The stockholders' equity section of Blue Spruce Corp, as of December 31, 2017 is as follows:9% preferred stock, $ 100 par value, authorized100,000 shares, outstanding 62,000 shares$ 6,200,000Common stock, $ 1 par, authorized and issued 6,300,000 shares6,300,000Additional paid-in capital78,400,000Retained earnings406,600,000$ 497,500,000Net income was $ 14,240,000 in 2017. This net income figure reflects a total effective tax rate of 35%. Included in the net incomefigure is a $5,000,000 (before tax) loss from an earthquake centered in a city where Blue Spruce has a warehouse. Earthquakes arerare in that city. Preferred stock dividends of $ 558,000 were declared and paid in 2017. Blue Spruce Corp. declared and paiddividends of $ 3,030,000 to common stockholders in 2017.Compute earnings per share data as it should appear on the income statement of Blue Spruce Corporation. (Round answers to 2 decimalplaces, e.g. 1.48.)Earnings Per ShareNet Income / (Loss)%24

SOLUTION- EARNING PER SHARE FORMULA= (NET INCOME - PREFERENCE DIVIDEND ) / COMMON SHARE OUTSTANDING…

Answered: The stockholders' equity section of…

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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The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current fiscal year: Preferred 1% Stock, $50 par (100,000 shares authorized, 83,900 shares issued)$4,195,000 Paid-In Capital in Excess of Par—Preferred Stock184,580 Common Stock, $3 par (5,000,000 shares authorized, 2,120,000 shares issued)6,360,000 Paid-In Capital in Excess of Par—Common Stock1,590,000 Retained Earnings31,692,000 During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows: Journalize the entries to record the transactions. Should equal 18 lines. Jan. 5 Issued 467,700 shares of common stock at $9, receiving cash. Feb. 10 Issued 10,700 shares of preferred 1% stock at $62. Mar. 19 Purchased 53,000 shares of treasury stock for $6 per share. May 16 Sold 20,000 shares of treasury stock for $8 per share. Aug. 25 Sold 5,200 shares of treasury stock for $5 per share. Dec. 6 Declared cash…
The stockholders' equity of Hammel Company at December 31, 2016, is shown below. 5% preferred stock, $100 par value, 10,000 shares authorized; 6,000 shares issued and outstanding $600,000 Common stock, $5 par value, 200,000 shares authorized; 70,000 shares issued and outstanding 350,000 Paid-in capital in excess of par value—preferred stock 50,000 Paid-in capital in excess of par value—common stock 400,000 Retained earnings 747,000 Total stockholders' equity $2,147,000 The following transactions, among others, occurred during 2017:Apr. 1 Declared and issued a 100% stock dividend on all outstanding shares of common stock. The market value of the stock was $14 per share.Dec. 7 Declared and issued a 4% stock dividend on all outstanding shares of common stock. The market value of the stock was $17 per share.Dec. 20 Declared and paid (1) the annual cash dividend on the preferred stock and (2) a cash dividend of 90 cents per common share.(a) Use the financial statement…
A corporation reported the following information at December 31, 2014: 12% cumulative, nonparticipating preferred stock, $10 par, 50,000 shares authorized; callable at par value..........$500,000 Common stock, $2 par, 30,000 shares authorized..........$40,000 Paid in Capital: Preferred Stock ..........$50,000 Common Stock...........$50,000 Total Capital Stock...........$640,000 Retained Earnings..........30,000 Less: Treasury stock (500 common shares at cost).........5,000 Total Stockholders' Equity.............$665,000 How many shares of preferred stock are outstanding?
Vishnu
Triad's total stockholders' equity was Triad Corporation's December 31, 2008 balance sheet showed the following: 8% preferred stock, P20 par value, cumulative, 10,000 shares authorized; 5,000 shares issued Common stock, P10 par value, 1,000,000 shares authorized; 650,000 shares issued, 640,000 shares outstanding 6,500,000 Paid-in capital in excess of par value preferred stock 20,000 Paid-in capital in excess of par value-common stock 9,000,000 Retained earnings Treasury stock (10,000 shares) P 100,000 2,500,000 210,000 O P18,380,000. O P15,620,000. P18,170,000. O P17,910,000.
