At December 31, 2025 and 2024, Oriole Corp. had 171000 shares of common stock and 12000 shares of 7%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2025 or 2024. Net income for 2025 was $441390. For 2025, earnings per common share is $1.61. $2.09. $1.80. $2.57.
Q: Creative Computing sells a tablet computer called the Protab. The $970 sales price of a Protab…
A: Warranties are promises made by companies to fix or replace the product if it gets…
Q: the fiscal year, sales were $7280000, sales discounts were $100000, sales returns and allowances…
A: Gross profit is the amount left after deducting the cost of goods sold from the net revenue.Gross…
Q: BatCo makes baseball bats. Each bat requires 2.00 pounds of wood at $20 per pound and 0.20 direct…
A: Variance is the difference between the actual and the budgeted costs. It is favorable when the…
Q: On May 1, 2024, Hecala Mining entered into an agreement with the state of New Mexico to obtain the…
A: Depletion means reduction in the value of wasting assets.Wasting assets refers to natural resources…
Q: Cabinets Unlimited uses departmental overhead rates to allocate its manufacturing overhead to jobs.…
A: Manufacturing overhead is the amount of cost incurred on the production of the goods. It include the…
Q: Urban Life Ltd. sponsors a defined benefit pension plan for its employees. It is now the 20X9 fiscal…
A: Defined benefit plans are made to make payments to employees at the time of retirement. This will…
Q: QUESTION 17 1. At October 1, 2014, Padilla Industries had an accounts payable balance of $40,000.…
A: Accounts payable is a financial term used in accounting to represent the amount of money a company…
Q: Requirement 1. Fill in the missing numbers in the table. Use the following questions to help fill in…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Required information [The following information applies to the questions displayed below.] Manuel…
A: The variance is the difference between the standard and actual production data. The variance can be…
Q: A company issues $15,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2020. Interest is paid…
A: Discount on bonds payable:The excess of par value over the carrying value of the bonds will be…
Q: a. What is Acorn's maximum cost recovery deduction in the current year? Maximum cost recovery…
A: As per the given information, Acorn is not eligible for section 179 expensing because it new assets…
Q: On December 31, 2022, the unadjusted balance in Prepaid Insurance was $8,000. This was the amount…
A: When an expense is paid in advance which does not belong to the current reporting period, it is…
Q: Determining a Refund or Taxes Owed. Based on the following data, will Ann Wilton receive a federal…
A: Income tax due refers to the amount of tax that an individual or business owes to the government…
Q: 16) Corp applies O/H at a budgeted indirect-cost rate of $18 per DLH. The following data apply to…
A: PREDETERMINED OVERHEAD RATEPredetermined rate means the indirect cost rate.Predetermined overhead…
Q: On July 1, 2024, Ayayai Company adopted a stock option plan that granted options to key executives…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Mamba Metals, Limited reported net income of $755,000 for its fiscal year ended January 31, 2023. At…
A: The earnings per share is a measure used by the shareholders. It means the amount of earnings…
Q: Jane is a self-employed attorney. This year, her net profit exceeded $350,000, which put her in the…
A: Payroll tax is a type of tax that employers withhold from their employees' wages or salaries and…
Q: Required: a. Based on budgeted sales, determine the relative sales mix between the two products. b.…
A: The question is related to Marginal Costing. The sales mix is the proportion of sales units sold by…
Q: Primare Corporation provided the following data for last month's manufacturing operations. $ 31,000…
A: Cost of goods manufactured -Cost of Goods Manufactured is the total cost incurred for manufactured…
Q: Ruth has asked for help in determining whether she should receive her $32,500 bonus check in the…
A: In this problem, we are asked to determine the net revenue from bonus if she receives bonus in the…
Q: Consolidated Industries is studying the addition of a new valve to its product line. The valve would…
A: Operating leverage factor is calculated by dividing total contribution margin by net income. Total…
Q: Put Clases UI raw materials (DOL Urect direct Direct labor cost Inventories: Raw materials,…
A: OVERAPPLIED OVERHEADOverapplied Overhead occurs when Company's Budgeted Overhead is more than…
Q: TX, Inc., dominates the snack-food industry with its Salty Chip brand. Assume that TX purchased…
A: When one firm buys another, whether it be through the purchase of only certain assets or the whole…
Q: Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In…
A: The time value of money mentions that the value of money changes with time. The worth of the money…
Q: In December 2016, Custom Mfg. established its predetermined overhead rate for jobs produced during…
A: Overhead means all type of indirect costs being incurred in business. Predetermined overhead rate is…
Q: Hoot Enterprises buys a warehouse for $590,000 to use for its East Coast distribution operations. On…
