Exercise 11-13 Earnings per share LO A1Kelley Company reports $1,625,000 of net income for 2017 and declares $227,500 of cash dividends on its preferred stockfor 2017. At the end of 2017, the company had 340,000 weighted-average shares of common stock.1. What amount of net income is available to common stockholders for 2017?Net incomeTo preferred stockholdersNet income available to common stockholders2. What is the company's basic EPS for 2017?Basic Earnings per ShareChoose Numerator:Choose Denominator:Basic Earnings per ShareBasic earnings per share%3D

1) Net income (A) $1625000 Cash dividend on preferred stock (B) $227500 Net income…

Answered: Exercise 11-13 Earnings per share LO A1…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

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Chapter1: Financial Statements And Business Decisions

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PROBLEM 30-15 Comprehensive Problem You are engaged in the first-time audit of the financial statements of Trina Claire Co. which began operations in 2015. The following ratios and other data pertaining to the financial statements of Trina Claire Co. for the year ended December 31, 2016 were provided to you by the company's accountant: From the Statement of Financial Position: Ordinary share capital, P10 par Share premium Retained earnings, 12/31/2016 P1,000,000 500,000 1,800,000 Computed ratios: Basic earnings per share Book value per share P 5 33 Additional information: 1) The 2015 ending inventory was overstated by 50,000. 2) Accrued expenses at the end of 2016 amounting to 30,000 were not recorded. 3) Sale of merchandise on account in 2015 for P45,000 was erroneously recorded in 2016. 4) One year insurance premium of P48,000 effective August 1, 2015 were charged to expense in 2015. 5) Accrued interest on note receivable at the end of 2015 in the amount P5,000 was not taken up at…
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INTERMEDIATE ACCOUNTING 2 Chapter 15: Earnings per Share
Problem 11-3: The stockholders’ equity category of Greenbaum company’s balance sheet as of December 31, 2016, appeared as follows: Preferred stock, $100 par, 8%, 1,000 shares issued and outstanding $100,000 Common stock, $10 par, 20,000 shares issued and outstanding 200,000 Additional pain-in capital 250,000 Total contributed capital $550,000 Retained earnings 450,000 Total stockholder’s equity $1,000,000 The notes to the financial statements indicate that dividends were not declared or paid for 2014 or 2015. Greenbaum wants to declare a dividend of $59,000 for 2016. The determine the total and the per-share amounts that should be…
Exercise 11-13: Whitacre Company’s stockholders’ equity section of the balance sheet on December 31, 2015, was as follows: Common stock, $10 par value, 60,000 shares issued and outstanding $600,000 Additional pain-in capital 480,000 Retained earnings 1,240,000 Total stockholders’ equity $2,320,000 On May 1, 2016, Whitacre declared and issued a 15% stock dividend, when the stock was selling for $20 per share. The on November 1, it declared and issued a 2-for-1 stock split. How many shares of stock are outstanding at year-end? What is the par value per share of these shares? Develop the stockholders’ equity category of Whitacre’s balance sheet as of December 31, 2016.
Accounting CP 11-9 The following information is extracted from the shareholders' equity section of the statement of financial position of Gibson Clothing Inc. at December 31, 2018: Preferred shares, stated value $10, non-cumulative Issued and outstanding – 5,000 shares Common shares, stated value $2 Issued and outstanding – 20,000 shares Retained earnings $ 20,000 40,000 150,000 $210,000 Total shareholders' equity Additional information: a. There are $2,000 of dividends in arrears on the preferred shares. b. The liquidation value of the preferred shares is $25,000. Required: Calculate the book value of preferred and common shares.
Exercise 13-7 Financial statement impact of dividends and splits P2 For each dividend and stock split issued, determine the impact-increase, decrease, or no effect-on total assets, total liabilities, and total equity. quan $5,000 cash dividend 7% stock dividend 40% stock dividend 7-for-1 stock split Total Assets Total Liabilities Total Equity
Exercise 11-11A Accounting for cumulative preferred dividends When Polledo Corporation was organized in January 2011, it immediately issued 5,000 shares of $50 par, 5 percent, cumulative preferred stock and 10,000 shares of $10 par common stock. The company's earnings history is as follows: 2011, net loss of $15,000; 2012, net income of $60,000; 2013, net income of $95,000. The corporation did not pay a dividend in 2011. Required a. How much is the dividend arrearage as of January 1, 2012? b. Assume that the board of directors declares a $40,000 cash dividend at the end of 2012 (remember that the 2011 and 2012 preferred dividends are due). How will the dividend be divided between the preferred and common stockholders? LO 4
Exercise 6.4 Roberto Corporation was organized on January 1, 2018. The firm was authorized to issue 100,000 shares of OMR 5 par common stock . During 2018, Roberto had the following transactions relating to shareholders' equity: 1. Issued 10,000 common stock at OMR 7 per share. 2. Issued 20,000 common stock at OMR 8 per share. 3. Reported a net income of OMR 100,000. 4. Paid dividends of OMR 50,000. 5. Purchased 3,000 treasury stock at OMR 10 (part of the 20,000 stock issued at OMR 8). Required • Prepare the journal entries for the above transactions. • Prepare the shareholders' equity section of Roberto's statement of financial position as of December 31, 2018
Problem 11-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Connon stock-$15 par value, 100,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During 2019, the following transactions affected its stockholders' equity accounts. 2 Purchased 5,500 shares of its own stock at $15 cash per share, 5 Directors declared a 56 per share cash dividend payable on February 28 to the February 3 stockholders of record. Jan. Jan. $750,000 70,000 400,000 $1,220,000 Oct. Dec. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 2,063 of its treasury shares at $19 cash per share. Aug. 22 Sold 3,437 of its treasury shares at $12 cash per share. Sept. 5 Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of…
Exercise 14-03 a-b (Video) On January 1, 2020, Oriole Corporation had $1,160,000 of common stock outstanding that was issued at par. It also had retained earnings of $747,500. The company issued 37,500 shares of common stock at par on July 1 and earned net income Journalize the declaration of a 15% stock dividend on December 10, 2020, for the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is re Entry" for the account titles and enter 0 for the amounts.) b. No. Account Titles and Explanation a. Par value is $10, and market price is $18. Par value is $5, and market price is $22. b. Debit LINK TO TEXT Credit Click if you would like to Show Work for this question: Open Show Work VIDEO: SIMILAR EXERCISE

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