of $75,000 during the year ended December 31, 2012. On December 15, FV declared the annual cash dividend on its 5% preferred stock (par value, $115,000) and a $0.50 per share cash dividend on its common stock (55,000 shares). FV then paid the dividends on January 4, 2013. Journalize for FV: Declaring the cash dividends on December 15, 2012. Paying the cash dividends on January 4, 2013.
On January 1, 2022, Carla Vista Corporation had $1,140,000 of common stock outstanding that was issued at par. It also had retained earnings of $744,000. The company issued 40,000 shares of common stock at par on July 1 and earned net income of $395,000 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.) a. b. No. Account Titles and Explanation a. Par value is $10, and market price is $18. Par value is $5, and market price is $21. b. Debit Credit
Yakun company had 4,000 shares of P7.00, P100 par preferred stock and 50,000 shares of common stock outstanding throughout 2018. During 2018, the company 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 530,000.
On January 1, 2021, Blossom Corporation had 950,000 shares of common stock outstanding. On March 1, the corporation issued 120,000 new shares to raise additional capital. On July 1, the corporation declared and issued a 2-for-1 stock split. On October 1, the corporation purchased on the market 450,000 of its own outstanding shares and retired them.Compute the weighted average number of shares to be used in computing earnings per share for 2021. Weighted average number of shares
On January 1, 2022, NYC Co. had 1,191,000 shares of its $12 par value common stock outstanding. On March 1, NYC Co. sold an additional 2,382,000 shares for $48 per share. The company issued a 15% stock dividend on May 1. On August 1, NYC Co. repurchased 715,000 shares of its stock. On November 1, 1,072,500 shares were sold for $50 per share. What is the weighted- average number of shares outstanding for 2022? (NIE) 4,129,067 3,175,733 3,533,233 3,771,567
nc. reports net income of $350,000. It declares and pays preferred dividends of $50,000 for the year. The weighted-average number of common shares outstanding during the year is 100,000 shares. Compute the earnings per share of Lavender Inc
On January 1, 2022, Cullumber Corporation had $1,125,000 of common stock outstanding that was issued at par. It also had retained earnings of $746,500. The company issued 40,000 shares of common stock at par on July 1 and earned net income of $410,000 for the year. Journalize the declaration of a 16% 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) a. b. No. Account Titles and Explanation a. Par value is $10, and market price is $19. Par value is $5, and market price is $20. b. Debit Credit
The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $140.000 in the current year. It also declared and paid dividends on common stock in the amount of $2.40 per share. During the current year, Sneer had 1 milion common shares authorized; 340,000 shares had been issued; and 136,000 shares were in treasury stock. The opening balance in Retained Earnings was $840,000 and Net Income for the current year was $340,000 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.

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