For the year ended December 31, 2024, Norstar Industries reported net income of $980,000. AtJanuary 1, 2024, the company had 1,130,000 common shares outstanding. The following changesin the number of shares occurred during 2024:April 30May 24June 1Sold 100,000 shares in a public offeringDeclared and distributed a 5% stock dividendIssued 114,000 shares as part of the consideration for the purchase of assets from asubsidiaryRequired:Compute Norstar's earnings per share for the year ended December 31, 2024. Showcomputations.NumeratorDenominatorEarningsper Share

The earnings per share is calculated as net income divided by the number of weighted average shares.…

Answered: For the year ended December 31, 2024,…

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

ABC Co. reports under IFRS and has a December 31st year end. On January 1, 2020, ABC Co. purchased 3000 shares (30%) of the outstanding common shares of XYZ Inc. for $28/share in cash. XYZ Inc. provided the following statement of comprehensive income for the year ended Dec 31, 2020: Net income $22,500 Other comprehensive income 600 Comprehensive income $23,100 XYZ Inc. paid dividends of $1.20 per share during the year. Due to recent uncertainty in XYZ’s industry, shares were trading at $26.50 per share at year end. ABC CO.'s accountant is still investigating whether it will need to classify the investment as an investment in associate or FVTOCI. Required: a. Prepare the 2020 journal entries for ABC Co for the investments assuming the investment is classified as : i) investment in associate (equity method) ii) FVTOCI b. Calculate the value of the investment in XYZ Inc on the balance sheet of ABC Co. at December 31, 2020 as classified as: i) investment in…
On January 1, 2018, Vermont Maple Corp. had 2,650,000 shares of commons stock issued and outstanding. During 2018, it had the following transactions that affected the common stock account:
Please answer with detailed working , and please provide answer in text form without image
Subject - account
For the year ended December 31, 2021, Norstar Industries reported net income of $990,000. At January 1, 2021, the company had 1,170,000 common shares outstanding. The following changes in the number of shares occurred during 2021: Apr. 30 Sold 110,000 shares in a public offering. May 24 Declared and distributed a 5% stock dividend. June 1 Issued 126,000 shares as part of the consideration for the purchase of assets from a subsidiary. Required: Compute Norstar's earnings per share for the year ended December 31, 2021. (Enter your answers in thousands. Round "EPS" answer to 2 decimal places. Do not round intermediate calculations.) Numerator / Denominator / Earnings per Share
The following data were taken from the statement of financial position accounts of Cha-Cha Corporation on Dec 31, 2019. Current Assets $ 270,000 Investments $ 312,000 Share Capital - Ordinary (par Value $10) $ 300,000 Share Premium - Ordinary $ 75,000 Retained Earnings $ 420,000 Prepare the required Journal Entries for the following unrelated items! 1. A 5% share dividend is declared and distributed at a time when the market price of the shares is $39 per share. 2. The par value of the ordinary shares is reduced to $2 with a 5-for-1 share split. 3. A dividend is declared January 10, 2020 and paid January 28, 2020, in bonds held as an investment. The bonds have a book value of $ 0f $45,000 and a fair value $ 62,500.
The outstanding share capital of Sheng Inc. includes 45,000 shares of $9.60 cumulative preferred and 80,000 common shares, all issued during the first year of operations. During its first four years of operations, the corporation declared and paid the following amounts in dividends: Year 2021 2022 2023 2024 Total Dividends Declared Preferred Common $ e 460,000 1,028,000 460,000 Required: Determine the total dividends paid in each year to each class of shareholders. Also determine the total dividends paid to each clas over the four years. 2021 2022 otal Dividends 2023 2024 Total
On January 1, 2021, Eugene Co. had retained earnings of P1,240,000. During 2021, the co. earned net income of P456,000. The following transactions occurred:a. Cash dividends of P12 per share on 42,000 shares of ordinary shares were declared and paid.b. A small share dividend was declared and issued. The dividend consisted of 6,620 shares of P25 par ordinary share. On the date of declaration, the market price of the company’s ordinary share was P34 per share.c. The co. recalled and retired 12,100 shares of P50 par preferred share. The call price was P93 per share; the share had originally been issued for P80 per share. d. The Eugene discovered that it had erroneously recorded depreciation expense of P200,000 in 2019 for both financial and tax reporting. The correct depreciation for 2019 had been P275,000. This is considered a material error. Assume tax rate of 25%. The balance of retained earnings on December 31, 2021:
Bridgeport SA uses a calendar year for financial reporting. The company is authorized to issue 8,210,000 R$12 par ordinary shares. At no time has Bridgeport issued any potentially dilutive securities. Listed below is a summary of Bridgeport’s ordinary share activities. 1. Number of ordinary shares issued and outstanding at December 31, 2021 2,040,000 2. Shares issued as a result of a 12% share dividend on September 30, 2022 244,800 3. Shares issued for cash on March 31, 2023 1,870,000 Number of ordinary shares issued and outstanding at December 31, 2023 4,154,800 4. A 2-for-1 share split of Bridgeport’s ordinary shares took place on March 31, 2024 (a) Compute the weighted-average ordinary shares used in computing earnings per ordinary share for 2022 on the 2023 comparative income statement. enter a number of shares shares

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