t the beginning of 2023, Barnes & Noble had 240,000 shares of $5 par value common stock outstanding. On August 1, Barnes & Noble issued another 120,000 shares. The Company’s 2023 Net Income was $524,000. In addition, you are given the following portion of Barnes & Noble’s 12/31/2023 Stockholders’ Equity section of its Balance Sheet: Preferred Stock ( 4%, $10 par, 72,000 shares issued and outstanding) $720,000 Calculate Ba
Q: Please help me with the functions needed to populate the correct answers in the highlighted areas.…
A: Variance analysis : Analysis of differences between planned and actual behavior. After analyzing…
Q: The H&BClothing Company manufactures luxury brand silk jackets. Currently the company makes classic…
A: Production budget is budget which estimates the number of units which the company must produce or…
Q: Need help with the Manufacturing Overhead budget and Operating Expenses budget. I included what i…
A: The objective of the question is to prepare a Manufacturing Overhead budget and an Operating…
Q: On January 1, 2013, Dexter Corporation purchased a piece of equipment, which is being depreciated on…
A: DEPRECIATION EXPENSEDepreciation means gradual decrease in value of assets due to normal wear and…
Q: Exercise 11-5 (Algo) Volume Trade-Off Decisions [LO11-5] Outdoor Luggage, Incorporated, makes…
A: When some input is in limited capacity, then we need to find out contribution per input.For example,…
Q: Which of the following meets the criteria of a liability? How would the liabilities be valued?…
A: The obligation for a firm for the payment of a definite amount in future is called liability. The…
Q: Hamlett Company has prepared its sales budget for the first two quarters of 2024. Expected sales in…
A: The budget is prepared to estimate the requirements for the period. The production budget is…
Q: The production department of Regina Partners has submitted the following forecast of units to be…
A: DIRECT LABOUR BUDGETDirect labour Budget is the estimated Direct labour hour & Direct labour…
Q: annin Products Inc. prepared the following factory overhead cost budget for the Trim Department for…
A: Variance arises when the actual costs differ from the standard costs. The results are favorable…
Q: A master budget: choose one Is an integrated set of budgets consisting of budgets related to…
A: The objective of the question is to identify the correct definition of a master budget from the…
Q: Autumn Company began the month of October with inventory of $15,000. The following inventory…
A: Journal Entry is the primary step to record the transaction in the books of accounts.The increase in…
Q: Compute the cost of not taking the following trade discounts: (Use 365 days in a year. Round the…
A: The cost of lost discount means the additional expense incurred by a business when it chooses not to…
Q: Crane Corporation reported the following information (in thousands) at December 31, 2024: Dividends…
A: CASH FLOW STATEMENTCash flow statement provides additional information to user of financial…
Q: Required information [The following information applies to the questions displayed below.] Fitness…
A: · Ratio analysis used to identify the business performance of the company.· It is used to measure…
Q: Required a. Perform a horizontal analysis, showing the percentage change in each income statement…
A: Vertical analysis is a financial statement analytical method in which each asset and liability is…
Q: Oak Mart, a producer of solid oak tables, reports the following data from its first year of business…
A: Income statement is a financial statement that shows profitability, total revenue and total…
Q: S&P Enterprises needs a cash budget for March. The following information is available. Data Actual…
A: Budget is the estimation of revenue and expenses prior to starting the operation. To manage the…
Q: You need to estimate the value of Laputa Aviation. You have the following forecasts (in millions of…
A: Equity value refers to an amount of investment made in the equity fund of the company in exchange…
Q: Financial statements for Rundle Company follow. Assets Current assets Cash Marketable securities…
A: The ratio measures the company's financial performance and progress over time. It is the…
Q: 3.2) Early in February 2022 Vera was told that she would be made redundant, this happened on 6 April…
A: Redundancy payment refers to the payment made by employer to the employee in case of removal of…
Q: Ion Co. purchased land for $190,000. lon also paid $5,000 in real estate commissions, $1,000 in…
A: Cost of asset is the amount paid for an asset and for expenses incurred in putting the asset in use.…
Q: Walton Manufacturing pays its production managers a bonus based on the company's profitability.…
A: The income statement can be prepared using various methods as variable and absorption costing. Using…
Q: So how would we find basic EPS?