A: Accounting principles are those rules and regulations which are being used by the accountants at the…
Q: Coyote Loco, Incorporated, a distributor of salsa, has the following historical collection pattern…
A: Budgeting is the process of estimating future operations based on past performance. % are estimated…
Q: Recording Entries Using Composite Depreciation Method California Utilities owns a power plant that…
A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…
Q: Stuart Company is considering adding a new product. The cost accountant has provided the following…
A: The break even sales are calculated as fixed costs divided by contribution Margin Ratio. The break…
Q: Compute the markup percentage under absorption-cost pricing that will allow Blue Spruce Windows to…
A: MARKUP PERCENTAGE Markup is the difference between a product's selling price and cost as a…
Q: QUESTION 1 Agora Company uses a process-cost system for its single product. Material A is added at…
A: Hi studentSince there are multiple questions, we will answer only first question.Equivalent units of…
Q: Grant Company acquired Lee Company for $600,000 cash. The fair value of Lee's assets was $520,000,…
A: An accounting equation refers to a mathematical representation of the transaction. It indicates that…
Q: Disk City, Incorporated, is a retailer for digital video disks. The projected net income for the…
A: Given information,Projected net income = $2,130,000Sales volume = 230,000 video disksSelling price…
Q: Ayayai Enterprises Ltd. sells a specialty part that is used in widescreen televisions and provides…
A: An adjusting entry is made at the conclusion of an accounting period to report any unrealized…
Q: tiple Choice Question 52 Your answer has been saved and sent for grading. See Gradebook for score…
A: The contribution margin is calculated as the difference between the revenue and variable costs. The…
Q: stion 3 Bathers Corporation has a debt to assets ratio of 73%. (The debt to asset ratio-…
A: · Ratio analysis used to identify the business performance of the company.· It is used to measure…
Q: Using the data from Years n and n-1 below, answer the following questions. What are the company's…
A: Balance sheet stands for the statement and information that shows the assets and liabilities of the…
Q: Budgeted direct labour-hours
A: Variable overhead volume variance is a measure of the difference between actual and budgeted units…
Q: Stuart Corporation, which has three divisions, is preparing its sales budget. Each division expects…
A: The budget is prepared to estimate the requirements for the period. The sales budget is prepared to…
Q: 4. If Job P includes 20 units, what is its unit product cost? 5. What is the total manufacturing…
A: Manufacturing overhead are the total indirect costs that occured during production of the product.…
Q: Using High-Low to Calculate Predicted Total Variable Cost and Total Cost for Budgeted Output Pizza…
A: High Low Method - This method is used to segregate the variable and fixed cost. This method is…
Q: Cincinnati Tool Company (CTC) manufactures a line of electric garden tools that are sold in general…
A: Net is the amount of money earned by the entity after deducting all the expenses from the revenues.…
Q: Determine the Prior Year and Current Year common-size percents for cost of goods sold using net…
A: The ratio analysis helps to analyze the financial statements of the business on the basis of the…
Q: E18-26 (L03) (Warranty Arrangement) On January 2, 2017, Grando Company sells production equipment to…
A: Journal means the book of prime entry where all entries are recorded in different pages.Ledger means…
Q: Calico Corporation produced 2.000 units in Job 903. The following data Direct materials used Direct…
A: Gross profit is the amount of money earned by the entity. It is determined by deducting cost of…
Q: Presented below is the 2024 income statement and comparative balance sheet information for Tiger…
A: A Statement of cash flow is a financial statement that includes the inflow and outflow of cash that…
Q: The account balances for Premera Blue Cross are listed below. All balances are as of December 31,…
A: Income statement is a financial statement that records all the income and expenses of the business…
Q: Livingston Fabrication has created the following aggregate plan for the next five months: August…
A: Given information,The production target is 2,000,000 units per month.Each labor can produce 1 unit…
Q: QUESTION 15 Groundworks Company budgeted the following credit sales during the current year:…
A: CASH BUDGET Cash Budget is a detailed budget of cash income and cash expenditure incorporating both…
Q: Cincinnati Tool Company (CTC) manufactures a line of electric garden tools that are sold in general…
A: According to the question given, we need to compute the break-even sales.Break-even salesBreak-even…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, 100 par, nonconvertible preferred stock outstanding, on which the years dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of 17,000 had been paid during 2019. At the end of 2019, the market price per share of common stock was 17.50. Required: 1. Compute Mononas basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.