Divac Company has developed a statement of stockholders' equity for the year 2017 as follows: Preferred Stock Paid-InCapital—Preferred Common Stock Paid-InCapital—Common Retained Earnings Balance, Jan. 1 $100,000 $50,000 $400,000 $40,000 $200,000 Stock issued 100,000 10,000 Net income 87,000 Cash dividend -45,000 Stock dividend 10,000 5,000 -15,000 Balance, Dec. 31 $110,000 $55,000 $500,000 $50,000 $227,000 Divac’s preferred stock is $100 par, 8% stock. If the stock is liquidated or redeemed, stockholders are entitled to $120 per share. There are no dividends in arrears on the stock. The common stock has a par value of $5 per share. Assume that the common stockholders have a right to the total net income of $87,000. Determine the book value per share of Divac’s common stock. Round the book value per share to two decimals.$fill in the blank_____ per share
Luther Inc., has 4,000 shares of 5%, $50 par value, cumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2018, and December 31, 2017. The board of directors declared and paid an $8,000 dividend in 2017. In 2018, $40,000 of dividends are declared and paid. What are the dividends received by the preferred stockholders in 2018?A. $28,000B. $12,000C. $20,000D. $10,000
Question: The following information is from the balance sheet of Tudor Corporation as of December 31, 2014. Preferred stock, $100 par $500,000 Paid-in capital in excess of par - preferred 35,000 Common stock, $1 par 190,000 Paid-in capital in excess of par - common 380,000 Retained earnings 131,500 Total stockholders' equity $1,236,500 What was the average issue price of the common stock shares? A. $1.00 B. $3.00 C. $13.15 D. $1.90
Luther Inc., has 4,000 shares of 5%, $50 par value, cumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2018, and December 31, 2017. The board of directors declared and paid an $8,000 dividend in 2017. In 2018, $40,000 of dividends are declared and paid. What are the dividends received by the preferred stockholders in 2018? A. $28,000 B. $12,000 C. $20,000 D. $10,000
The shareholders’ equity of Proactive Solutions, Inc., included the following at December 31, 2016: Common stock, $1 par Paid-in capital—excess of par on common stock 7% cumulative convertible preferred stock, $100 par value Paid-in capital—excess of par on preferred stock Retained earnings Additional Information: • Proactive had 7 million shares of preferred stock authorized of which 2 million were outstanding. All 2 million shares outstanding were issued in 2010 for $112 a share. The preferred stock is convertible into common stock on a two-for-one basis until December 31, 2018, after which the preferred stock no longer is convertible. None of the preferred stock has been converted into common stock at December 31, 2016. There were no dividends in arrears. • Of the 13 million common shares authorized, there were 8 million shares outstanding at January 1, 2016. Proactive also sold 3 million shares at the beginning of September 2016 at a price of $52 a share. • The company has an…
The stockholders’ equity accounts of Flint Corporation on January 1, 2017, were as follows. Preferred Stock (8%, $100 par noncumulative, 4,950 shares authorized) $297,000 Common Stock ($4 stated value, 321,000 shares authorized) 1,070,000 Paid-in Capital in Excess of Par Value—Preferred Stock 14,850 Paid-in Capital in Excess of Stated Value—Common Stock 513,600 Retained Earnings 686,500 Treasury Stock (4,950 common shares) 39,600 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 4,950 shares of common stock for $29,700. Mar. 20 Purchased 1,400 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 8% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Dec. 31…
Brave Company reported the following shareholders’ equity on December 31, 2022: Preference share capital, 12% cumulative and fully participating P100 par, authorized 20,000 shares issued 15,000s of which 1,000 shares are in the treasury and the last dividend was in 2017. 1,500,000 Treasury preference shares, at cost 110,000 Subscribed preference share capital 200,000 Subscription receivable – preference 130,000 Ordinary share capital, par value P100, authorized 50,000 shares, issued 30,000 shares of which 1,000 shares are reacquired 3,000,000 Treasury ordinary shares, at cost 70,000 Subscribed ordinary share capital 500,000 Subscription receivable – ordinary 200,000 Share premium 300,000 Retained earnings unappropriated 968,000 Retained earnings appropriated 680,000 Questions: 1. What is the book value per preference share? 171.09 196.57 152.00 172.00 2. What is the book value per ordinary share? 124.43 133.41 112.44…

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