A: Basic EPS is calculated by dividing the earnings available to common stockholders by the weighted…
Q: Oleg Blokhin Sportwear uses, for the goalkeeper gloves, a time sensitive and unstable chemical…
A: The question is related to Economic order quantiy Economic Order Quantity is that level of inventory…
Q: Houghton Chemicals, which started operations one year ago, has two divisions: Alloys which is…
A: An investment's profitability and efficiency in relation to its cost are assessed using the…
Q: Required information The following information applies to the questions displayed below.] Phoenix…
A: The contribution margin is calculated as the difference between the sales and variable costs. The…
Q: A Company has a material standard of 1.1 pound per unit of output. Each pound has a standard price…
A: DIRECT MATERIALS COST VARIANCEDirect materials cost variance is the difference between the actual…
Q: For 2023 Tax Period: Lucy is 17 years old and a dependent of her parents. She receives $9,000 of…
A: The objective of this question is to calculate the tax liability of Lucy, a 17-year-old dependent,…
Q: The table below shows the number of cars sold last month by seven employees at Concord Motors and…
A: The objective of the question is to determine the 95% confidence interval for the regression slope…
Q: Using the information provided in points bellow "..." calculate the net chargeable gain arising on…
A: Calculation of net chargeable gain arising on the disposal of the freehold warehouse and shares in…
Q: The custodian of a $600 petty cash fund discovers that the fund has $ 112.50 in coins and currency…
A: Petty cash fund is a small amount of cash that a business keeps aside to pay for minor, everyday…
Q: Income statements for Walton Company for Year 3 and Year 4 follow: WALTON COMPANY Income Statements.…
A: Comparative financial statements are used to compare two or more years to understand the financial…
Q: Income Summary account will have a: Select one:
A: The income summary account is a financial statement which has two sides the ,debit and credit…
Q: At January 1, 2024, Lawn Inc. reported the following information on its statement of financial…
A: T-accounts are a graphical representation of individual general ledger accounts used in accounting.…
Q: Cain's Crafty Creations produces a product that has the following standard costs : Direct materials…
A: The objective of this question is to calculate the quantity (usage) variance for materials for…
Q: Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business…
A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Blossom Company uses the FIFO cost formula in a perpetual inventory system. Fill in the missing…
A: FIFO stands for first-in-first-out. It is a method of inventory valuation.. In this method the goods…
Q: The financial statements of Dekar Corp. for a four-year period reflected the following pre-tax…
A: The deferred income tax liability or asset is based on the difference between the financial…
Q: The following information for the 2018 was provided by Zapata Company who uses the indirect method…
A: Lets understand the basics.Cashflow statement gets divided into mainly three segment.(1) Cashflow…
Q: Calculate the return on investments ratio for 2024. Note: Round your answer to 1 decimal place.…
A: Net income (2024) = operating income - interest expense + investment incomeoperating income =…
Q: A company trades a car which cost $22,000 and has accumulated depreciation of $3,000, for a new car…
A: Cost of asset is the amount paid for an asset and for expenses incurred in putting the asset in use.…
Q: paid to preferred Loans made to affiliated corporations Proceeds from issuing bonds Proceeds from…
A: Cash flow statement :— It is one of the financial statements that shows change in cash and cash…
Q: Crane Corporation enters into a 7-year lease of equipment on December 31, 2024, which requires 7…
A: An agreement of contract that is prepared to transfer the right to use the resources for a…
Q: Thalassines Kataskeves, S.A., of Greece makes marine equipment. The company has been experiencing…
A: The financial advantages and disadvantages of discontinuing a product line should be carefully…
Q: When preparing a master budget or a projected income statement , which of the following budgets is…
A: The objective of the question is to identify the first budget that is prepared when creating a…
Q: A Company has a material standard of 1.1 pound per unit of output. Each pound has a standard price…
A: Direct material variance is the difference between standard direct material cost for actual…
Q: On May 1, 20X1, Aero Electric Corporation, a U.S. company, purchased goods from Neon Circuit…
A: The objective of the question is to determine the correct journal entries for the forward contract…
Q: The fixed costs include fixed costs attributable to each product line as well ad allocated common…
A: The objective of the question is to understand the proportion of directly attributable fixed costs…
Q: View Policies Current Attempt in Progress Ivanhoe Corporation has the following selected…
A: Nominal AccountsAlso known as temporary accounts.These accounts are related to revenues, expenses,…
Q: Journal Entries for Accounts and Notes Payable Logan Company had the following transactions: Apr. 8…
A: Notes payable refers to a written agreement between two parties where the borrower agrees to repay…
At the beginning of 2023, Barnes & Noble had 240,000 shares of $5 par value common stock outstanding. On August 1, Barnes & Noble issued another 120,000 shares. The Company’s 2023 Net Income was $524,000. In addition, you are given the following portion of Barnes & Noble’s 12/31/2023
Calculate Barnes & Noble’s Earnings per Share for 2023 (round to the nearest cent).
