At December 31, 2023, Albrecht Corporation had outstanding 373,000 shares of common stock and 8,000 shares of 9.5%, $100 par value cumulative, nonconvertible preferred stock.On May 31, 2024, Albrecht sold for cash 12,000 shares of its common stock.No cash dividends were declared for 2024.For the year ended December 31, 2024, Albrecht reported a net loss of $1,862,000.1. Calculate Albrecht's net loss per share for the year ended December 31, 2024.2. Complete the table in the picture Numerator÷Denominator=Net Loss per Share0

Net Loss:The net loss for the year ended December 31, 2024 is −$1,862,000.Preferred Dividends:The…

Answered: Numerator ÷ Denominator = Net Loss per…

Business

Accounting

Numerator ÷ Denominator = Net Loss per Share 0

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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At January 1, 2023, Carla Vista Limited's outstanding shares included the following: 294,000 900,000 $50 par value, 8%, cumulative preferred shares common shares Net income for 2023 was $2,107,700. No cash dividends were declared or paid during 2023. On February 15, 2024, however, all preferred dividends in arrears were paid, together with a 10% stock dividend on common shares. There were no dividends in arrears before 2023. On April 1, 2023, 530,000 common shares were sold for $12 per share, and on October 1, 2023, 350.000 common shares were purchased for $24 per share. The financial statements for 2023 were issued in March 2024. (a) Your answer is incorrect. Calculate the weighted average number of common shares outstanding for the year ended December 31, 2023. Weighted average number of shares outstanding I
On December 31, 2019, Shoreline Hotel Inc.., reported its shareholders' equity as follows: Common shares, no par value, authorized 200,000 shares issued and outstanding 120,000 shares $1,350,000 Retained earnings 700,000 Total shareholders' equity $2,050,000 On January 1, 2020, it declared a 10% stock dividend on its common shares when the market value of the common shares was $22 per share before market adjustment (ie: prior to ex-dividend value). What was the effect on Shoreline’s retained earnings as a result of the above transaction? Select one: a. $264,000 decrease . b. $135,000 decrease . c. $400,000 increase. d. $240,000 increase. e. None of the above answers.
Crane Inc. a publicly traded company, had 195,000 common shares outstanding on December 31, 2022. During 2023, the company issued 6,000 shares on May 1 and retired 18,000 shares on October 31. For 2023, the company reported net income of $186,200 after a loss from discontinued operations of $35,280 (net of tax). Assume that Crane issued a 3-for-1 stock split on January 31, 2024, and that the company's financial statements for the year ended December 31, 2023, were issued on February 15, 2024. Calculate earnings per share for 2023 as it should be reported to shareholders.
At the beginning of 2025, Sheffield Industries had 24,000 shares of common stock issued and outstanding and 500 of $1,000,6% bonds (issued at par), each convertible into 10 shares of common stock. During 2025, Sheffield had revenues of $155,000 and expenses other than interest and taxes of $106,000. Assume that the tax rate is 20%. None of the bonds was converted or redeemed. (a) Compute diluted earnings per share for 2025. (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share (b) Assume the same facts as those assumed for part (a), except that the 500 bonds were issued on September 1, 2025 (rather than in a prior year), and none have been converted or redeemed. Compute diluted earnings per share for 2025. (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share $ 1.35 Earnings per share 0,97 (c) Assume the same facts as assumed for part (a), except that 100 of the 500 bonds were actually converted on July 1, 2025. Compute diluted earnings per share for 2025.…
Pharoah Inc., which has a December 31 year end, had the following shareholders' equity account balances as at December 31, 2024: Common shares (1,350,000 shares issued and outstanding) $27,000,000 Retained earnings $5,456,000 On February 18, 2025, Pharoah Inc. repurchased and cancelled 302,000 common shares, paying $22.20 per share. Provide the journal entry to record the share repurchase transaction. (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 0 for the amounts. List all debit entries before credit entries.) Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used Submit Answer
Schaefer Co. reported net income of $191,150 for its fiscal year ended January 31, 2023. At the beginning of that fiscal year, 50,000 shares of common stock were outstanding. On October 31, 2022, an additional 15,000 shares were issued. No other changes in common shares outstanding occurred during the year. Also during the year, the company paid the annual dividend on the 20,000 shares of 6%, $50 par value preferred stock that were outstanding the entire year. Required: a. Calculate basic earnings per share of common stock for the year ended January 31, 2023.
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On December 31, 2023, Dow Steel Corporation had 730,000 shares of common stock and 43,000 shares of 9%, noncumulative, nonconvertible preferred stock issued and outstanding. • Dow issued a 5% common stock dividend on May 15 and paid cash dividends of $530,000 and $82,000 to common and preferred shareholders, respectively, on December 15, 2024. . On February 28, 2024, Dow sold 60,000 common shares. • In keeping with its long-term share repurchase plan, 2,000 shares were retired on July 1. • Dow's net income for the year ended December 31, 2024, was $2,750,000. The income tax rate is 25%. Required: Compute Dow's earnings per share for the year ended December 31, 2024. Note: Do not round intermediate calculations. Except for per share amounts, enter your answers in thousands (i.e., 10,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places. Numerator Denominator Earnings per share
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For the year ended December 31, 2024, Norstar Industries reported net income of $980,000. At January 1, 2024, the company had 1,130,000 common shares outstanding. The following changes in the number of shares occurred during 2024: April 30 May 24 June 1 Sold 100,000 shares in a public offering Declared and distributed a 5% stock dividend Issued 114,000 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, 2024. Show computations. Numerator Denominator Earnings per Share
During 2023, Elisabeth Ltd. purchased 8,000 shares of Lilly of the Valley Corp. for $34 per share ($272,000 total). Elisabeth held these shares until September 2025, when it sold them for $42 per share. During these three years, Lilly of the Valley paid dividends of $2 per share on July 31. On Elisabeth's fiscal year-end (December 31), shares of Lilly of the Valley closed at $39, $30, and $46 in 2023, 2024, and 2025, respectively. Required Assume that the company designated half of the Lilly of the Valley shares as FVPL and the other half irrevocably elected to record fair value changes through OCI. Determine the amounts to be reported on Elisabeth's balance sheet and statement of comprehensive income with respect to the company's investment in Lilly of the Valley Corp. What do you observe about the total amount of retained earnings for the three years combined? Complete the analysis for 2024. Balance sheet Financial asset Equity: AOCI on Lilly of the Valley shares* Retained earnings…
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