Earnings Per Share Calculati onsInformatlon Provlded:Common SharesBalance at the beginning of the ye arOn July 1, the company sold an additional5,000,000 shares8,000,000 sharesEach share sold for$3.00 and had a par value of $ 0.10Preferrred SharesBeginning of the YearEnd of the Year50,000150,000Dividends pald to Preferred ShareholdersDividends pald to Common Sharehol ders650, 0001,000, 000Ex ce pt from Income StatementIncome from Continuing Operations22,000, 000Income from Discontinued Ope rations (aftertaxImpact)2,100, 000Net Income24,100, 000Requlred:Based on the Information provided above:1 Prepare the Joumal entry to record the July 1 sale of shares2 Calculate the welghted average common shares outstandi ng3 Calculate e arnings pershare (as required).Note: Show your detal led calaulatlons.

Journal Entry DATE PARTICULAR DEBIT CREDIT JULY 1 Cash (8,000,000 x3) 24,000,000…

Answered: Earnings Per Share Calculations…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 2% Stock, $100 par (70,000 shares authorized, 35,000 shares issued) $3,500,000 Paid-In Capital in Excess of Par—Preferred Stock 420,000 Common Stock, $20 par (800,000 shares authorized, 270,000 shares issued) 5,400,000 Paid-In Capital in Excess of Par—Common Stock 700,000 Retained Earnings 21,242,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Issued 80,000 shares of common stock at $26, receiving cash. Issued 18,000 shares of preferred 2% stock at $115. Purchased 48,000 shares of treasury common for $23 per share. Sold 24,000 shares of treasury common for $26 per share. Sold 16,000 shares of treasury common for $21 per share. Declared cash dividends of $2.00 per share on preferred stock and $0.04 per share on common stock.…
Earnings Per Share Financial statement data for the years ended December 31 for Cottontop Corporation follow: 20Y3 20Y2 Net income Preferred dividends Average number of common shares outstanding 95,000 shares a. Determine the earnings per share for 20Y3 and 20Y2. Round your answers to two dectmal places. per share 20Y2 per share b. Does the change in the earnings per share from 20Y2 to 20Y3 indicate a favorable or unfavorable trend?
Kelly Corporation 800 shares of common stock (no-par) at $60 per share Keefe Corporation 480 shares preferred stock ($10 par) at $20 per share On December 31, the company's year-end, the quoted market prices were as follows: Kelly Corporation common stock, $52, and Keefe Corporation preferred stock, $24. Following are the data for the following year (Year 2). Mar. 02: Dividends per share, declared and paid: Kelly Corp., $1, and Keefe Corp., $0.50. Oct. 01: Sold 160 shares of Keefe Corporation preferred stock at $25 per share. Dec. 31: Fair values: Kelly common, $46 per share, Keefe preferred, $26 per share. Year 1 Year 2 d. Prepare the entries required in Year 2 to record dividend revenue, the sale of stock, and the fair value adjustment. Update the Fair Value Adjustment account prior to recording any sale. Eliminate the associated Fair Value Adjustment account upon recording the sale of any investment. Date Mar. 2, Year 2 Oct. 1, Year 2 Oct. 1, Year 2 Cash Account Name Dividend…
Rendivir Company had the following transactions during the year: January 1 Ordinary shares outstanding 200,000 March 1 Isued a 20% share dividend 30,000 May 1 Issued ordinary shares 40,000 September 1 Treasury shares purchased 10,000 November 1 Issued 3 for 1 share split What is the weighted average number of shares outstanding?
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At the start of the current year, Mundo Company’s stockholders’ equity account appeared as follows: Common stock, P15 par value; authorized 200,000 shares; issued and outstanding, 150,000 shares 2,250,000 Paid-in capital in excess of par 300,000 Retained earnings 5,000,000 Total 7,550,000 During the year, Mundo entered into the following transactions: May 1 Acquired 30,000 shares of its stock for P1,600,000. June 1 Reissued 15,000 treasury shares at P19 per share. July 1 Declared a cash dividend of P1.50 for holders on record on July 30 to be distributed on January of next year October 1 Reissued 10,000 treasury shares at P16 per share. December 1 Retired the remaining treasury shares. The total stockholders’ equity reported in the current year statement of financial position is Group of answer choices 6,395,000 6,215,000 6,192,500 6,170,000
) Calculate the weighted average number of shares for the following Shares outstanding 100,000 Date Shares changes Beginning balance 20,000 shares issued 50% stock dividend 50,000 shares issued 1Jan-07 120,000 180,000 230,000 230,000 1-Apr-07 1.Jun-07 1-0ct-07 31-Dec-07 Year end balance

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DATE	PARTICULAR	DEBIT	CREDIT

JULY 1	Cash (8,000,000 x3)	24,000,000
	Common stock (8,000,000 x 0.10)		800,000
	Additional paid in capital (8,000,000 x 2.90)		23,200,000