Vaughn Inc. uses a calendar year for financial reporting. The company is authorized to issue 9,720,000 shares of $10 parcommon stock. At no time has Vaughn issued any potentially dilutive securities. Listed below is a summary of Vaughn'scommon stock activities.1.2.3.4.rol(b)Number of common shares issued and outstanding at December 31, 2018Shares issued as a result of a 10% stock dividend on September 30, 2019Shares issued for cash on March 31, 2020Number of common shares issued and outstanding at December 31, 2020A 2-for-1 stock split of Vaughn's common stock took place on March 31, 2021Your answer is incorrect.1,910,000191,0001,830,0003,931,000Compute the weighted average number of common shares used in computing earnings per common share for 2020 onthe 2020 comparative income statement.LICE

Earnings per share is that part of the company's earnings that is available to be distributed to the…

Answered: Vaughn Inc. uses a calendar year for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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CBA Corporation was incorporated on January 1, 2020. The following equity-related transactions occurred during 2020. Evaluate these activities and prepare a statement of stockholders' equity for the year ending December 31, 2020. Issued 4,000,000 shares of P1 par value common stock at P3 per share. Declared and issued a 5% stock dividend (200,000 shares) at a time when the market value of the stock was P6 per share. Reacquired 15,000 treasury shares at P5 per share. Declared and paid cash dividends of P100,000. Reported net income for the full year of P1,500,000. Paid-in Capital in Excess of Par Common Stock, P1 Total Stockholders' Par Retained Earnings Treasury Stock Equity Balance on January 1 Reacquired TS Declared & Paid dividend Stock dividend issued Net income Balance on December 31
PREPARE JOURNAL ENTRIES AND T-ACCOUNTS PROBLEM 1: You were assigned to audit the shareholders’ equity of Glory Inc. for the year endedDecember31, 2019. Glory Corp. was incorporated in early 2018 when it was authorized by SEC to issue500,000 ordinary shares (P10 par) and 100,000 convertible preference shares (P20 par). The followingschedule reflects the company’s capital balances as of December 31, 2018:Ordinary shares, 100,000 shares issued during the company’s P 1,400,000incorporation in exchange of a land with a fair value of P1.4 M.Preference shares, 50,000 shares issued during the company’s 2,500,000incorporation at P50 per share. Each preference share is convertibleto four ordinary sharesRetained earnings, which is the company’s net income in 2018 540,000Total shareholders’ equity P 3,440,000Your inquiries and investigation revealed the following transactions, which occurred in 2019:a. On January 15, the company reacquired 20, 000 ordinary shares (from the 2018 issue) at P22…
On January 1 2018, ACI Ltd. had 5,80,000 shares of common stock outstanding . During2018, it had the following transactions that affected the common stock account:February-1 Issued 1,50,000 shares.March-1 Issued a 20% stock dividend.May-1 Acquired 1,00,000 shares of treasury stock.June-1 Issued a 4 for 1 stock split.October-1 Reissued 60,000 shares of treasury stock.Requirements:i) Determine the weighted average number of shares outstanding as of December 31,2018.[01]ii) Assume that ACI Ltd. earned net income Tk. 35,00,000 during 2018. In addition it had1,00,000 shares of 10% ,Tk100 per nonconvertible, noncumulative preferred stockoutstanding for the entire year. Because of liquidity considerations, however, thecompany did not declare and pay a preferred dividend in 2018. Compute earning pershares for 2018, using the weighted average number of shares. iii) Assume the same fact as in part (ii), except that the preferred stock was cumulative.Compute earning per shares for 2018.iv) Assume…
Way Inc. obtained significant influence by buying 40% of Sonic Inc's 4,800 outstanding shares of common stock at a cost of $8 per share on January 1, 2025. On December 31, Sonic declared and paid a $2,900 cash dividend and reported net income of $18,900 for the year. Post all transactions and determine the account balance of the Stock Investments account. Jan. 1 Dec. 31 Dec. 31 Bal. Stock Investments 15,360 Dec. 31 Revenue from Stock Investments Dec. 31
Answer the following:a. On July 6, Omanair Corporation issued 4,500 ordinary shares with a RO 7.50 par value. The stated price of the shares on that date was RO 12.50 per share. Journalize the issuance of the shares. b. Duqm Corporation is authorized to issue 1,600,000 ordinary shares with a RO 1.75 par value. During 2020, the company has the following share transactions.Jan. 15 Issued 520,000 ordinary shares at RO 2.50 per share.Provide the journal entry for January 15.
