None The following was in the financial press pertaining to Florence Incorporated:Florence Incorporated stock was sold for $23 per share during its opening day of trading.Florence Incorporated sold 70 million shares at its IPO.

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Answered: The following was in the financial…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 19EA: Jupiter Corporation earned net income of $90,000 this year. The company began the year with 600...

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Howard corporation had 10,000 shares of common stock outstanding at the beginning of the year. On July 1, it issued 5000 shares, and on September 1, it acquired 600 shares as treasury stock. What is the weighted average number of common shares Howard will use in computing its earnings per share?
What is the price earnings ratio on these financial accounting question?
Ridgetown Corporation started the year with 50,000 common shares outstanding. On April 1st, Ridgetown reacquired 5,000 of its own common shares. On July 1st, 10,000 common shares were issued. What will Ridgetown use in the denominator for its earnings per share calculation?
Trendy Computer Systems reported the following shareholders' equity section as of the beginning of the current year. Trendy Computer issues 110,000 shares of its $0.40 par common stock during the year. The market price of the shares on the date of issue was $48 per share. The company paid $85,000 in underwriting fees to issue the shares. Trendy reported $6,900,000 in net income for the year and declared and paid dividends of $6 per share at year end. a, Prepare the entry to record the new stock issue. b. Now prepare the journal entry to record the payment of cash dividend. c. Prepare the stockholders' equity section of the balance sheet at the end of the year (Enter the accounts in the proper order for the stockholders' equity section the balance sheet. Use parentheses or a minus sign for loss amounts and/or numbers to be subtracted). Info Given, Data Table. Stockholders' Equity Contributed Capital: Common Stock, $0.40 par value, 1,000,000 shares authorized,…
The balance sheet for Larry underwood Motors shows a book value of stockholders’ equity (book value per share * total shares outstanding) of $1,354,000. Furthermore, the firm’s income statement for the year just ended has a net income of $509,000, which is $0.257 per share of common stock outstanding. The price-earnings ratio for firms similar to Underwood motors is 19.52. What price would you expect Underwood motors shares to sell for? What is the book value per share for Underwood’s shares?
Richards Corporation had net income of $196,700 and paid dividends to common stockholders of $59,400. It had 56,200 shares of common stock outstanding during the entire year. Richards Corporation's common stock is selling for $52 per share. The price-earnings ratio (rounded to two decimal places) is what?
Jupiter Corporation earned net income of $90,000 this year. The company began the year with 500 shares of common stock and issued 400 more on April 1. They issued $4,600 in preferred dividends for the year. What is Jupiter Corporation’s weighted average number of shares for the year?
Kelley Company reports $960,000 of net income and declares $120,000 of cash dividends on its preferred stock for the year. At year-end, the company had 400,000 weighted-average shares of common stock. 1. What amount of net income is available to common stockholders? 2. What is the company’s basic EPS? Round your answer to the nearest whole cent.
Clair, Inc. reports net income of $700,000. It declares and pays dividends of $100,000 for the year, one-half of which relate to the preferred shares. The weighted average number of ordinary shares outstanding during the year is 200,000 shares, and the weighted average number of preferred shares outstanding during the year is 10,000 shares. Rounded to the nearest cent, earnings per share for Clair, Inc. is O $2.95. O $3.00. O $3.25. O $3.18.
In 2016, Poe's Products completed the treasury stock transactions described below. January 2: Reacquired 10 million shares at $16 per share. February 15: Sold 3 million shares at $20 per share. September 20: Sold 3 million treasury shares at $15 per share. Poe had issued 50 million shares of its $1 par common stock for $18 several years ago. Required: Record the above transactions, assuming that Poe's Products uses the cost method.
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Amigo Software Inc. has total assets of $823,000, current liabilities of $248,000, and long-term liabilities of $147,000. There is $71,000 in preferred stock outstanding. Thirty thousand shares of common stock have been issued. a. Compute book value (net worth) per share. (Round your answer to 2 decimal places.) Book value per share b. If there is $49,000 in earnings available to common stockholders and the firm's stock has a P/E of 23 times earnings per share, what is the current price of the stock? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Current price c. What is the ratio of market value per share to book value per share? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Market value to book value times

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The following was in the financial press pertaining to Florence Incorporated: Florence Incorporated stock was sold for $23 per share during its opening day of trading. Florence Incorporated sold 70 million shares at its IPO.