KFalana Academy Surplus had 50,000 shares of common stock and 8,000 shares of 20%, $25 par value preferredstock outstanding through December 31, 2024. Income from continuing operations for 2024 was $810,000, and losson discontinued operations (net of income tax saving) was $40,000.s (netCompute Falana's earnings per share for 2024, starting with income from continuing operations. Round to thenearest cent. (Enter all EPS amounts to the nearest cent, $X.XX. Use parentheses' or a minus sign for amountsreducing the income from continuing operations.)ct: 0

Earnings per shares shows the net income held in hands of the common shareholders of the company…

Answered: Falana Academy Surplus had 50,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Marutzky Corporation had a net income of $2,200,000 for the year 2018. On January 1, 2018, the corporation had 300,000 shares of common stock outstanding and issued an additional 250,000 shares of common stock on October 1, 2018. Calculate the earnings per shares using the weighted-average number of common shares outstanding.
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Java Company earned net income of $85,000 during the year ended December 31, 2024. On December 15, Java declared the annual cash dividend on its 4% preferred stock (par value, $120,000) and a $0.25 per share cash dividend on its common stock (50,000 shares). Java then paid the dividends on January 4, 2025. Read the requirements. Requirement 1. Journalize for Java the entry declaring the cash dividends on December 15, 2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date 2024 Dec. 15 Accounts and Explanation Debit Credit Requirements 1. Journalize for Java the entry declaring the cash dividends on December 15, 2024. 2. Journalize for Java the entry paying the cash dividends on January 4, 2025. X
Pet Boutique Corp. reported $4,549,230 of profit for 2023. On November 2, 2023, it declared and paid the annual preferred dividends of $261,880. On January 1, 2023, Pet Boutique had 73,500 and 567,000 outstanding preferred and common shares, respectively. The following transactions changed the number of shares outstanding during the year: Feb. 1 Declared and issued a 20% common share dividend. Apr.30 Sold 119,130 common shares for cash. May 1 Sold 49,410 preferred shares for cash. Oct. 31 Sold 37,800 common shares for cash. a. What is the amount of profit available for distribution to the common shareholders? Earnings available to common shareholders b. What is the weighted-average number of common shares for the year? Weighted-average outstanding shares M # h
The Shareholders’ Equity section of Green Corporation at December 31, 2019 showed the following: 8% cumulative Preference share capital, P 100 par, liquidating value P110 - P2,000,000; Ordinary Share Capital, P50 par - P2,500,000; Additional Paid In Capital - P 500,000; Retained Earnings - P 1,000,000. During the year, the company earned profit of P 500,000. Compute the book value per share for the Preference share assuming dividends are in arrears for 3 years including the current yearUsing data, Compute the book value per share for the Ordinary Share Capital
Stanley Department Stores reported net income of $1,010,000 for the year ended December 31, 2021. Additional Information: Common shares outstanding at Jan. 1, 2021 155,000 Incentive stock options (vested in 2020) outstanding throughout 2021 36,000 (Each option is exercisable for one common share at an exercise price of $29.50) During the year, the market price of Stanley’s common stock averaged $35.40 per share. On Aug. 30, Stanley sold 15,000 common shares. Stanley’s only debt consisted of $49,000 of 10% short-term bank notes. The company’s income tax rate is 25%. Required: Compute Stanley’s basic and diluted earnings per share for the year ended December 31, 2021
Stanley Department Stores reported net income of $986,000 for the year ended December 31, 2024. Additional Information: Common shares outstanding at January 1, 2024 150,000 Incentive stock options (vested in 2023) outstanding throughout 2024 36,000 (Each option is exercisable for one common share at an exercise price of $29.00) During the year, the market price of Stanley’s common stock averaged $34.80 per share. On August 30, Stanley sold 15,000 common shares. Stanley’s only debt consisted of $48,000 of 10% short-term bank notes. The company’s income tax rate is 25%.
Salalah Mills Company is having 10,000 stocks of 15% OMR 1 par value non-cumulative, Irredeemable preferred stock outstanding at January 1 2019. The board of directors has decided to declare dividends for preferred stock on 31st December 2019 which was eventually paid on 10th January 2020. Which of the following journal entry was correct on 31st December 2019? a. Debit Retained earnings OMR 1500 Credit Preference dividend payable OMR 1500 b. Debit Bank OMR 1500 Credit Retained earnings OMR1500 c. Debit Preference Dividend payable OMR 1500 Credit Bank OMR 1500 d. Debit Preference dividend payable OMR 1500 Credit Retained earnings OMR1500
Please answer in good accounting form. Thankyou During 2021, CAPTAIN AMERICA Company had two classes of shares issued and outstanding for the entire year. Additional information are as follows: Ordinary share capital, par ₱10 - ₱1,000,000; 7% Preference share capital, ₱100 par, cumulative - ₱500,000. The net income for the year amounts to ₱500,000. What is the basic earnings per share?
Gadubhai
612,000 common shares outstanding. During 2020, it had the following transactions thataffected the common share account:Feb. 1Mar. 1May 1June 1Oct. 1Issued 154,000 shares.(a)Issued a 10% stock dividend.Acquired 166,000 common shares and retired them.Issued a 3-for-1 stock split.Issued 61,000 shares.The company's year end is December 31.Determine the weighted average number of shares outstanding as at December 31, 2020. (Round answer to 0 decimal places, e.g.5,275.)Weighted average number of shares outstandingshares Please don't provide solution in an image format thank you

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