On January 1, 2023, Wildhorse Manufacturers had 288,000 common shares outstanding. On April 1, the corporation issued 28,800new common shares to raise additional capital. On July 1, the corporation declared and distributed a 10% stock dividend on itscommon shares. On November 1, the corporation repurchased on the market 8,700 of its own outstanding common shares to makethem available for issuances related to its key executives' outstanding stock options.(a)Calculate the weighted average number of shares outstanding as at December 31, 2023. (Round answer to O decimal places, e.g.5,255.)Weighted average number of shares outstandingshares

The weighted average of shares refers to a method used to calculate the average number of shares…

Answered: On January 1, 2023, Wildhorse…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Purple Cab Company had 60,000 shares of common stock outstanding on January 1, 2024. On April 1, 2024, the company issued 30,000 shares of common stock. The company had outstanding fully vested incentive stock options for 6,000 shares exercisable at $11 that had not been exercised by its executives. The average market price of common stock was $13. The company reported net income in the amount of $279,915 for 2024. What is the basic earnings per share (rounded)? Multiple Choice $4.67 $3.11 $292 $3.39
Mechforce, Incorporated had net income of $150,000 for the year ended December 31, 2022. At the beginning of the year, 17,000 shares of common stock were outstanding. On April 1, an additional 19,000 shares were issued. On October 1, the company purchased 4,000 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Mechforce paid the annual dividend on the 8,000 shares of 4.60%, $100 par value preferred stock that were outstanding the entire year. Required: Calculate basic earnings per share of common stock for the year ended December 31, 2022. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Answer is complete but not entirely correct. Earnings per share $ 0.74 x
Mechforce, Incorporated had net income of $171,200 for the year ended December 31, 2022. At the beginning of the year, 16,000 shares of common stock were outstanding. On April 1, an additional 17,000 shares were issued. On October 1, the company purchased 6,000 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Mechforce paid the annual dividend on the 8,000 shares of 3.35%, $100 par value preferred stock that were outstanding the entire year. Required: Calculate basic earnings per share of common stock for the year ended December 31, 2022. Note: Do not round intermediate calculations. Round your answer to 2 decimal places.
On December 31, 2023, Berclair Incorporated had 480 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. . On March 1, 2024, Berclair purchased 24 million shares of its common stock as treasury stock. • Berclair issued a 5% common stock dividend on July 1, 2024. • Four million treasury shares were sold on October 1. • Net income for the year ended December 31, 2024, was $750 million. . The income tax rate is 25%. • Also outstanding at December 31 were incentive stock options granted to key executives on September 13, 2019. • The options are exercisable as of September 13, 2023, for 30 million common shares at an exercise price of $56 per share. . During 2024, the market price of the common shares averaged $70 per share. • In 2020, $50.0 million of 8% bonds, convertible into 6 million common shares, were issued at face value. Required: Compute Berclair's basic and diluted earnings per share for the year ended…
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On January 1st, 2021, Bayshore Boats, Inc. had 30,000 shares of common stockoutstanding. On February 1st the corporation issued 10,000 additional commonshares to raise cash. On May 1st, the corporation declared and issued a 5% stockdividend. On November 1st, the corporation issued 8,000 shares of common stock.On December 1st , the corporation issued a 4:1 stock split.InstructionsCompute the weighted average number of shares to be used in computing earningsper share for 2021
On January 1, 2023, Ivanhoe Manufacturers had 246,000 common shares outstanding. On April 1, the corporation issued 24,600 new common shares to raise additional capital. On July 1, the corporation declared and distributed a 10% stock dividend on its common shares. On November 1, the corporation repurchased on the market 11,700 of its own outstanding common shares to make them available for issuances related to its key executives' outstanding stock options. × Your answer is incorrect. Calculate the weighted average number of shares outstanding as at December 31, 2023. (Round answer to O decimal places, e.g. 5,255.) Weighted average number of shares outstanding 262500 shares
On April 1, 2019, Kelly Corporation began operations and authorized 100,000 shares of $5 par value common stock. The company engaged in the following transactions:April 1 Issued 20,000 shares of common stock for $200,000.April 15 Issued 10,000 shares of common stock for $125,000.May 12 Purchased 2,500 shares of common stock for $75,000.June 30 The board of directors declared a $0.20 per share cash dividend to be paid on July 15 to shareholders of record on July 51. Prepare journal entries for the above transactions.2. Prepared the stockholders’ equity section of Kelly Corporation’s balance sheet as of June 30, 2019. Net income for the period April 1 through June 30 was $150,000.3. What effect, if any, will the cash dividend declaration on June 30 have on Kelly Corporation’s net income, retained earnings, and cash flows?
FMC Corp has 100 million shares of $1 par common stock authorized. The transactions below caused changes in FMC's outstanding shares. January 4, 2021: Repurchased and retired 1.90 million shares at $8.90 per share. June 25, 2021: Repurchased and retired 2.90 million shares at $2.90 per share. Prior to the transactions, FMC's shareholders' equity included the following: Common stock, 80.90 million shares at $1 par $ 80,900,000 Paid-in capital—excess of par 234,610,000 Retained earnings 129,000,000 Required:Prepare the journal entries to record the repurchase and retirement of the shares. (Do not round your per share amounts. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)
On January 1, 2022, NYC Co. had 1,191,000 shares of its $12 par value common stock outstanding. On March 1, NYC Co. sold an additional 2,382,000 shares for $48 per share. The company issued a 15% stock dividend on May 1. On August 1, NYC Co. repurchased 715,000 shares of its stock. On November 1, 1,072,500 shares were sold for $50 per share. What is the weighted- average number of shares outstanding for 2022? (NIE) 4,129,067 3,175,733 3,533,233 3,771,567
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.

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