1. Journal entries for each of the transaction
The beginning of 2019, hard and Company had 210,000 shares of $10 par common stock outstanding. During the year, engaged in the following transactions related to its common stock: march 1 issued 50,000 shares of stock at $24 per share. June 1 issued a 10% stock dividend. July 1 issue 12,000 shares of stock at $29 per share. August 31 issued a two for one stock split on outstanding shares, reducing the par value to five dollars per share. October 31 required 100,000 shares is treasury stock at a cost of $32 per share. November 30 re-issued 42,000 in treasury shares at a price of $35 per share determine the weighted average number of shares outstanding for computing The current earnings per share. Shares? determine the number of common shares outstanding at December 31, 2019. Shares?
On January 1, 2019, the total shareholders’ equity of Marie Co. was P8,000,000. The entity also had 500,000, P5 par ordinary shares issued, 20% of which were held by the company as treasury shares at P18. These shares were originally issued at P9 per share. During 2019 the following transactions that affected the entity’s shareholders’ equity occurred: a. 100,000 ordinary shares were issued at P22 per share on February 1.b. Half of the treasury shares were reissued at P15 per share on March 31.c. The entity declared a 12% share dividend on all of its outstanding shares on April 22, when each share wastrading at P20 per share. These were distributed on April 30.d. Net income during the year was P1,404,000. Compute for the book value per share on December 31, 2019.
Blue Devil Inc. completed the following transactions of stock issuance, treasury stock and stock dividends during 2019 respectively. Prepare the journal entries for all these transactions. Each transaction is independent from the others. (1) On June 15, Blue Devil issued 20,000 shares of $10 par value common stock for cash of $15 per share. (2) On September 7, Blue Devil sold 5,000 shares of $5 par value preferred stock in exchange for a piece of equipment with a current market value of $75,000. (3) On October 19, Blue Devil repurchased 2,000 shares of the outstanding common stock at the market value of $25 per share (par value of $10).
Dakota Corporation had the following shareholders' equity account balances at December 31, 2018: Transactions during 2019 and other information relating to the shareholders' cquity accounts were as follows:1. Dakota's preferred and common shares are traded on the over-the-counter market. At December 31, 2018,Dakota had 100,000 authorized shares of $100 par, 10%, cumulative preferred stock; and 3,000,000 autho-rized shares of no-par common stock with a stated value of $5 per share.2. On January 9, 2019, Dakota formally retired all 30,000 shares of its treasury common stock and had them revert to an unissued basis. The treasury stock had been acquired on January 20, 2018. The shares were originally issued at $10 per share,3. Dakota owned 10,000 shares of Bush Inc, common stock purchased in 2016 for $750,000. The Bush stock was included in Dakota's short-term marketable securities portfolio at the end of 2018 at a value of $650,000.On February 13, 2019, Dakota declared a dividend in kind…
On January 1, 2021, marine company had 125,000 issued shares and 25,000 treasury shares. During the year, 13,000 treasury shares were reissued. Right after the reissuance of the treasury shares, the company declared a 3-for1 split. In december 2021, additional 5,000 shares were purchased and placed in treasury. Determine the number of shares issued
Indigo Inc. uses a calendar year for financial reporting. The company is authorized to issue 9,160,000 shares of $12 par common stock. At no time has Indigo issued any potentially dilutive securities. Listed below is a summary of Indigo's common stock activities. 1. 2. 3. 4. (a) Number of common shares issued and outstanding at December 31, 2018 Shares issued as a result of a 12% stock dividend on September 30, 2019 Shares issued for cash on March 31, 2020 Number of common shares issued and outstanding at December 31, 2020 A 2-for-1 stock split of Indigo's common stock took place on March 31, 2021 2,130,000 255,600 shares. 1,840,000 4,225,600 Compute the weighted-average number of common shares used in computing earnings per common share for 2019 on the 2020 comparative income statement.

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