Year ended 31 December 20X5Earnings from continuing operationsDiscontinued operations (net of tax)Net earnings and comprehensive income$3,176,000512,000$3,688,000Statement of financial position31 December 20X5Bonds payable, 6%, nonconvertiblePreferred shares, no-par value, $1.06, nonconvertible,noncumulative, outstanding during year, 660,000 sharesCommon shares, no-par value:Outstanding 1 Jan., 35,600,000 sharesSold and issued 1 April, 3,320,000 sharesIssued 50% stock dividend, 30 Sept., 19,460,000 shareRetained earnings$7,280,0001,560,000$11,600,00011,600,0001,650,000 10,490,0007,926,000The company declared and paid preferred dividends of $36,000 during the year and had an effective tax rate of 30%.Required:1. Compute basic EPS. (Do not round intermediate calculations. Round your answer to 2 decimal places.)Basic EPS2. Repeat requirement 1, assuming that the preferred shares are cumulative. (Do not round intermediate calculations. Round youranswer to 2 decimal places.)Basic EPSI...

The objective of the question is to calculate the basic earnings per share (EPS) for the year ended…

Answered: Year ended 31 December 20X5 Earnings…

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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Contributed capital: Preferred shares, $4 cumulative, 15,000 shares authorized, issued and outstanding Common shares, 100,000 shares authorized; 60,000 shares issued and outstanding Western Grass Inc. Equity Section of Balance Sheet December 31, 2023 Total contributed capital Retained earnings Total equity a. b. Book Value of Common Shares 144,000 300,000 $ 444,000 584,000 $1,028,000 $ Required: Using the information provided, calculate book value per common share assuming: (Round the final answers to 2 deci a. There are no dividends in arrears. b. There are three years, of dividends in arrears. 27
Total assets Notes payable (6% interest) Common stock Preferred 2.5% stock, $100 par (no change during year) Retained earnings 20Y7 $5,200,000 2,500,000 250,000 Return on total assets December 31 20Y6 $5,000,000 2,500,000 250,000 500,000 1,222,000 500,000 1,574,000 < The 20Y7 net income was $411,000, and the 20Y6 net income was $462,500. No dividends on common stock were declared between 201 and 20Y7. Preferred dividends were declared and paid in full in 20Y6 and 20Y7. 20Y7 a. Determine the return on total assets, the return on stockholders' equity, and the return on common stockholders' equity for the years 20Y6 and 20Y7. Round percentages to one decimal place. 19.13 % X % 20Y5 $4,800,000 2,500,000 250,000 Return on stockholders' equity Return on common stockholders' equity h The profitability ratios indicate that the company's profitability has deteriorated % 500,000 750,000 20Y6 94.0 X % % % ✓. Because the return on common
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Question 33 ACME Incorporated had the following balances for its equity accounts on the company's audited statement of financial position at December 31, 2019: Shareholder's Equity Paid in on capital shares Preferred [8%, cumulative, 30,000 authorized, issued & outstanding $ 300,000 Common [unlimited authorized, 550,000 issued & outstanding] Contributed surplus 865,000 216,250 $ 1,381,250 Retained earnings Accumulated other comprehensive income Total shareholder's equity 432,500 216,250 $ 2,030,000 Information for 2020: Net income was Gain on disposal of bonds Dividends declared and paid on preferred shares Issued 3,000 common shares Foreign translation gain on subsidiary Comprehensive income $ 350,000 135,000 15,000 5,000 87,500 262,500 Required: Prepare ACME's statement of changes in equity at December 31, 2020 in good form.
pp. Subject :- Accounting
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Entries for equity investments: less than 20% ownership On February 22, Triangle Corporation acquired 2,900 shares of the 100,000 outstanding common stock of Jupiter Co. at $23.80 plus commission charges of $580. On June 1, a cash dividend of $0.60 per share was received. On November 12, 1,000 shares were sold at $29 less commission charges of $120. At the end of the accounting period on December 31, the fair value of the remaining 1,900 shares of Jupiter Company’s stock was $24.50 per share. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. Question Content Area a. Using the cost method, journalize the entry for the purchase of stock. If an amount box does not require an entry, leave it blank. Feb. 22 Investments-Jupiter Co. Stock Investments-Jupiter Co. Stock Cash Cash Feedback Area Feedback Question Content Area b. Using the cost method, journalize the…
Entries for Equity Investments: Less than 20% Ownership The following equity investment transactions were completed by Vintage Company during a recent year: Apr. 10. Purchased 11,000 shares of Delew Company’s common stock for a price of $60 per share plus a brokerage commission of $220. Delew Company has 250,000 shares of common stock outstanding. July 8. Received a quarterly dividend of $0.85 per share on the Delew Company investment. Sept. 10. Sold 3,000 shares for a price of $54 per share less a brokerage commission of $90. Dec. 31. At the end of the accounting period, the fair value of the remaining 8,000 shares of Delew Company’s stock was $59.90 per share. Journalize the entries for these transactions. If an amount box does not require an entry, leave it blank. If required, round the final answers to the nearest dollar.
Journalizing Equity Investment Transactions; less than 20% Ownership On January 23, 15,000 shares of Aurora Company's common stock are acquired at a price of $25 per share. On April 12, a $0.50-per-share dividend was received on the Aurora Company stock. On June 10, 6,000 shares of the Aurora Company stock were sold for $31 per share. At the end of the accounting period (December 31), the fair value of the remaining 9,000 shares of Aurora Company's stock was $30 per share. Aurora Company has 200,000 shares of common stock outstanding. Journalize the entries for the purchase of the stock, the receipt of the dividends, the sale of 6,000 shares, and the change in fair value. If an amount box does not require an entry, leave it blank. Jan. 23 Investments-Aurora Company Stock Cash ✓ Apr. 12 Cash Dividend Revenue ✓ Gain on Sale of Investments Investments-Aurora Company Stock June 10 Cash ✓ Dec. 31 Valuation Allowance for Equity Investments Unrealized Gain on Equity Investments Feedback…

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