The stockholders' equity section of Bonita Corporation appears below as of December 31, 2025.8% cumulative preferred stock, $10 par value, authorized99,000 shares, outstanding 89,000 sharesCommon stock, $0.20 par, authorized and issued 10,154,000 sharesAdditional paid-in capitalRetained earningsNet income$27,030,000Earnings per share $6,550,00040.53$890,0002,030,8004,100,00033,580,000Net income for 2025 reflects a total effective tax rate of 20%. Preferred stock dividends of $71,200 were declared and paid in 2025.Dividends of $1,000,000 were declared and paid to common stockholders in 2025.$40,600,800Compute earnings per share data as it should appear on the income statement of Bonita Corporation. (Round answer to 2 decimal places,e.g. 1.48.)6

Introduction:In order to determine the earning per share, the earning available to common…

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 stockholders’ equity of Fremantle Corporation at January 1 follows: 8 Percent preferred stock, $100 par value, 20,000 shares authorized; 4,000 shares issued and outstanding $400,000 Common stock, $1 par value, 100,000 shares authorized; 40,000 shares issued and outstanding 40,000 Paid-in capital in excess of par value—Preferred stock 200,000 Paid-in capital in excess of par value—Common stock 800,000 Retained earnings 550,000 Total Stockholders’ Equity $1,990,000 The following transactions, among others, occurred during the year: Jan. 1 Announced a 2-for-1 common stock split, reducing the par value of the common stock to $0.50 per share. Mar. 31 Converted $80,000 face value of convertible bonds payable (the book value of the bonds was $83,000) to common stock. Each $1,000 bond converted to 125 shares of common stock. June 1 Acquired equipment with a fair market value of $45,000 in exchange for 300 shares of preferred stock. Sept. 1 Acquired…
The stockholders’ equity of Summit Corporation at January 1 follows: 7 Percent preferred stock, $100 par value, 20,000 shares authorized; 5,000 shares issued and outstanding $500,000 Common stock, $15 par value, 100,000 shares authorized; 40,000 shares issued and outstanding 600,000 Paid-in capital in excess of par value-Preferred stock 24,000 Paid-in capital in excess of par value-Common stock 360,000 Retained earnings 325,000 Total Stockholders' Equity $1,809,000 The following transactions, among others, occurred during the year: Jan. 12 Announced a 3-for-1 common stock split, reducing the par value of the common stock to $5 per share. The authorization was increased to 300,000 shares. Mar. 31 Converted $42,000 face value of convertible bonds payable (the book value of the bonds was $46,000) to common stock. Each $1,000 bond converted to 125 shares of common stock. June 1 Acquired equipment with a fair market value of $60,000 in exchange for 600…
Preferred shares, $4.55 non-cumulative, 52,000 shares authorized and issued* $ 3,328,000 Common shares, 87,000 shares authorized and issued* 1,392,000 Required:Part A1. Calculate the total dividends paid in each year to the preferred and to the common shareholders.
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Information for Sabas Company # Shares Par Value Cumulative Preferred Stock 20,000 $100.00 1.5% Common Stock 100,000 $50.00 N/A Year 1 Year 2 Year 3 Total dividends paid $12,000.00 $18,000.00 $90,000.00 Determine the dividends for each class of stock for each year and the dividends per share for each class of stock for each year. Description Year 1 Year 2 Year 3 Total Distribution Preferred Stock Common Stock Preferred dividends in Arrears Dividends Per share Preferred Stock Common Stock
Question: How much is the total legal capital contribution?
Requirement 1. ldentify the different classes of stock that Thoughtful Comfort Specialists has outstanding. Thoughtful has preferred stock and common stock outstanding. Requirement 2. What is the par value per share of Thoughtful Comfort Specialists' preferred stock? The par value of preferred stock is per share. Requirement 3. Make two summary journal entries to record issuance of all the Thoughtful Comfort Specialists' stock for cash. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the issuance of the preferred stock. Date Accounts Debit Credit Cash Preferred Stock Next, record the issuance of the common stock. Date Accounts Debit Credit Cash Common Stock-S1 Par Value Paid-In Capital in Excess of Par-Common Requirement 4. No preferred dividends are in arrears. Journalize the declaration of a $ 600,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. Use separate Dividends…
Compute book value per share of common stock using the following info: 8% cumultive preferred stock, $100par $230,000 Common stock, $5 par authorized 100,000 issued 60,000 $300,000 Additional paid in capital $440,000 Deficit amount $146,800 Dividends in arrears on preferred stock 1 full year $18,400
The stockholders’ equity section of Green Grass Corp showed the following: Preferred Stock, 6%, $25 par, 11,000 shares issued & outstanding$ 275,000 Common Stock, $20 par, 123,750 shares issued & outstanding$2,475,000 Additional Paid-in Capital in Excess of Par$ 350,000 Retained Earnings$1,900,000 The preferred stock is cumulative, participating and 4 years in arrears. A $380,000 cash dividend is declared. Required: Determine how much of the dividend will be paid to the preferred and common stockholders. Preferred Stockholders: _______________Common Stockholders: ________________
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Contributed capital: Western Grass, Inc. Equity Section of Balance Sheet December 31, 2823 Preferred shares, $3 cumulative, 10,000 shares authorized, issued and outstanding Common shares, 100,000 shares authorized; 65,000 shares issued and outstanding Total contributed capital Retained earnings Total equity 75,000 552,500 627 500 581 000 $1,208,500 Required: Using the Information provided, calculate book value per common share assuming: (Round the final answers to 2 decimal places.) a. There are no dividends in arrears. b. There are three years of dividends in arrears. Book Value of Common Shares
Problem 3: Carr Company reported the following shareholders' equity on January 1, 2021: Preference share capital Share premium – preference Ordinary share capital Share premium – ordinary Retained earnings Treasury shares – ordinary 1,800,000 90,000 5,150,000 3,500,000 4,000,000 270,000 On January 1, 2021, Carr Company had 100,000 authorized shares of P100 par, 10% cumulative preference share capital and 3,000,000 authorized shares of no-par ordinary share capital with a stated value of P5 per share. On January 10, 2021, Carr formally retired all the 30,000 ordinary shares of treasury. The treasury shares had been acquired in the previous year and were originally issued at P10 per share. Carr owned 10,000 ordinary shares of Bush Company purchased several years ago for P600,000. On February 15, Carr declared and paid a dividend in kind of one share of Bush for every hundred ordinary shares of Carr held by a shareholder of record on February 28, 2021. The market price of Bush share was…

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