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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Baez Corp. began operations on Jan. 1, 2023. Baez Corp. is authorized to issue 150,000 shares of it's 6%, $40 par value preferred stock. The company is authorized to issue 650,000 shares of the common stock with a par value of $2 per share. On January 5, 2023, the company issued 225,000 shares of common stock for cash at $13 per share. What is the journal entry to record the issuance of the common stock shares?
Wildhorse Corporation was organized on January 1, 2025. It is authorized to issue 9,200 shares of 8%, $100 par value preferred stock, and 538,600 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Apr. May Aug. 1 1 1 Sept. 1 Nov. 1 Issued 80,120 shares of common stock for cash at $6 per share. Issued 5,470 shares of preferred stock for cash at $112 per share. Issued 24,910 shares of common stock for land. The asking price of the land was $90,180; the fair value of the land was $80,120. Issued 80,120 shares of common stock for cash at $9 per share. Issued 9,200 shares of common stock to attorneys in payment of their bill of $51,900 for services rendered in helping the company organize. Issued 9,200 shares of common stock for cash at $11 per share. Issued 1,090 shares of preferred stock for cash at $113 per share. Prepare the journal entries to cord the above transactions. (List all…
SHOW THE JOURNAL ENTRY FOR EACH TRANSACTION!
During its first year of operations, Cupola Fan Corporation issued 48,000 of $1 par Class B shares for $475,000 on June 30, 2021. Share issue costs were $3,300. One year from the issue date (July 1, 2022), the corporation retired 10% of the shares for $48,500. Required: 1. to 4. Prepare the journal entries to record the issuance of the shares, the declaration of a $2.70 per share dividend on December 1, 2021, the payment of the dividend on December 31, 2021 and the retirement of the shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) please dont give answer in the image format
At the beginning of 2019, Hardin Company had 210,000 shares of $10 par common stock outstanding. During the year, it engaged in the following transactions related to its common stock: March 1 Issued 48,000 shares of stock at $21 per share. June 1 Issued a 10% stock dividend. July 1 Issued 14,000 shares of stock at $26 per share. Aug. 31 Issued a 2-for-1 stock split on outstanding shares, reducing the par value to $5 per share. Oct. 31 Reacquired 98,000 shares as treasury stock at a cost of $29 per share. Nov. 30 Reissued 53,000 treasury shares at a price of $32 per share. Required: 1. Determine the weighted average number of shares outstanding for computing the current earnings per share. Round your interim computations and final answer for the number of shares to nearest whole number. shares 2. Determine the number of common shares outstanding at December 31, 2019. shares
Harrington Home Services, Inc. had the following stock transactions April 23, 2017 issued 6,000 shares of $5 par common stock for 59 per share. June 20, 2019-repurchased 1.000 shares of their own common stock that was previously issued for $12 per share. November 2, 2019- sold 500 of the 1,000 repurchased treasury shares (from the June 20, 2019 transaction) for $15 per share. Record all three of these entries in good form, clearly identifying the accounts and amounts to be debited or credited.
Ashvin
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DOUBLE Company issued 1,000,000 shares of ordinary shares. Of these, 150,000 shares were held as treasury shares on December 31, 2020. During 2021, transactions involving DOUBLE ’ ordinary share were as follows: May 1 50,000 shares of treasury share were sold. Aug 1 500,000 shares of previously unissued shares were sold. Nov 1 A 5-for-1 share split took effect. As an auditor of the company, you were requested to present to the board the number of shares of DOUBLE’s ordinary shares that were is outstanding on December 31, 2021.
As on January 1, 2021, Gerald corp had 480,000 common shares outstanding (no preferred shares issued). During 2021, the company has issued 70,000 shares on May 1, purchased 46,000 treasury shares on September 1, and issued 46,000 more shares on November 1. Find the weighted average of common shares outstanding for 2021. (Round off the number of shares)
On 1/1/19 Karitas Inc., a calendar year company, has 700,000 common shares outstanding. Over the course of the fiscal year, the company experiences thefollowing events: Common stock related events:3/1/2019 issues 140,000 common shares5/1/2019 Distributes a 10.00% stock dividend.8/1/2019 Purchases 40,000 shares of treasury stock.10/1/2019 issues a 3 for 1 stock split The firm also has the following securities outstanding for the entire year (all conversion rates already reflect the effect of the stock dividend and stock split): 50,000 shares of convertible preferred stock. The convertible preferred stock has a par value of $10 per share, pays a 14.00% dividend and is convertible into 3shares of common stock. Convertible bonds with an aggregate par value of $8,500,000. The bonds are sold in increments of $1,000; pay a 6.50% coupon and are convertible into 100 sharesof common stock. 175 call option contracts with a strike price of $14.00 per share. Each option contract is exercisable into…
Concordia Corporation has 96,900 common shares that have been issued. It declares a 4% stock dividend on December 1 to shareholders of record on December 20. The shares are issued on January 10. The share price is $15 on December 1, $14.50 on December 20, and $14.75 on January 10. b) Provide the required journal entries on the appropriate dates to record the stock dividend. Only provide account names as the dollar amount has already been calculated in part a). (If no entry is required, select "No Entry" for the account titles.) December 1 Dividends Declared Dividends Payable Stock Dividends Distributable Common Shares Preferred Shares Retained Earnings Cash No Entry

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