Current Attempt in ProgressBonita Ltd. began its latest fiscal year on January 1, 2023, with 10,000 common shares outstanding. On April 1, Bonita sold 3,300additional common shares. The company declared and issued a 20% stock dividend on June 1. On July 1, Bonita repurchased andcancelled 200 common shares. An additional 3,750 common shares were issued on September 1. On November 1, Bonita declared andissued a 2-for-one stock split. On December 1, Bonita issued an additional 120 shares. Following the fiscal year, Bonita declared andissued a 3-for-one stock split on February 1, 2024. The company issued its 2023 financial statements on March 10, 2024.Calculate the weighted average number of common shares that Bonita should use for calculating its EPS numbers for 2023.Weighted average number of common sharesshares

Weighted average number of shares are the average weight of shares issued which is calculated by…

Answered: Current Attempt in Progress Bonita Ltd.…

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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On January 1, 2021, the start of the current financial year, Tubble Ltd had in issue 36 million ordinary shares with a par value of $1.60 each. The company also had a retained earnings balance of $121.6 million, arevaluation reserve balance of $5.9 million, and a share premium balance of $16.4 million. On May 1, 2021, the entity made a two for three bonus issue of shares, sparing retained earnings as much as possible. The entity reported profit after tax of $17.5 million for 2020 and $24.1 million for 2021. Required: • Prepare the relevant journal entries to record the bonus issue of shares. o Determine the EPS for 2021. o Determine the original and restated EPS for 2020.
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