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Raun Company had the following equity items as of December 31, 2019: Preferred stock, 9% cumulative, 100 par, convertible Paid-in capital in excess of par value on preferred stock Common stock, 1 stated value Paid-in capital in excess of stated value on common stock| Retained earnings The following additional information about Raun was available for the year ended December 31, 2019: 1. There were 2 million shares of preferred stock authorized, of which 1 million were outstanding. All 1 million shares outstanding were issued on January 2, 2016, for 120 a share. The preferred stock is convertible into common stock on a 1-for-1 basis until December 31, 2025; thereafter, the preferred stock ceases to be convertible and is callable at par value by the company. No preferred stock has been converted into common stock, and there were no dividends in arrears at December 31, 2019. 2. The common stock has been issued at amounts above stated value per share since incorporation in 2002. Of the 5 million shares authorized, 3,580,000 were outstanding at January 1, 2019. The market price of the outstanding common stock has increased slowly but consistently for the last 5 years. 3. Raun has an employee share option plan where certain key employees and officers may purchase shares of common stock at 100% of the marker price at the date of the option grant. All options are exercisable in installments of one-third each year, commencing 1 year after the date of the grant, and expire if not exercised within 4 years of the grant date. On January 1, 2019, options for 70,000 shares were outstanding at prices ranging from 47 to 83 a share. Options for 20,000 shares were exercised at 47 to 79 a share during 2019. During 2019, no options expired and additional options for 15,000 shares were granted at 86 a share. The 65,000 options outstanding at December 31, 2019, were exercisable at 54 to 86 a share; of these, 30,000 were exercisable at that date at prices ranging from 54 to 79 a share. 4. Raun also has an employee share purchase plan whereby the company pays one-half and the employee pays one-half of the market price of the stock at the date of the subscription. During 2019, employees subscribed to 60,000 shares at an average price of 87 a share. All 60,000 shares were paid for and issued late in September 2019. 5. On December 31, 2019, there was a total of 355,000 shares of common stock set aside for the granting of future share options and for future purchases under the employee share purchase plan. The only changes in the shareholders equity for 2019 were those described previously, the 2019 net income, and the cash dividends paid. Required: Prepare the shareholders equity section of Rauns balance sheet at December 31, 2019. Substitute, where appropriate, Xs for unknown dollar amounts. Use good form and provide full disclosure. Write appropriate notes as they should appear in the publisher financial statements.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.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.
- Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.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?Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following equity accounts and balances: During 2020, Stanley Utilities engaged in the following transactions involving its equity accounts: Sold 3,300 shares of common stock for $15 per share. Sold 1,000 shares of 12%, $100 par preferred stock at $105 per share. Declared and paid cash dividends of $8,000. Repurchased 1,000 shares of treasury stock (common) for $38 per share. Sold 400 of the treasury shares for $42 per share. Required: Prepare the journal entries for Transactions a through e. Assume that 2020 net income was $87,000. Prepare a statement of stockholders equity at December 31, 2020.
- 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. 6.73Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.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.
- Calculating the Number of Shares Issued Castanet Inc. issued shares of its $1. 50 par value common stock on November 9,2019, for $13 per share. In recording the issuance of the stock, Castanet credited the Additional Paid-In Capital- Common Stock account for $416,300. Required: How many shares were issued on November 9, 2019?Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following equity accounts and balances: During 2020, Haley engaged in the following transactions involving its equity accounts: Sold 5,000 shares of common stock for $19 per share. Sold 1.200 shares of 12%, $50 par preferred stock at $75 per share. Declared and paid cash dividends of $22,000. Repurchased 1,000 shares of treasury stock (common) for $24 per share. Sold 300 of the treasury shares for $26 per share. Required: Prepare the journal entries for Transactions a through e. Assume that 2020 net income was $123,700. Prepare a statement of stockholders equity at December 31, 2020.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. Open the file STOCKEQ from the website for this book at cengagebrain.com. Enter the formulas in the appropriate cells on the worksheet. Then fill in the columns to show the effect of each of the selected transactions and events listed earlier. Enter your name in cell A1. Save the completed worksheet as STOCKEQ2. Print the worksheet. Also print your formulas. Check figure: Total stockholders equity balance at 12/31/12 (cell G21). 398,800.