On January 1, 2023, Sunland Ltd. had 498,000 common shares outstanding. During 2023, it had the following transactions thataffected the common share account:Feb. 1Mar. 1May 1June 1Oct. 1Issued 180,000 sharesIssued a 10% stock dividendAcquired 195,000 common shares and retired themIssued a 2-for-1 stock splitIssued 74,000 sharesThe company's year end is December 31.Determine the weighted average number of shares outstanding as at December 31, 2023. (Round answer to 0 decimal places, e.g.5,275.)Weighted average number of shares outstandingeTextbook and MediaAssume that Sunland earned net income of $3,164,460 during 2023. In addition, it had 110,000 of 8%, $100 par, non-convertible,non-cumulative preferred shares outstanding for the entire year. Because of liquidity limitations, however, the company did notdeclare and pay a preferred dividend in 2023.Calculate earnings per share for 2023, using the weighted average number of shares determined above. (Round answer to 2decimal places, e.g. 15.25.)Earnings per share $eTextbook and MediaAssume that Sunland earned net income of $3,164,460 during 2023. In addition, it had 110,000 of 8%, $100 par, non-convertible,cumulative preferred shares outstanding for the entire year. Because of liquidity limitations, however, the company did notdeclare and pay a preferred dividend in 2023.Calculate earnings per share for 2023 using the weighted average number of shares determined above. (Round answer to 2 decimalplaces, e.g. 15.25.)Earnings per share$eTextbook and Media1565600 sharesAssume that Sunland earned net income of $3,164,460 during 2023. In addition, it had 110,000 of 8%, $100 par, non-convertible,non-cumulative preferred shares outstanding for the entire year. Because of liquidity limitations, however, the company did notdeclare and pay a preferred dividend in 2023. Assume that net income included a loss from discontinued operations of $121,710,net of applicable income tax.Calculate earnings per share for 2023. (Round answers to 2 decimal places, eg. 15.25. Enter negative amounts using either a negativesign preceding the number eg. -45 or parentheses e.g. (45).)Income from continuing operations $Loss from discontinued operationsNet income$Earnings per share

"Since you have asked a question with sub-parts more than three, as per guidelines, the first three…

Answered: On January 1, 2023, Sunland Ltd. had…

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 January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 241,000 shares issued $241,000 Paid-in capital-excess of par, common 482,000 Paid-in capital-excess of par, preferred. 195,000 Preferred stock, $100 par, 19,500 shares outstanding 1,950,000 Retained earnings Treasury stock, at cost, 4,100 shares 3,900,000 20,500 During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 28: Required: Declared a property dividend of 100,000 shares of Burak Company (book value $11.9 per share, fair value $9.95 per share). Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date.. Declared and distributed a 4% stock dividend on…
Please help me understand part B
On January 1, 2022, Sheffield Corporation purchased 6,500 shares of treasury stock. Other information regarding Sheffield Corporation is provided as follows. Net income Dividends on preferred stock Dividends on common stock Weighted-average number of common shares outstanding Common stockholders' equity beginning of year Common stockholders' equity end of year Earnings per share 2021 $ 2021 LA $130,000 $39,000 $26,000 65,000 $780,000 $975,000 (a) Compute earnings per share for each year. (Round answer to 2 decimal places, e.g. 10.50.) 2022 2022 $143,000 $39,000 $32,500 58,500 $975,000 $1,079,000
Subject: acounting
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The shareholders' equity section of the balance sheet of TNL Systems Incorporated included the following accounts at December 31, 2023: Shareholders' Equity Common stock, 240 million shares at $1 par Paid-in capital-excess of par Paid-in capital-share repurchase Retained earnings Required: ($ in millions) $ 240 1,680 1 1,100 1. During 2024, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming the shares are (a) retired and (b) viewed as treasury stock. a. On February 5, 2024, TNL Systems purchased 6 million shares at $10 per share. b. On July 9, 2024, the corporation sold 2 million shares at $12 per share. c. On November 14, 2026, the corporation sold 2 million shares at $7 per share. 2. Prepare the shareholders' equity section of TNL Systems' balance sheet at December 31, 2026, comparing the two approaches. Assume all net income earned in 2024-2026…
Selected information regarding the accounts of Infinity Minerals Corp. follows: Common shares, unlimited authorized, 51,000 shares issued and outstanding, December 31, 2022 Common dividends declared and paid during 2023 Cumulative effect of change in accounting estimate (net of $7,200 tax) Profit for the year ended December 31, 2023 Preferred dividends declared and paid during 2023 Preferred shares, $4.90 non-cumulative, 15,100 shares orized, issued, and outstanding, December 31, 2022 Retained earnings, December 31, 2022 (as originally reported) Balance, January 1 Balance, December 31 Next Prepare a statement of changes in equity for the year ended December 31, 2023, assuming 7,100 common shares were issued during 2023 at an average price of $21.94 per share and that no preferred shares were issued in 2023. (Negative answers should be indicated by a minus sign.) INFINITY MINERALS CORP. Statement of Changes in Equity For Year Ended December 31, 2023 Preferred Shares $ $1,075,000 121,000…
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Grouper Ltd. has the following equity accounts at January 1, 2023. Preferred shares outstanding: 2,800 shares Common shares outstanding: 4,500 shares (a) $84,000 Average issue price $ 450,000 What was the average issue price of the preferred shares?
On January 1, 2026, Sheridan Corp. had 491,000 shares of common stock outstanding. During 2026, it had the following transactions that affected the common stock account. February 1 March 1 May 1 June 1 October 1 (a) Issued 116,000 shares Issued a 10% stock dividend Acquired 96,000 shares of treasury stock Issued a 3-for-1 stock split Reissued 59,000 shares of treasury stock Your answer is incorrect. Determine the weighted-average number of shares outstanding as of December 31, 2026. The weighted-average number of shares outstanding
On January 1, 2021, Novak Corp. had 479,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account. February 1 Issued 117,000 shares March 1 Issued a 10% stock dividend May 1 Acquired 103,000 shares of treasury stock June 1 Issued a 3-for-1 stock split October 1 Reissued 59,000 shares of treasury stock Part 1 Incorrect answer icon Your answer is incorrect. Determine the weighted-average number of shares outstanding as of December 31, 2021.Assume the same facts as in part (b), except that net income included a loss from discontinued operations of $ 426,000 (net of tax). Compute earnings per share for 2021. (Round answer to 2 decimal places, e.g. $2.55.) Novak Corp.Income Statementchoose the accounting period select an opening name for this statement $ enter a dollar amount per share rounded to 2 decimal places select an income…

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