Oriole Corporation began its latest fiscal year on January 1, 2021, with 480,000 common shares outstanding. During the year, the following events occurred:€ On February 1, Oriole sold 14,200 additional common shares.The company declared and issued a 25% stock dividend on March 1.On June 1, Oriole repurchased and cancelled 3,550 common shares.An additional 4,500 common shares were issued on July 1.•.On September 1, Oriole declared and issued a three-for-one stock split.On December 1, Oriole issued an additional 15,300 shares.● Following the fiscal year, Oriole declared and issued a two-for-one stock split on February 1, 2022.The company issued its 2021 financial statements on April 30, 2022. Calculate the weighted average number of common shares that Oriole should use for calculating its EPS numbers for 2021..Weighted average number of common shares

The outstanding number of shares during a year changes due to the issue of new shares, buyback of…

Answered: Oriole Corporation began its latest…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

i.6
Marigold Corp. began business by issuing 220000 shares of $5 par value common stock for $23 per share. During its first year, the corporation sustained a net loss of $42000. The year-end balance sheet would show Total paid-in capital of $3560000. Total paid-in capital of $5000000. Common Stock of $1100000. Common Stock of $5060000.
Sheffield Corporation began business by issuing 401000 shares of $5 par value common stock for $24 per share. During its first year, the corporation sustained a net loss of $39200. The year-end balance sheet would show O Common stock of $2005000. O Common stock of $9624000. O Total paid-in capital of $2044200. O Total paid-in capital of $9584800.
Purple Cab Company had 60,000 shares of common stock outstanding on January 1, 2021. On April 1, 2021, 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 2021. What is the basic earnings per share (rounded)?
The Li Group had 150,000 shares of common stock outstanding at January 1, 2024. The following activities affected common shares during the year. There are no potential common shares outstanding. 2024 February 28 Purchased 3,000 shares of treasury stock. October 31 Sold the treasury shares purchased on February 28. November 30 Issued 12,000 new shares. December 31 Net income for 2024 is $1,639,000. 2025 January 15 Declared and issued a 2-for-1 stock split. December 31 Net income for 2025 is $1,639,000. Required: 1. Determine the 2024 EPS. 2. Determine the 2025 EPS. 3. At what amount will the 2024 EPS be presented in the 2025 comparative financial statements? Note: Do not round intermediate calculations. Enter your answers in thousands (i.e., 10,000 should be entered as 10). Numerator Denominator Earnings per Share 1. = 0 23 2. = 0 3. 0
Blue Cab Company had 50,000 shares of common stock outstanding on January 1, 2018. On April 1, 2018, the company issued 20,000 shares of common stock. The company had outstanding fully vested incentive stock options for 5,000 shares exercisable at $10 that had not been exercised by its executives. The end-of-year market price of common stock was $13 while the average price for the year was $12. The company reported net income in the amount of $269,915 for 2018. What is the diluted earnings per share (rounded)?
Elroy Corporation repurchased 3,800 shares of its own stock for $55 per share. The stock has a par of $5 per share. A month later Elroy resold 950 shares of the treasury stock for $63 per share. Required: What is the balance of the Treasury Stock account after these transactions are recognized?
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.
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
The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $140.000 in the current year. It also declared and paid dividends on common stock in the amount of $2.40 per share. During the current year, Sneer had 1 milion common shares authorized; 340,000 shares had been issued; and 136,000 shares were in treasury stock. The opening balance in Retained Earnings was $840,000 and Net Income for the current year was $340,000 Required: 1. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. 2. Using the information given above, prepare a statement of retained earnings for the year ended December 31 3. Prepare a journal entry to close the dividends account.
Terrance Company reported $20,000 retained earnings at the beginning of the year. The company repurchased 200 shares at $50 per share during the year for the first time. Later, during the year the company sold 100 shares of these treasury shares for $45 per share. Terrance earned $15,000 net income during the year. The company also declared and paid dividends on 500 outstanding 4% preferred stock with $100 par value. Based on this information alone, compute the retained earnings balance at the end of the year. O $34,500 O $35,000 O $32,500 O $32,000 O $37,500

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS