The following data is from the balance sheet of Bright Future Inc. on December 31 of a certain year: ⚫ Common Stock: $50,000 • • Treasury Stock: ($8,450,000) Retained Earnings: $18,960,000 Total Liabilities: $12,000,000 Paid-in Capital: $4,700,000 Based on the available information, the total stockholders' equity is estimated at: a) $23,710,000 b) $15,260,000 c) $24,160,000 d) $15,710,000

The following data is from the balance sheet of Bright Future Inc. on December 31 of a certain year: ⚫ Common Stock: $50,000 • • Treasury Stock: ($8,450,000) Retained Earnings: $18,960,000 Total Liabilities: $12,000,000 Paid-in Capital: $4,700,000 Based on the available information, the total stockholders' equity is estimated at: a) $23,710,000 b) $15,260,000 c) $24,160,000 d) $15,710,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 12RE: Given the following year-end information, compute Greenwood Corporations basic and diluted earnings...

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Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.
Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Also, assume that the dividends paid to common stockholders for last year were 2,600,000 and that the market price per share of common stock is 51.50. Required: 1. Compute the dividends per share. 2. Compute the dividend yield. (Note: Round to two decimal places.) 3. Compute the dividend payout ratio. (Note: Round to two decimal places.)
Given the following year-end information for Somerset Corporation, compute its basic earnings per share. Net income, 13,000 Preferred dividends declared, 4,000 Weighted average common shares for the year, 4,500
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: A. Issued 15,000 shares of 20 par common stock at 30, receiving cash. B. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. C. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. D. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. E. Paid the cash dividends declared in (D). F. Purchased 8,000 shares of treasury common stock at 33 per share. G. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. H. Paid the cash dividends to the preferred stockholders. I. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). J. Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the premium for six months. The amortization is determined using the straight-line method. Instructions 1. Journalize the selected transactions. 2. After all of the transactions for the year ended December 31, 20Y8, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follow were taken from the records of Equinox Products Inc. Income statement data: Advertising expense 150,000 Cost of goods sold 3,700,000 Delivery expense 30,000 Depreciation expenseoffice buildings and equipment 30,000 Depreciation expensestore buildings and equipment 100,000 Income tax expense 140,500 Interest expense 21,000 Interest revenue 30,000 Miscellaneous administrative expense 7,500 Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,313,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data: Accounts payable 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Bonds payable, 5%, due in 10 years 500,000 Cash 282,850 Common stock, 20 par (400,000 shares authorized; 100,000 shares issued, 94,600 outstanding) 2,000,000 Dividends: Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 700,000 Income tax payable 44,000 Interest receivable 1,200 Inventory (December 31, 20Y8),at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4,320,000 Paid-in capital from sale of treasury stock 13,000 Excess of issue price over parcommon stock 886,800 Excess of issue price over parpreferred stock 150,000 Preferred 5% stock, 80 par (30,000 shares authorized; 20,000 shares issued) 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 20Y8 8,197,220 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of 33 per share) 178,200 A. Prepare a multiple-step income statement for the year ended December 31, 20Y8. B. Prepare a retained earnings statement for the year ended December 31, 20Y8. C. Prepare a balance sheet in report form as of December 31, 20Y8.
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Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Also, assume that the market price per share for Rebert is 51.50. Required: 1. Compute the dollar amount of preferred dividends. 2. Compute the number of common shares. 3. Compute earnings per share. (Note: Round to two decimals.) 4. Compute the price-earnings ratio. (Note: Round to the nearest whole number.)
Provide Answer for Financial Accounting
Some of the account balances of Wildhorse Limited at December 31, 2022, are as follows: $7 Preferred shares (1.600 shares authorized, 1.600 shares issued and outstanding) Common shares (unlimited authorized, 50.000 shares issued and outstanding) Contributed surplus Retained earnings Accumulated other comprehensive income (31) The price of the company's common shares has been increasing steadily on the market; it was $19 on January 1, 2023, and advanced to $22 by July 1 and to $25 at the end of 2023. The preferred shares are not openly traded but were appraised at $118 per share during 2023. Wildhorse follows IFRS and had net income of $154,000 during 2023. For the purpose of this question, ignore any dividend entitlement to the preferred shareholders. The company declared a property dividend on April 1. Each common shareholder was to receive one share of Blossom Corp. for every 10 shares outstanding Wildhorse had 7,500 shares of Blossom (2% of the outstanding shares), which it had…
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The stockholders' equity section of Riverbed Corporation's balance sheet as of December 31, 2025 is as follows: Stockholders' Equity Common stock, $5 par value; authorized, 1,900,000 shares; issued, 380,000 shares Paid-in capital in excess of par Retained earnings The following events occurred during 2026: 1. 2. 3. 4. 5. 6. 7. Jan. 5 Jan. 16 Feb. 10 March 1 April 1 July 1 Aug, 1 $1,900,000 825,000 3,200,000 $5,925,000 28,000 shares of authorized and unissued common stock were sold for $8 per share. Declared a cash dividend of 20 cents per share, payable February 15 to stock-holders of record on February 5. 40,000 shares of authorized and unissued common stock were sold for $11 per share. A 30% stock dividend was declared and issued. Fair value per share is currently $14. A two-for-one split was carried out. The par value of the stock was to be reduced to $2.50 per share. Fair value on March 31 was $18 per share. A 15% stock dividend was declared and issued. Fair value is currently $10…
Subject: accounting