The following information is available for Bunny Corporation:January 1, 2021 Shares outstanding 3,000,000April 1, 2021 Shares issued 625,000July 1, 2021 Treasury shares purchased 200,000October 1, 2021 2-for-1 Stock SplitThe number of weighted average shares outstanding used to compute basic earningsper share is:2,000,000O 4,400,000ionsO 6,737,500iveO 8,720,000.ASA

Basic earnings per share = (Net income - Preferred dividend) / Weighted average no. of common shares…

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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. $ 241,000 482,000 195,000 1,950,000 3,900,000 20,500 Common stock, $1 par, 241,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 19,500 shares outstanding Retained earnings Treasury stock, at cost, 4,100 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 20: Declared a property dividend of 100,000 shares of Burak Company (book value $11.9 per share, fair value $9.95 per share). Shareholders' equity 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…
The following financial information is available for Wildhorse Corporation. (in millions) Average common stockholders' equity Dividends declared for common stockholders Dividends declared for preferred stockholders Net income Payout ratio 2022 Return on common stockholders' equity $2,526 $2,608 298 40 504 2021 2022 635 Calculate the payout ratio and return on common stockholders' equity for 2022 and 2021. (Round answers to 1 decimal place, e.g. 12.5%.) 40 556 % % 2021 % %
The following is the Stockholders' Equity section of the balance for Spencer Corporation as of December 31, 2019. Stockholders' Equity Common stock, $1 par value; authorized, 10,000,000 shares. Issued and outstanding, 500,000 shares Additional paid-in capital, common stock Retained earnings Total Stockholders' Equity $500,000 3,500,000 6,750,000 $10.750.000 Spencer Corporation declared a 10% stock dividend on January 1, 2020, at which date the fair value of Spencer Corporation common stock was trading at $35 per share. Prepare the January 1, 2020, journal entry to record the declaration of the stock dividend. Date Account Debit Credit
Fuerman Incorporated had the following common stock record during the current calendar year Outstanding, beginning of year Additional shares issued 6/30 2,850,000 230,000 Additional shares issued 9/30 230,000 A 12% stock dividend was paid on December 1. What is the number of shares to be used in computing basic EPS? Multiple Choice 3,320,800 3,022,500 3,449,600 3,385,200
Financial statement data for the years ended December 31 for Cottontop Corporation follow: 20Y3 20Y2 Net income $768,750 $627,750 Preferred dividends $117,000 $117,000 Average number of common shares outstanding 55,000 shares 45,000 shares a. Determine the earnings per share for 20Y3 and 20Y2. Round your answers to two decimal places. 20Y3 $fill in the blank 1 per share 20Y2 $fill in the blank 2 per share b. Does the change in the earnings per share from 20Y2 to 20Y3 indicate a favorable or unfavorable trend?
Norling Corporation reports the following information: Net income Dividends on common stock Dividends on preferred stock Weighted average common shares outstanding Norling should report earnings per share of O $1.50. O $1.80 O $2.20. O $2.50. $500,000 140,000 60,000 200,000
Financial statement data for the years ended December 31 for Cottontop Corporation follow: 20Y3 20Y2 Net income $957,250 $832,250 Preferred dividends $146,000 $146,000 Average number of common shares outstanding 55,000 shares 45,000 shares a. Determine the earnings per share for 20Y3 and 20Y2. Round your answers to two decimal places. 20Y3 $fill in the blank 1 per share 20Y2 $fill in the blank 2 per share b. Does the change in the earnings per share from 20Y2 to 20Y3 indicate a favorable or unfavorable trend?Unfavorable
The following information is available for Sheffield Corp.: January 1, 2021 Shares outstanding4060000 April 1, 2021 Shares issued643000July 1, 2021 Treasury shares purchased223000 October 1, 2021 Shares issued in a 100% stock dividend4480000 The number of shares to be used in computing earnings per common share for 2021 is A. 8901500.B. 5601500.C. 9183100.D. 8861500.
The following partial information is taken from the comparative balance sheet of Levi Corporation: Shareholders’ equity 12/31/2024 12/31/2023 Common stock, $5 par; 23 million shares authorized; 18 million shares issued and 15 million shares outstanding at 12/31/2024; and _____________blank million shares issued and _____________blank shares outstanding at 12/31/2023. $ 90 million $ 75 million Additional paid-in capital on common stock 523 million 395 million Retained earnings 200 million 160 million Treasury common stock, at cost, 3 million shares at 12/31/2024 and 1 million shares at 12/31/2023 (75 million) (53 million) Total shareholders’ equity $ 738 million $ 577 million How many of Levi's common shares were outstanding on 12/31/2023?
he following partial information is taken from the comparative balance sheet of Levi Corporation: Shareholders’ equity 12/31/2024 12/31/2023 Common stock, $5 par; 38 million shares authorized; 33 million shares issued and 29 million shares outstanding at 12/31/2024; and _____________blank million shares issued and _____________blank shares outstanding at 12/31/2023. $ 165 million $ 145 million Additional paid-in capital on common stock 525 million 402 million Retained earnings 190 million 162 million Treasury common stock, at cost, 4 million shares at 12/31/2024 and 2 million shares at 12/31/2023 (65 million) (43 million) Total shareholders’ equity $ 815 million $ 666 million What was the average price (rounded to the nearest dollar) of the additional shares issued by Levi in 2024?
On January 1, 2021, a company had 499,000 shares of common stock outstanding. During the year, it had the following transactions that affected the common stock account. April 1 Acquired 64,000 shares of treasury stock July 1 Issued a 20% stock dividend October 1 Issued a 4-for-1 stock split What is the weighted-average number of shares outstanding as of December 31, 2021?
The stockholders' equity section of Waterway Corporation appears below as of December 31, 2025. 8% preferred stock, $50 par value, authorized 114,400 shares, outstanding 104,400 shares Common stock, $1.00 par, authorized and issued 10,000,000 shares Additional paid-in capital Retained earnings (includes 2025 net income of $38.280,000) Total stockholders' equity $5,220,000 10,000,000 23,780,000 193,720,000 232.720,000 Earnings per share. Net income for 2025 reflects a total effective tax rate of 20%. Included in the net income figure is a loss of $20,880,000 (before tax) as a result of a non-recurring major casualty. Preferred stock dividends of $417,600 were declared and paid in 2025. Dividends of $1,160,000 were declared and paid to common stockholders in 2025, Compute earnings per share data as it should appear on the income statement of Waterway Corporation. (Round answers to 2 decimal places, e.g. 1.48.) ...

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