Joy Company was authorized to issue common stock of 100,000shares with P50 par value on January 1, 2014. Eighty thousandshares were sold during the first year at P50 per share and 4,000shares were alter reacquired as treasury at P65 per share. A stocksplit of 5-for-1 was approved on December 31, 2014. On January31, 2015, a 10% stock dividend was paid and on March 1, 2015,the treasury stock was reissued at P68 per share. How manyshares were outstanding on March 1, 2015?

The term shares outstanding states the stock of company which is presently held through all of its…

Answered: Joy Company was authorized to issue…

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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Bridgeport Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 504,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Issued 85,000 shares of common stock for cash at $4 per share. Issued 5,150 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 22.000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $84,000. May 1 Issued 78,000 shares of common stock for cash at $5.25 per share. Aug. 1 Sept. 1 Nov. 1 Issued 11.000 shares of common stock to attorneys in payment of their bill of $43,000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 per share. Issued 1,000 shares of preferred stock for cash at $113 per share.
On December 31, 2017, Jackson Company had 100,000 shares of common stock outstanding and 24,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2018, Jackson purchased 16,000 shares of common stock on the open market as treasury stock for $27 per share. Jackson sold 5,200 treasury shares on September 30, 2018, for $29 per share. Net income for 2018 was $172,905. Also outstanding during the year were fully vested incentive stock options giving key personnel the option to buy 42,000 common shares at $32. The market price of the common shares averaged $31 during 2018. Required: Compute Jackson's basic and diluted earnings per share for 2018. (Round your answers to 2 decimal places.)
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…
Knapp Industries began business on January 1, 2018 by issuing all of its 1,000,000 authorized shares of its $1 par value common stock for $40 per share. On June 30, Knapp declared a cash dividend of $2 per share to stockholders of record on July 31. Knapp paid the cash dividend on August 30. On November 1, Knapp reacquired 200,000 of its own shares of stock for $50 per share. On December 22, Knapp resold 100,000 of these shares for $60 per share. Required: Prepare all of the necessary journal entries to record the events described above. Prepare the stockholders' equity section of the balance sheet as of December 31, 2018 assuming that the net income for the year was $6,000,000.
Whispering Ltd. began its latest fiscal year on January 1, 2020, with 12,000 common shares outstanding. On April 1, Whispering sold 3,300 additional common shares. The company declared and issued a 20% stock dividend on June 1. On July 1, Whispering repurchased and cancelled 220 common shares. An additional 3,750 common shares were issued on September 1. On November 1, Whispering declared and issued a 2-for-one stock split. On December 1, Whispering issued an additional 120 shares. Following the fiscal year, Whispering declared and issued a 3-for-one stock split on February 1, 2021. The company issued its 2020 financial statements on March 10, 2021.Calculate the weighted average number of common shares that Whispering should use for calculating its EPS numbers for 2020. Weighted average number of common shares Enter your answer in accordance to the question statement shares Please show how to calculate
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Earle Corporation was organized on January 1, 2012. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first P13-1C Journalize stock transactions, post, and prepare paid-in capital section. year. (SO 3, 5, 6) Jan. 10 Issued 100,000 shares of common stock for cash at $3 per share. GLS Issued 10,000 shares of preferred stock for cash at $55 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $90,000. The company's estimate of fair value of the land was $75,000. Issued 75,000 shares of common stock for cash at $4 Issued 10,000 shares of common stock to attorneys in payment of their bill for $50,000 for services provided in helping the company organize. Issued 5,000 shares of common stock for cash at $6 per share. Issued 2,000 shares of preferred stock for cash at $60 Mar. 1 Apr. 1 May 1…

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