Please provide this question solution general accounting When Higdon Corporation was organized in January 2014,it immediately issued 5,800 shares of $53 par, 8%,cumulative preferred stock, and 10,500 shares of $6 parcommon stock. The company's earnings history is asfollows: 2014, net loss of $14,800; 2015, net income of$62,100; 2016, net income of $110,300. The corporation didnot pay a dividend in 2014.How much is the dividend arrearage as of January 1, 2015?

Step 1:The cumulative preferred stock is entitled to a dividend in arrears; if there is not…

Answered: When Higdon Corporation was organized…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

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Problem 9P

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Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: For 2011, Ponce Towers, Inc., had income from continuing operations of 545,000 and a 72,000 loss from discontinued operations (net of tax). As vice president of finance for the firm, you have been asked to calculate earnings per share for 2011. The worksheet EPS has been provided to assist you.
Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: For 2011, Ponce Towers, Inc., had income from continuing operations of 545,000 and a 72,000 loss from discontinued operations (net of tax). Open the file EPS from the website for this book at cengagebrain.com. Enter all input items (AF) in the appropriate cells in the Data Section. Enter all formulas in the appropriate cells in the Answer Section. Enter your name in cell A1. Save the completed file as EPS2. Print the worksheet when done. Also print your formulas. Check figure: Basic earnings per share from continuing operations (cell D29), 5.94.
On December 31, 2014, Bradshaw Corporation had $485,000 as an ending balance for its retained earnings account. During 2015, the corporation declared a $3.50/share dividend to its stockholders. The company has 35,000 shares of common stock outstanding. When the books were closed for 2015 year end, the corporation had a final retained earnings balance of $565,000. What was the net profit earned by Bradshaw Corporation during 2015?
At December 31, 2015 and 2016, Funk & Noble Corporation had outstanding 820 million shares of common stock and 2 million shares of 8%, $100 par value cumulative preferred stock. No dividends were declared on either the preferred or common stock in 2015 or 2016. Net income for 2016 was $426 million. The income tax rate is 40%. Calculate earnings per share for the year ended December 31, 2016.
On December 31, 2015, Raja Corporation's balance sheet reported the following: The following transactions occurred during 2016: (a) Raja Corporation purchased 1,000 shares at $30 per share to be held as treasury stock. (b) Sold 600 shares of treasury stock for $37 per share (c) Sold the remaining shares of treasury stock at $28 per share. Instructions Prepare the necessary journal entries for Raja Corporation to record the above transactions. Raja Corporation uses the cost method of accounting for treasury stock. Account Debit Credit (a) (b) (c)
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Cracker Company had 2 million shares of common stock outstanding all through 2012. On April 1, 2013, an additional 100,000 shares were sold and issued. On September 30, 2013, Cracker declared a 2-for-1 stock split. Net income in 2013 and 2012 was $10 million and $8 million, respectively. In the 2013 comparative financial statements, EPS (rounded) would be reported as
At December 31, 2017 and 2018, Funk & Noble Corporation had outstanding 820 million shares of commonstock and 2 million shares of 8%, $100 par value cumulative preferred stock. No dividends were declared oneither the preferred or common stock in 2017 or 2018. Net income for 2018 was $426 million. The income taxrate is 40%. Calculate earnings per share for the year ended December 31, 2018.
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Flyaway Travel Company reported net income for 2013 in the amount of $90,000. During 2013, Flyaway declared and paid $2,125 in cash dividends on its nonconvertible preferred stock. Flyaway also paid $10,000 cash dividends on its common stock. Flyaway had 40,000 common shares outstanding from January 1 until 10,000 new shares were sold for cash on April 1, 2013. What is 2013 basic earnings per share?

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