E11-1 (Algo) Computing Shares Outstanding LO11-1In a recent annual report, Rosh Corporation disclosed that 62,000,000 shares of common stock have been authorized. At thebeginning of the fiscal year, a total of 36,556,357 shares had been issued and the number of shares in treasury stock was 7,371,269.During the year, 568,765 additional shares were issued, and the number of treasury shares increased by 3,134,188.Determine the number of shares outstanding at the end of the year.Note: Amounts to be deducted should be indicated by a minus sign.Computation of Shares OutstandingIssued sharesTreasury stockShares outstanding0

Shares outstanding means the number of shares that are held by the entity. These can be determined…

Answered: In a recent annual report, Rosh…

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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On May 1, Foress Corporation incorporated and authorized 211,000 preferred shares and an unlimited number of common shares. On May 2, Foress issued 1,900 common shares for $15 per share. On June 15, it issued an additional 1,100 common shares for $18 per share. On November 1, Foress issued 230 preferred shares for $30 per share. On December 15, it issued an additional 230 preferred shares for $37 per share. (a) Record the share 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.) Date Account Titles and Explanation Debit Credit
The annual report for General Mills disclosed that 1 billion shares of common stock have been authorized. At the beginning of 2017, 755 million shares had been issued and the number of shares in treasury stock was 178 million. During 2017, the only common share transactions were that 11 million common shares were reissued from treasury and 27 million common shares were purchased and held as treasury stock. Required: Determine the number of common shares (a) issued, (b) in treasury, and (c) outstanding at the end of 2017. (Enter your answers in millions.) (a) Issued Stock (b) Treasury Stock (c) Shares Outstanding Number of Common Shares (in millions) 194
The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $280,000 in the current year. It also declared and paid dividends on common stock in the amount of $1.20 per share. During the current year, Sneer had 1 million common shares authorized; 480,000 shares had been issued; and 262,000 shares were in treasury stock. The opening balance in Retained Earnings was $720,000 and Net Income for the current year was $220,000.Required: Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. Using the information given above, prepare a statement of retained earnings for the year ended December 31. Prepare a journal entry to close the dividends account.
Mechforce, Incorporated had net income of $171,200 for the year ended December 31, 2022. At the beginning of the year, 16,000 shares of common stock were outstanding. On April 1, an additional 17,000 shares were issued. On October 1, the company purchased 6,000 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, Mechforce paid the annual dividend on the 8,000 shares of 3.35%, $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.
Southwestern Exposure Ltd. began operations on January 2, 2020. During the year, the following transactions affected shareholders' equity: 1. Southwestern Exposure's articles of incorporation authorize the issuance of 1,100,000 common shares, and the issuance of 115,000 preferred shares, which pay an annual dividend of $2.00 per share. 2. A total of 280,000 common shares were issued for $4 a share. 3. A total of 15,000 preferred shares were issued for $13 per share. 4. The full annual dividend on the preferred shares was declared. 5. The dividend on the preferred shares was paid. 6. A dividend of $0.10 per share was declared on the common shares but was not yet paid. The company had net income of $161,000 for the year. (Assume sales of $751,000 and total operating expenses of $590,000.) 7. 8. The dividends on the common shares were paid. 9. The closing entry for the dividends declared accounts was prepared. Prepare journal entries to record the above transactions, including the closing…
(Recording the Issuances of Common Stock) During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock.Jan. 10 Issued 80,000 shares for cash at $6 per share.Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $35,000 for services rendered in helping the company to incorporate.July 1 Issued 30,000 shares for cash at $8 per share.Sept. 1 Issued 60,000 shares for cash at $10 per share.Instructions(a) Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share.(b) Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $3 per share.
In a recent annual report, Rosh Corporation disclosed that 60,800,000 shares of common stock have been authorized. At the beginning of the fiscal year, a total of 36,436,357 shares had been issued and the number of shares in treasury stock was 7,251,269. During the year, 562,765 additional shares were issued, and the number of treasury shares increased by 3,074,188. Determine the number of shares outstanding at the end of the year. Note: Amounts to be deducted should be indicated by a minus sign. Computation of Shares Outstanding Issued shares Treasury stock Shares outstanding
During the current year, Corporation A had 100,000 shares of common stock outstanding. On July 1, Corporation A issued a 4-for-1 stock split. Additionally, on September 2, A declared a dividend of $0.75 per common share, and the payment is expected to be made in January of the following year. If A had current assets of $2,000,000 and current liabilities of $1,200,000 before the declaration of the stock dividend, what is the percentage change in the current ratio as a result of the dividend declaration? A.6% decrease. B.20% decrease. C.2% decrease. D.15% decrease.
Headland Corporation had 121,200 shares of stock outstanding on January 1, 2020. On May 1, 2020, Headland issued 55,200 shares. On July 1, Headland purchased 9,480 treasury shares, which were reissued on October 1.Compute Headland’s weighted-average number of shares outstanding for 2020. Weighted-average number of shares outstanding
Bridgeport Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 22,500 shares for cash at $56 per share. July 1 Issued 14,000 shares for cash at $60 per share. Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Feb. 1 く Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock July 1 く Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock eTextbook and Media List of Accounts Debit 1260000 840000 Credit 11250C 1350C 7000C 1400C Assistance Used Assistance Used Post to the stockholders' equity accounts. (Post entries in the order of journal entries…
Trans Union Corporation issued 5,200 shares for $50 per share in the current year, and it issued 10,200 shares for $37 per share in the following year. The year after that, the company reacquired 20,200 shares of its own stock for $45 per share. Determine the impact (increase, decrease, or no change) of each of these transactions on the following classifications:
Marcy Company had 30,000 shares of common stock at the beginning of the year. On July 1, it issued 3,000 shares; on November 2, it issued another 3,000 shares; and on December 1, it reacquired 1,000 shares of treasury stock. What is its weighted average number of shares for the year?

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