Indigo Inc. uses a calendar year for financial reporting. The company is authorized to issue 9.160,000 shares of $12 par common stock.At no time has Indigo issued any potentially dilutive securities. Listed below is a summary of Indigo's common stock activities.1.2.3.4.(a)Number of common shares issued and outstanding at December 31, 2018Shares issued as a result of a 12% stock dividend on September 30, 2019Shares issued for cash on March 31, 2020Number of common shares issued and outstanding at December 31, 2020A 2-for-1 stock split of Indigo's common stock took place on March 31, 2021Your answer is incorrect.2,130,000255,6001,840,0004,225,600Compute the weighted-average number of common shares used in computing earnings per common share for 2019 on the 2020comparative income statement.shares

Earnings per share is that part of the company's earnings that is available to be distributed to the…

Answered: Indigo Inc. uses a calendar year for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Rollers company is incorporated on January 1, 2018. Company is authorized to issue160,000 shares of $6 par value. Following transactions related Shares issued Shares issued Net income Dividend paid Treasury stock purchased 16,000 @$8 per share 32,000 @ $9 per share $160,000 $80,000 3,500 shares @ $11 per share The balance of stockholder's equity at end of year 2018 is: $489,500 $576,000 $457.500 $416,000 Reset Answer
Blue Devil Inc. completed the following transactions of stock issuance, treasury stock and stock dividends during 2019 respectively. Prepare the journal entries for all these transactions. Each transaction is independent from the others. (1) On June 15, Blue Devil issued 20,000 shares of $10 par value common stock for cash of $15 per share. (2) On September 7, Blue Devil sold 5,000 shares of $5 par value preferred stock in exchange for a piece of equipment with a current market value of $75,000. (3) On October 19, Blue Devil repurchased 2,000 shares of the outstanding common stock at the market value of $25 per share (par value of $10).
Presented below is information related to Alligator Corporation for 2019. 1. On March 1, Alligator Corporation issued 95,000 shares (authorized to issue 1,000,000 shares of $10 par value, Issued 100,000 shares till February, 2019) of common stock at $30 per share. 2. A dividend is declared on May 1, 2010, and paid on May 27, 2019, in equity held as an investment. The equity have a book value of $150,000 and a fair value of $190,000. 3. On June 1, Alligator Corporation replaced one of its’ used machines costed $200,000 with an accumulated depreciation of $110,000 with Labor company and received additional $27,000 cash. Fair value of Alligator’s machine at the time of exchange was $105,000. The cost, accumulated depreciation and fair value of Labor Company’s machine at the time of exchange were $125,000, $45,000 and $78,000 respectively. The exchange lacks commercial substance for both the parties. 4. On September 4, Alligator Corporation sold the 1,000 treasury shares that they had…
Dakota Corporation had the following shareholders' equity account balances at December 31, 2018: Transactions during 2019 and other information relating to the shareholders' cquity accounts were as follows:1. Dakota's preferred and common shares are traded on the over-the-counter market. At December 31, 2018,Dakota had 100,000 authorized shares of $100 par, 10%, cumulative preferred stock; and 3,000,000 autho-rized shares of no-par common stock with a stated value of $5 per share.2. On January 9, 2019, Dakota formally retired all 30,000 shares of its treasury common stock and had them revert to an unissued basis. The treasury stock had been acquired on January 20, 2018. The shares were originally issued at $10 per share,3. Dakota owned 10,000 shares of Bush Inc, common stock purchased in 2016 for $750,000. The Bush stock was included in Dakota's short-term marketable securities portfolio at the end of 2018 at a value of $650,000.On February 13, 2019, Dakota declared a dividend in kind…
CURCord Corporation was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 511,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. Apr May Aug. (a) (b) 1 (c) 1 Sept. 1 Nov. 1 1 1 Issued 82,000 shares of common stock for cash at $6 per share. Issued 4,850 shares of preferred stock for cash at $105 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $93,000. The fair value of the land was $82,000. Issued 76.500 shares of common stock for cash at $4.50 per share. Issued 11,000 shares of common stock to attorneys in payment of their bill of $41.500 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 pershare. Issued 2.500 shares of preferred stock for cash at $112 pershare. Prepare the paid-in capital section of stockholders' equity…
The following accounts are found in the trial balance of Dawn Corporation as December 31, 2019. Authorized Ordinary share capital, P 100 par P1,000,000; Unissued Ordinary share capital P300,000; Subscribed Ordinary share P200,000; Ordinary share subscription receivable P100,000; Ordinary share premium P70,000. The total number of shares issued is Using data in number 1, the total number of shares still available for subscription is
The Murphy Corporation is authorized to issue 500,000 shares of $1 par value common stock, During 2019, the company has the following stock transactions. Jan. 15 Issued 200,000 shares of stock at $6 per share. Sept. 5 Purchased 30,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2020. Instructions Journalize the transactions for the Murphy Corporation on journal paper. OMIT explanations
On January 1, 2021, marine company had 125,000 issued shares and 25,000 treasury shares. During the year, 13,000 treasury shares were reissued. Right after the reissuance of the treasury shares, the company declared a 3-for1 split. In december 2021, additional 5,000 shares were purchased and placed in treasury. Determine the number of shares issued
Indigo Inc. uses a calendar year for financial reporting. The company is authorized to issue 9,160,000 shares of $12 par common stock. At no time has Indigo issued any potentially dilutive securities. Listed below is a summary of Indigo's common stock activities. 1. 2. 3. 4. (a) Number of common shares issued and outstanding at December 31, 2018 Shares issued as a result of a 12% stock dividend on September 30, 2019 Shares issued for cash on March 31, 2020 Number of common shares issued and outstanding at December 31, 2020 A 2-for-1 stock split of Indigo's common stock took place on March 31, 2021 2,130,000 255,600 shares. 1,840,000 4,225,600 Compute the weighted-average number of common shares used in computing earnings per common share for 2019 on the 2020 comparative income statement.
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Raxx Ltd. began 2020 with the following balances in its shareholders' equity accounts: Common shares, unlimited shares authorized, 500,000 shares issued and outstanding.... $3,000,000 Retained earnings... 2,500,000 The following share-related transactions occurred during the year: Date Transaction Issued at $200 per share 100,000 $2.50 non-cumulative preferred shares with an unlimited number authorized. March 1 May Issued 50,000 common shares at $15 per share. Sept. 1 Repurchased and retired 150,000 common shares at $16 per share. Nov. 30 Declared and distributed a 3:1 share split on the common shares. Required a. Calculate the weighted-average number of shares outstanding using the information above b. Using the information provided, prepare an income statement for 2020 similar to Exhibit Cumulative effect of a change in depreciation method (net of $26,000 tax benefit). $ (136,500) Operating expenses (related to continuing operations). Gain on disposal of discontinued operations'…
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