Element Corporation reported the following equity section on its current balance sheet. The common stock is currently selling for $20.25 per share. Common Stock, $5 par, 337,000 shares authorized, 157,000 shares issued and $785,000 outstanding Paid-In Capital in Excess of Par-Common 140,000 Retained Earnings 301,000 Total Stockholders' Equity $1,226,000 After a 2-for-1 stock split, what is the number of issued shares? A. 280,000 B. 314,000 C. 297,000 D. 140,000
Q: None
A: Step 1:Computation of the net sales revenue: Net sales revenue= Sales - Sales returns= $562,000 -…
Q: During the year, Miles Nutt, the sole shareholder of a calendar year S corporation, received a…
A: Explanation:Stock Basis Adjustment:Miles Nutt had a stock basis of $4,000 at the beginning of the…
Q: Date Account Titles and Explanation July 31 July 31 (To close revenue accounts) July 31 (To close…
A: We can explain further as follows;1. Closing Revenue Accounts:Explanation:At the end of the…
Q: not use ai please
A: Answer information:The Statement of cash flows is as follows:Statement of cash flows (Indirect…
Q: Help
A: If you have any problem let me know in comment box thankyou.
Q: all atempt
A: Approach to solving the question:1. Direct Labor Budget - The direct labor budget has direct labor…
Q: Do not use Ai
A: Step 1: Leigh Kaplan's 2022 pension income is confirmed to be $28,800, as reported on her 1099-R…
Q: Can you please check my work bc it still showing something not right the journal entry 5
A: Step 1:Preparation of the Journal Entry to record the Material Purchased on Account:-DateAccountDrCr…
Q: You are working with ABCD tax consultant group, new client; Leduc Corporation asks you to help them…
A: Analyzing Leduc Corp.'s Tax PayablesUnderstanding the Client and Its BusinessLeduc Corp. is a…
Q: Need answer
A:
Q: need answer please provide correct option
A: Hello student! Net Sales is the difference between the total sales and any sales deductions. These…
Q: Provide answer this question
A: Option a) $90,000: This option is incorrect because it miscalculates the taxable gain. Simonne's…
Q: At the beginning of 2019, Hardin Company had 270,000 shares of $10 par common stock outstanding.…
A: ExplanationStep 1: Analyze Transactions and Calculate SharesEach transaction will affect the number…
Q: Am.11.
A: Here is the Edgeworth Box diagram illustrating the equilibrium:The blue dot represents the initial…
Q: Need help please
A:
Q: Provide Solution Please with calculation
A: Step 1: Introduction to the Sales uncollected:Sales uncollected is what most financiers use to…
Q: On December 31, 2015, Dow Steel Corporation had 620,000 shares of common stock and 32,000 shares of…
A:
Q: need correct answer
A:
Q: A deposit of Php 1, 000/month in a bank giving 6% interest compoundedmon thly for two years. He…
A: The future value of a series of monthly deposits can be calculated using the future value of an…
Q: Need answer
A: To compute the production cost per unit under absorption costing, we need to consider all…
Q: ABC Company spends $500,000 for janitorial services for its factory. The factory has 1,000,000…
A: Step 1: Calculate Allocation Ratesa) Janitorial Services Rate: Total cost: $500,000 Total space:…
Q: Give correct answer no use ai
A:
Q: None
A: Step 1:Determine the Expenses Step 2:Calculate the Total of the Expenses
Q: None
A: If you have any problem let me know in comment box.
Q: Need help
A: We calculate Tamarisk's average net accounts receivable by using the formula:Accounts Receivable…
Q: Your father just retired with an age of 65, and he is going to start receiving his monthly salary…
A: The present value (PV) of a series of future cash flows can be calculated using the…
Q: Your Corporation bought $450, 000 of equipment using an installment loan 1/1/20. The note provides…
A: First, we need to calculate the interest for the first year. The interest for the first year is…
Q: Need help
A: Step 1: Introduction to the Cost of Goods SoldThe costs concerning converting raw materials into…
Q: NEED help
A: Absorption costing income is higher than variable costing income by $15,000. This difference is due…
Q: None
A: Hello student! Gross Margin is the difference between total sales and cost of goods sold.Gross…
Q: Do not use ai don't
A: Step 1: Introduction DuPont AnalysisThe DuPont analysis is a financial approach to break down the…
Q: Need answer please
A: Detailed Solution : To determine the total amount received by Vijay in the given transaction we will…
Q: Kevin Smith, financial officer of Benson Inc., showed the following unadjusted account balances at…
A: Step 1:Computation of the net income: *Net income = total revenues less total expenses = $40,800 -…
Q: None
A: Step 1: Introduction to income statementIncome statement is referred to as the financial statement…
Q: Lee Lighting produces two models of floor lamps: Standard and Smart. The two differ primarily in the…
A: Step 1: Activity Variance: Calculate the difference between actual and budgeted sales, then multiply…
Q: White Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat…
A: Step 1: Calculate Total Costs to Account ForA. Beginning Work in Process (July 1):Direct Materials:…
Q: None
A: Step 1: Introduction to the Absorption CostingUnder absorption costing, the fixed manufacturing…
Q: The budget director of Heather's Florist has prepared the following sales budget. The company had…
A: The scenario involves Heather's Florist, which has prepared a sales budget and a cash receipts…
Q: 23
A: Demand-side economics emphasizes the importance of consumer spending and aggregate demand as the…
Q: Consider the following project: Year (n) 0 1 2 3 4 Undiscounted cash flow…
A: Discounted Cash Flow (DCF) is a crucial financial metric used to assess the value of an investment…
Q: None
A: Step 1: Introduction to the Total CostTotal cost is the aggregate of all expenses a company incurs…
Q: None
A: Step 1:Answer -1-The correct option is c.Posting The first step in accounting process is recording…
Q: I want correct answer
A: To estimate the total fixed costs for Chesapeake Co. in August, we can apply the high-low cost…
Q: None
A: Given, Assets to support expansion (Investment): $740,000Annual sales: $1,910,000Percentage of…
Q: You are given the following information for Vuyo and Sons Plumbers: R Services rendered for cash 150…
A: Wages and salaries125,000Water and electricity15,000Credit losses10,000Interest paid on an…
Q: The assets, liabilities, and equities of Dickens Design Studio have the following balances at…
A: AssetsAssetsamountCash$XXXAccounts Receivable $XXXSupplies$XXXEquipment$XXXTotal…
Q: None
A: Step 1: Definition of DiscountsA discount is a way of reducing the price of an item, service, or the…
Q: Q.1.1 - Q.1.2 Financial statements should always reflect a true and fair view of a business's…
A: Fundamental qualitative characteristics are the key attributes that make the information provided in…
Q: Need help
A: Step 1: Introduction to the Shareholder's equityin finance Equity refers to the ownership of assets…
Q: I want to answer this question
A: Step 1: Introduction to the Break Even Analysis Break-even analysis enables the firms to determine…
hello please give answer
Step by step
Solved in 2 steps
- Raun Company had the following equity items as of December 31, 2019: Preferred stock, 9% cumulative, 100 par, convertible Paid-in capital in excess of par value on preferred stock Common stock, 1 stated value Paid-in capital in excess of stated value on common stock| Retained earnings The following additional information about Raun was available for the year ended December 31, 2019: 1. There were 2 million shares of preferred stock authorized, of which 1 million were outstanding. All 1 million shares outstanding were issued on January 2, 2016, for 120 a share. The preferred stock is convertible into common stock on a 1-for-1 basis until December 31, 2025; thereafter, the preferred stock ceases to be convertible and is callable at par value by the company. No preferred stock has been converted into common stock, and there were no dividends in arrears at December 31, 2019. 2. The common stock has been issued at amounts above stated value per share since incorporation in 2002. Of the 5 million shares authorized, 3,580,000 were outstanding at January 1, 2019. The market price of the outstanding common stock has increased slowly but consistently for the last 5 years. 3. Raun has an employee share option plan where certain key employees and officers may purchase shares of common stock at 100% of the marker price at the date of the option grant. All options are exercisable in installments of one-third each year, commencing 1 year after the date of the grant, and expire if not exercised within 4 years of the grant date. On January 1, 2019, options for 70,000 shares were outstanding at prices ranging from 47 to 83 a share. Options for 20,000 shares were exercised at 47 to 79 a share during 2019. During 2019, no options expired and additional options for 15,000 shares were granted at 86 a share. The 65,000 options outstanding at December 31, 2019, were exercisable at 54 to 86 a share; of these, 30,000 were exercisable at that date at prices ranging from 54 to 79 a share. 4. Raun also has an employee share purchase plan whereby the company pays one-half and the employee pays one-half of the market price of the stock at the date of the subscription. During 2019, employees subscribed to 60,000 shares at an average price of 87 a share. All 60,000 shares were paid for and issued late in September 2019. 5. On December 31, 2019, there was a total of 355,000 shares of common stock set aside for the granting of future share options and for future purchases under the employee share purchase plan. The only changes in the shareholders equity for 2019 were those described previously, the 2019 net income, and the cash dividends paid. Required: Prepare the shareholders equity section of Rauns balance sheet at December 31, 2019. Substitute, where appropriate, Xs for unknown dollar amounts. Use good form and provide full disclosure. Write appropriate notes as they should appear in the publisher financial statements.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. Open the file STOCKEQ from the website for this book at cengagebrain.com. Enter the formulas in the appropriate cells on the worksheet. Then fill in the columns to show the effect of each of the selected transactions and events listed earlier. Enter your name in cell A1. Save the completed worksheet as STOCKEQ2. Print the worksheet. Also print your formulas. Check figure: Total stockholders equity balance at 12/31/12 (cell G21). 398,800.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. In the space provided below, prepare the stockholders equity section of Chen Corporations balance sheet as of December 31, 2012. Use proper headings and provide full disclosure of all appropriate information. Chens corporate charter authorizes the issuance of 1,000 shares of preferred stock and 100,000 shares of common stock.
- Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Also, assume that the dividends paid to common stockholders for last year were 2,600,000 and that the market price per share of common stock is 51.50. Required: 1. Compute the dividends per share. 2. Compute the dividend yield. (Note: Round to two decimal places.) 3. Compute the dividend payout ratio. (Note: Round to two decimal places.)Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements.
- Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Also, assume that the market price per share for Rebert is 51.50. Required: 1. Compute the dollar amount of preferred dividends. 2. Compute the number of common shares. 3. Compute earnings per share. (Note: Round to two decimals.) 4. Compute the price-earnings ratio. (Note: Round to the nearest whole number.)Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: A. Issued 15,000 shares of 20 par common stock at 30, receiving cash. B. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. C. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. D. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. E. Paid the cash dividends declared in (D). F. Purchased 8,000 shares of treasury common stock at 33 per share. G. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. H. Paid the cash dividends to the preferred stockholders. I. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). J. Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the premium for six months. The amortization is determined using the straight-line method. Instructions 1. Journalize the selected transactions. 2. After all of the transactions for the year ended December 31, 20Y8, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follow were taken from the records of Equinox Products Inc. Income statement data: Advertising expense 150,000 Cost of goods sold 3,700,000 Delivery expense 30,000 Depreciation expenseoffice buildings and equipment 30,000 Depreciation expensestore buildings and equipment 100,000 Income tax expense 140,500 Interest expense 21,000 Interest revenue 30,000 Miscellaneous administrative expense 7,500 Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,313,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data: Accounts payable 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Bonds payable, 5%, due in 10 years 500,000 Cash 282,850 Common stock, 20 par (400,000 shares authorized; 100,000 shares issued, 94,600 outstanding) 2,000,000 Dividends: Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 700,000 Income tax payable 44,000 Interest receivable 1,200 Inventory (December 31, 20Y8),at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4,320,000 Paid-in capital from sale of treasury stock 13,000 Excess of issue price over parcommon stock 886,800 Excess of issue price over parpreferred stock 150,000 Preferred 5% stock, 80 par (30,000 shares authorized; 20,000 shares issued) 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 20Y8 8,197,220 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of 33 per share) 178,200 A. Prepare a multiple-step income statement for the year ended December 31, 20Y8. B. Prepare a retained earnings statement for the year ended December 31, 20Y8. C. Prepare a balance sheet in report form as of December 31, 20Y8.
- Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.Grape Corporation reported the following equity section on its current balance sheet. The common stock is currently selling for $18.75 per share. Common Stock, $11 Par, 107,000 shares authorized, 48,000 shares issued and outstanding $528,000 Paid-in Capital in Excess of Par-Common 162,000 Retained Earnings 410,000 Total Stockholders' Equity $1,100,000 What would be the balance in the Common Stock account after the issuance of a 15% stock dividend? O $607,200 $324,000 $528,000 $448,800Gordon Corporation reported the following equity section on its current balance sheet. The common stock is currently selling for OMR 11.50 per share. Common stock, OMR 5 par, 100,000 shares authorized, 40,000 shares issued OMR 200,000 Paid in capital in excess of par—common 120,000 Retained earnings 290,000 Total stockholders' equity OMR 610,000 If the company declared and issued 10% stock dividend? What will the number of issued shares Select one: a. 20,000 shares b. 44,000 shares c. 40,000 shares d. 4,000 shares