- On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.Cash dividends on the 10 par value common stock of Garrett Company were as follows: The 4th-quarter cash dividend was declared on December 21, 2019, to shareholders of record on December 31, 2019. Payment of the 4th-quarter cash dividend was made on January 18, 2020. In addition, Garrett declared a 5% stock dividend on its 10 par value common stock on December 3, 2019, when there were 300,000 shares issued and outstanding and the market value of the common stock was 20 per share. The shares were issued on December 24, 2019. What was the effect on Garretts shareholders equity accounts as a result of the preceding transactions?Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73
- At December 31, 2025 and 2024, Oriole Corp, had 171000 shares of common stock and 12000 shares of 7%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2025 or 2024, Net income for 2025 was $441390. For 2025, earnings per common share is $1.61 O $2.09. O $1.80. O $2.57.At December 31, 2019 and 2020, Lapham Corp. had 200,000 shares of common stock and 20,000 shares of 5 percent, P100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2019 or 2020. Net income for 2020 was P1,000,000. For 2020, basic earnings per common share amounted to; Choices; P5.00. P4.75. P4.50. P4.00.On January 1, 2022, Whispering Winds Corp. had the following stockholders' equity balances. Common Stock (583,000 shares issued) Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings 1. During 2022, the following transactions and events occurred. 2. 3. 4. 5. $1,749,000 6. 477,000 174,900 577,000 Issued 58,300 shares of $3 par value common stock as a result of 10% stock dividend declared on December 15, 2021. Issued 30,500 shares of common stock for cash at $5 per share. Purchased 28,000 shares of common stock for the treasury at $6 per share. Declared and paid a cash dividend of $112,000. Sold 7,000 shares of treasury stock for cash at $6 per share. Earned net income of $342,000. Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
- At December 31, 2021 and 2020, P Co. had 50,000 shares of common stock and 5,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2021 or 2020. Net income for 2021 was $500,000. For 2021, basic earnings per common share amounted to:(a) Your answer is correct. Determine the weighted-average number of shares outstanding as of December 31, 2026. (b) The weighted-average number of shares outstanding eTextbook and Media X Your answer is incorrect. Earnings per share 1751425 Assume that Ivanhoe Corp. earned net income of $3,500,000 during 2026. In addition, it had 101,000 shares of 9%, $100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in 2026. Compute earnings per share for 2026, using the weighted-average number of shares determined in part (a). (Round answer to 2 decimal places, e.g. 2.55.) 34.66 Attempts: 1 of 3 usedCommons, Inc. provides the following information for 2018: Net income $ 38 comma 000$38,000 Market price per share of common stock $ 18.00$18.00/share Dividends paid $ 0.85$0.85/share Common stock outstanding at Jan. 1, 2018 120 comma 000120,000 shares Common stock outstanding at Dec. 31, 2018 170 comma 000170,000 shares The company has no preferred stock outstanding. Calculate the dividend yield for common stock. (Round your answer to two decimal places.) A. 4.964.96% B. 3.283.28% C. 4.724.72% D. 1.441.44%