Exercise 9-15 (Algo) Calculate basic EPS LO 9-6Mechforce, Incorporated had net income of $145,200 for the year ended December 31, 2022. At the beginning of the year, 14,000shares of common stock were outstanding. On April 1, an additional 20,000 shares were issued. On October 1, the companypurchased 5,000 shares of its own common stock and held them as treasury stock until the end of the year. No other changes incommon shares outstanding occurred during the year. During the year, Mechforce paid the annual dividend on the 9,000 shares of4.95%, $100 par value preferred stock that were outstanding the entire year.Required:Calculate basic earnings per share of common stock for the year ended December 31, 2022.Note: Do not round intermediate calculations. Round your answer to 2 decimal places.Earnings per share

Earning per share indicates a measure of the earning capacity that is available for common…

Answered: Exercise 9-15 (Algo) Calculate basic…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

QUESTION 6 Tolkin Corporation was organized on January 1, 2019, with an authorization of 5,000,000 shares of $1 par value common stock. During 2019, Tolkin had the following common stock transactions: Jan. 4: Issued 300,000 shares @ $8 per share. Apr. 8: Issued 100,000 shares @ $6 per share. July 29: Purchased 90,000 shares (treasury) @ $7 per share. Oct. 18: Sold 60,000 shares held in treasury @ $9 per share. Dec. 31: Sold 30,000 shares held in treasury @ $6 per share. Tolkin had no other transactions affecting paid-in capital. At December 31, 2019, what is the total amount of contributed capital (also referred to as paid-in capital)? A. $3,120,000 B. $3,090,000 C. $2,660,000 D. $2,720,000
Problem 2 Resolve Corporation began operations on January 1, 2020. The company was authorized to issue 60,000 shares of P10 par value common stock and 120,000 shares of 10%, P100 par value convertible preferred stock. In connection with your audit of the company’s financial statements, you noted the following transactions involving stockholders’ equity during 2020:Jan. 1 Issued 1,500 shares of common stock to the corporation promoters in exchange for property valued at P510,000 and services valued at P210,000. The property costs P270,000 3 years ago and was carried on the promoters’ books at P150,000.31 Issued 30,000 shares of convertible preferred stock at P150 per share. Each share can be converted to five shares of common stock. The corporation paid P225,000 to an agent for selling the shares.Feb. 15 Sold 9,000 shares of common stock at P390 per share. The corporation paid issue costs of P75,000.May 30 Received subscriptions for 12,000 shares of common stock at P450 per share.Aug.…
Exercise 9-13 (Algo) Calculate basic EPS LO 7 Ringmeup Inc. had net income of $148,800 for the year ended December 31, 2019. At the beginning of the year, 38,000 shares of common stock were outstanding. On May 1, an additional 15,000 shares were issued. On December 1, the company purchased 4,700 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Ringmeup paid the annual dividend on the 8,000 shares of 5.00%, $100 par value preferred stock that were outstanding the entire year. Required: Calculate basic earnings per share of common stock for the year ended December 31, 2019. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Earnings per share
Exercise 11-13A (Algo) Recording and reporting treasury stock transactions LO 11-5 The following information pertains to JAE Corporation at January 1, Year 1: Common stock, $11 par, 14,000 shares authorized, 2,800 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $30,800 12,100 51,200 4 JAE Corporation completed the following transactions during Year 1: 1. Issued 1,150 shares of $11 par common stock for $30 per share. 2. Repurchased 160 shares of its own common stock for $27 per share. 3. Resold 50 shares of treasury stock for $28 per share. Required: a. How many shares of common stock were outstanding at the end of the period? b. How many shares of common stock had been issued at the end of the period? c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Complete this question by entering your answers in the tabs below.…
Exercise 6.3 The shareholders' equity of Crystal Company includes the items shown below. The board of directors of Crystal declared cash dividends of OMR 3 million, OMR 6 million, and OMR 20 million in each of its first 3 years of operation: 2017, 2018, 2019, respectively. Common stock, OMR 1 par, 50,000,000 shares outstanding Preferred stock, 5%, OMR 50 par, 2,000,000 shares outstanding Required: Determine the amount of dividends per share on preferred and common stock for each of the three years. The preference shares are cumulative
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
Harris Corporation Stockholders’ Equity December 31, 2022 Common Stock ($1 par, 100,000 authorized, 50,000 issued & outstanding)$ 50,000Additional Paid-in-Capital 150,000 Retained Earnings 500,000 Total Stockholders’ Equity$ 700,000 ==== • On March 1, 2023, the company issued an additional 5,000 shares of common stock for $25 per share. • On April 1, 2023, the company declared a 10% stock dividend, payable on May 15th, when the market value was $30 per share. • On August 1, 2023, the company declared a 60% stock dividend, payable on September 15th, when the market value was $40 per share. • On November 1, 2023, the company repurchased 10,000 of its shares for $35 per share. • Net income for 2023 was $400,000. • A $0.50 per share cash dividend was declared on December 20, 2023, payable February 1, 2024. Using the cost method to account for treasury stock, prepare all necessary 2023 journal entries and prepare the…
PROBLEM 12-3B The following selected accounts appear in the ledger of Kingfisher Environmental Corporation on March 1, 2006, the beginning of the current fiscal year: Selected stock transactions Objectives 4, 5, 7 Preferred 2% Stock, $75 par (10,000 shares authorized, 8,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $10 par (50,000 shares authorized, 35,000 shares issued) Paid-In Capital in Excess of Par-Common Stock . Retained Earnings $ 600,000 ..... 100,000 RAS.S. 350,000 85,000 1,050,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 7,500 shares of common stock at $24, receiving cash. b. Sold 800 shares of preferred 2% stock at $81. c. Purchased 3,000 shares of treasury common for $66,000. d. Sold 1,800 shares of treasury common for $50,400. e. Sold 750 shares of treasury common for $14,250. f. Declared cash dividends of $1.50 per share on preferred…
QUESTION 2 Huxley Company has 264277 shares of common stock authorized 153543 Issued and 71672 shares of treasury stock The company's board of directors declares a dividend of $0.60 per share of common stock. What is the total amount of the dividend that will be paid? Round your answer to the nearest dollar
Problem 1 Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2023 to 2025. At December 31, 2022, the corporation's accounts included (in thousands): Ordinary share capital, P1 par Share premium 105,000 630,000 Retained earnings 970,000 a. On November 1, 2023, the board of directors declared a cash dividend of PO 80 per share on its ordinary shares, payable to shareholders of record on November 15, to be paid on December 1. b. On March 1, 2024, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Ricki was holding as an investment. The bonds had a fair value of P1.6 million, but were purchased two years previously for P1.3 million. Because they were intended to be held to maturity, the bonds had not been previously written up. The property dividend was payable to shareholders of record on March 13, to be distributed on April 5. The fair value of the…

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS