Skysong Corporation began business in 2020 by issuing 79000 shares of $5 par common stock for $6 per share and 19000 shares of 9%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2020 balance sheet, Skysong would report Paid-In Capital of $565000. Common Stock of $790000. Common Stock of $474000. Common Stock of $395000.
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Skysong Corporation began business in 2020 by issuing 79000 shares of $5 par common stock for $6 per share and 19000 shares of 9%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2020
Paid-In Capital of $565000.
Common Stock of $790000.
Common Stock of $474000.
Common Stock of $395000.
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- On December 31, 2020, Berclair Inc. had 360 million shares of common stock and 12 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2021, Berclair purchased 40 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2021. Four million treasury shares were sold on October 1. Net income for the year ended December 31, 2021, was $600 million. Also outstanding at December 31 were 60 million incentive stock options granted to key executives on September 13, 2016. The options were exercisable as of September 13, 2020, for 60 million common shares at an exercise price of $60 per share. During 2021, the market price of the common shares averaged $80 per share. The options were exercised on September 1, 2021. Required: Compute Berclair’s basic and diluted earnings per share for the year ended December 31, 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Do not…The stockholders' equity of Bonita Industries at July 31, 2021 is presented below: Common stock, par value $20, authorized 400,000 shares; issued and outstanding 170000 shares $3400000 Paid-in capital in excess of par 156000 Retained earnings 642000 $4198000 On August 1, 2021, the board of directors of Bonita declared a 16% stock dividend on common stock, to be distributed on September 15th. The market price of Bonita's common stock was $68 on August 1, 2021, and $74 on September 15, 2021. What is the amount of the debit to retained earnings as a result of the declaration and distribution of this stock dividend? a. $1849600. b. $1020000. c. $2012800. d. $1305600.Gleneagles Corporation earned net income of $70,000 during the year ended December 31, 2020. On December 15, Gleneagles had declared the annual cash dividend on its $0.50 preferred shares (10,000 shares issued for $100,000) and a $0.60 per share cash dividend on its common shares (25,000 shares for $50,000). Gleneagles then paid the dividends on January 4, 2021. Journalize the following for Gleneagles Corporation: a. Declaring the cash dividends on December 15, 2020 b. Paying the cash dividends on January 4, 2021 Did Retained Earnings increase or decrease during 2020? By how much?
- The beginning of 2019, hard and Company had 210,000 shares of $10 par common stock outstanding. During the year, engaged in the following transactions related to its common stock: march 1 issued 50,000 shares of stock at $24 per share. June 1 issued a 10% stock dividend. July 1 issue 12,000 shares of stock at $29 per share. August 31 issued a two for one stock split on outstanding shares, reducing the par value to five dollars per share. October 31 required 100,000 shares is treasury stock at a cost of $32 per share. November 30 re-issued 42,000 in treasury shares at a price of $35 per share determine the weighted average number of shares outstanding for computing The current earnings per share. Shares? determine the number of common shares outstanding at December 31, 2019. Shares?Careful Carol's Creamy Crumpets had 200,000 shares of common stock outstanding at 12/21/2020. On April 1, 2020, the company issued an additional 50,000 shares. On July 31, 2020, the company repurchased 10,000 shares as treasury stock. On November 30, 2020, the company declared 5% stock dividend. The company reported net income for 2020 of $257,000. a. Compute basic earnings per share (EPS) The following additional information is available: Stock Options: The company had 30,000 stock options outstanding that were exercised throughout the period at a strike/exercise price of $13 per share. The average market price of the company's stock during 2020 was $10 per share. Convertible bonds: The company has $350,000 of 6% convertible bonds outstanding which was outstanding throughout the year. The bonds are convertible into 20,000 shares of the company's stock. The company's tax rate is 25%. b. Compute diluted earnings per share Show all work fully lablelOn December 31, 2020, Berclair Inc. had 440 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2021, Berclair purchased 120 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2021. Four million treasury shares were sold on October 1. Net income for the year ended December 31, 2021, was $750 million. Also outstanding at December 31 were 30 million incentive stock options granted to key executives on September 13, 2013. The options were exercisable as of September 13, 2020, for 30 million common shares at an exercise price of $56 per share. During 2021, the market price of the common shares averaged $70 per share. Required: Compute Berclair's basic and diluted earnings per share for the year ended December 31, 2021.
- On December 31, 2020, Berclair Inc. had 500 million shares of common stock and 22 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2021, Berclair purchased 30 million shares of its common stock as treasury stock. Berclair issued a 4% common stock dividend on July 1, 2021. Four million treasury shares were sold on October 1. Net income for the year ended December 31, 2021, was $1,100 million. Also outstanding at December 31 were 72 million incentive stock options granted to key executives on September 13, 2016. The options were exercisable as of September 13, 2020, for 72 million common shares at an exercise price of $60 per share. During 2021, the market price of the common shares averaged $90 per share. The options were exercised on September 1, 2021. Required: Compute Berclair’s basic and diluted earnings per share for the year ended December 31, 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).…On January 1, 2020, Kingbird Corporation had $2,090,000 of $10 par value common stock outstanding that was issued at par and retained earnings of $1,180,000. The company issued 220,000 shares of common stock at $12 per share on July 1. On December 15, the board of directors declared a 15% stock dividend to stockholders of record on December 31, 2020, payable on January 15, 2021. The market value of Kingbird Corporation stock was $15 per share on December 15 and $16 per share on December 31. Net income for 2020 was $515,000. (a1) Journalize the issuance of stock on July 1 and the declaration of the stock dividend on December 15. (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 O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation July 1 Cash Dec. 15 く…On January 1, 2021, Tonge Industries had outstanding 540,000 common shares ($1 par) that originally sold for $30 per share, and 3,000 shares of 10% cumulative preferred stock ($100 par), convertible into 30,000 common shares. On October 1, 2021, Tonge sold and issued an additional 20,000 shares of common stock at $43. At December 31, 2021, there were 25,000 incentive stock options outstanding, issued in 2020, and exercisable after one year for 25,000 shares of common stock at an exercise price of $40. The market price of the common stock at year-end was $58. During the year, the price of the common shares had averaged $50. Net income was $680,000. The tax rate for the year was 25%. Required: Compute basic and diluted EPS for the year ended December 31, 2021. (Enter your answers in thousands (i.e., 100,000 should be entered as 100). Round "Earnings per share" answers to 2 decimal places.) Earnings per Numerator Denominator share Basic Diluted
- On December 31, 2020, Berclair Inc. had 600 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2021, Berclair purchased 24 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2021. Four million treasury shares were sold on October 1. Net income for the year ended December 31, 2021, was $1,050 million. The income tax rate is 25%. Also outstanding at December 31 were incentive stock options granted to key executives on September 13, 2016. The options are exercisable as of September 13, 2020, for 30 million common shares at an exercise price of $56 per share. During 2021, the market price of the common shares averaged $70 per share. In 2017, $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 December 31, 2021. (Enter your…On December 31, 2020, Berclair Inc. had 420 million shares of common stock and 15 million shares of 9%, $100 par value cumulativepreferred stock issued and outstanding. On March 1, 2021, Berclair purchased 96 million shares of its common stock as treasury stockBerclair issued a 5% common stock dividend on July 1, 2021. Four million treasury shares were sold on October 1. Net income for theyear ended December 31, 2021, was $750 million.Also outstanding at December 31 were 63 million incentive stock options granted to key executives on September 13, 2016. Theoptions were exercisable as of September 13, 2020, for 63 million common shares at an exercise price of $60 per share. During 2021,the market price of the common shares averaged $70 per share.The options were exercised on September 1, 2021.Required:Compute Berclair's basic and diluted earnings per share for the year ended December 31, 2021. (Enter your answers in millions (i.e.,10,000,000 should be entered as 10). Do not round…On January 1, 2020, the stockholders’ equity section of Skysong, Inc. shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par $1,070,000; and retained earnings $1,220,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 51,000 shares for cash at $15 per share. July 1 Sold 10,500 treasury shares for cash at $17 per share. Sept. 1 Sold 9,000 treasury shares for cash at $14 per share.
