Exercise 19-24 (Algo) New shares; contingently issuable shares [LO19-6,19-12]During 2024, its first year of operations, Kevin Berry Industries entered into the following transactions relating to shareholders' equity.The corporation was authorized to issue 100 million common shares, $1 par per share.January 2 Issued 55 million common shares for cash.January 2 Entered an agreement with the company president to issue up to 2 million additional shares of common stock in2025 based on the earnings of Berry in 2025. If net income exceeds $140 million, the president will receive 1million shares; 2 million shares if net income exceeds $150 million.March 31 Issued 4 million shares in exchange for plant facilities.Net income for 2024 was $148 million.Required:Compute basic and diluted earnings per share for the year ended December 31, 2024.Note: Do not round intermediate calculations. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).BasicDilutedNumerator++♦Denominator..Earnings per Share

Calculation of basic and diluted earning per share are as follows

Answered: Exercise 19-24 (Algo) New shares;…

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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Current Attempt in Progress On September 15, 2023, the Board of Directors of Sunland Company declared a $1.20 per share cash dividend, payable on October 31 to shareholders of record as of October 1. On the date of declaration, Sunland Company had 202,000 common shares issued, of which 31,000 were held in Treasury. On October 15, 2023, the company issued an additional 57,000 common shares for $5.20 each. Prepare all the required journal entries to record these transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
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sd subject-Accounting On January 1, 2022, Wentworth, Inc. had the following shares of stock outstanding: 100,000 shares of common stock 60,000 shares of preferred stock, convertible to 32,000 shares of common ($120,000 in preferred dividends paid during the year) On May 1, 2022, an additional 18,000 common shares were issued for cash. On June 30, 2022, Wentworth issued a 10 percent common stock dividend. Net income after taxes for the year was $775,000. Calculate basic earnings per share (to the nearest cent) for the year A. $5.46 B. $5.32 C. $5.05 D. Some other amount.
Provide a journal entry
Accounting for Corporation
7
Accounting for Shares Waterport Sales' corporate charter authorized the firm to sell 800,000 shares of $10 par common stock. At the beginning of 2019, Waterport sold 251,100 shares and reacquired 1,650 of those shares. The reacquired shares were held as treasury stock. During 2019, Waterport sold an additional 16,300 shares and purchased 3,100 more treasury shares. Required: Determine the number of issued and outstanding shares at December 31, 2019.
Sh.27. On January 1, 2023, Bre-x Inc. had 600,000 common shares outstanding. On March 1, the corporation issued 60,000 new common shares to raise additional capital. On July 1, the corporation declared and distributed a 12% stock dividend on its common shares. On October 1, the corporation repurchased on the market 20,000 of its own outstanding common shares to make them available for issuances related to its key executives' outstanding stock options. Required: a. Calculate the weighted average number of shares outstanding as at December 31, 2023. Round to the nearest share. b. Assume that Bre-X Inc. had a 1-for-10 reverse stock split instead of a 10% stock dividend on July 1, 2023. Calculate the weighted average number of shares outstanding as at December 31, 2023. Round to the nearest share.
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On April 1, 2019, Kelly Corporation began operations and authorized 100,000 shares of $5 par value common stock. The company engaged in the following transactions:April 1 Issued 20,000 shares of common stock for $200,000.April 15 Issued 10,000 shares of common stock for $125,000.May 12 Purchased 2,500 shares of common stock for $75,000.June 30 The board of directors declared a $0.20 per share cash dividend to be paid on July 15 to shareholders of record on July 51. Prepare journal entries for the above transactions.2. Prepared the stockholders’ equity section of Kelly Corporation’s balance sheet as of June 30, 2019. Net income for the period April 1 through June 30 was $150,000.3. What effect, if any, will the cash dividend declaration on June 30 have on Kelly Corporation’s net income, retained earnings, and cash flows?
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