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- 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.Neptune Corporation is preparing its December 31, 2018, balance sheet. The following items may be reported as either assets, liabilities or stockholders’ equity. a) Neptune invested $75,000 in an available for sale securities, fair value of which is $95,000. b) On October 1, 2018, the company borrowed $900,000 for 5 years at 8% per year. Interest is to be paid half-yearly on April 1 of every year. c) On December 15, 2018, the company declared a $1.50 per share dividend on the 60,000 shares of common stock outstanding, to be paid on January 25, 2019.Al Jabel Corporation is preparing financial statement for the year ended December 31, 2019. For each item below, indicate the dollar amount to be reported as either current liability or non-current liability. a. At the end of the year 8% bonds payable of OMR 5,000,000 are outstanding. Interest is payable on September 30 each year and mature in 4 equal instalments every September 30. b. At December 31, 2018, customers’ advances were OMR 18,000,000. During 2019, Al Jabel collected OMR 45,000,000 of customers’ advances, and advances of OMR 37,500,000 were earned. c. On December 31, 2019, Al Jabel declare a cash dividend of OMR 3 per share, payable on January 15, 2021. Al Jabel has issued 2,000,000 ordinary shares of which 1,000,000 shares held in treasury
- Neptune Corporation is preparing its December 31, 2018, balance sheet. The following itemsmay be reported as either assets, liabilities or stockholders’ equity.a) Neptune invested $75,000 in an available for sale securities, fair value of which is $95,000 b) On October 1, 2018, the company borrowed $900,000 for 5 years at 8% per year. Interest is to be paid half-yearly on April 1 of every year. c) On December 15, 2018, the company declared a $1.50 per share dividend on the 60,000 shares of common stock outstanding, to be paid on January 25, 2019. Instructions: For each item above indicate the dollar amounts to be reported as assets, liabilities or stockholders’equity. Mention the classification as well.Palo Alto Company earned net income of $43,800 during 2019. At the beginning of 2019, it had 10,000 shares of common stock outstanding; an additional 4,000 shares were issued on July 2. During 2019, 600 shares of 8%, $100 par, convertible preferred stock were outstanding the entire year. Dividends on this preferred stock were paid in 2019. Each share is convertible into 5 shares of common stock. The corporate income tax rate is 30%. Compute the 2019 diluted earnings per shareaccenture company had made a net profit attributable to ordinary shareholders of 2,000,000 for the year ended December 31,2019.there are 100,000 ordinary shares outstanding during the entire year.since January 2019 there had been 800,000 of 5% convertible loan in issue. the terms of conversion for every 10,000 nominal amount are:June 30 2019 120 ordinary sharesJune 30, 2020 150, ordinary sharesJune 30,2021 140 ordinary sharesNo conversion has taken place during the current year. the interest on the convertible loan is allowable for a tax relief of 30%.REQUIRED:1. basic earnings per share 2. diluted earnings per share
- Lucas Company reports net income of $5,125 for the year ended December 31, 2019, its first year of operations. On January 4, 2019, Lucas issued 9,000 shares of common stock. On August 2, 2019, it issued an additional 3,000 shares of stock, resulting in 12,000 shares outstanding at year-end. During 2020, Lucas earned net income of $16,400. It issued 2,000 additional shares of stock on March 3, 2020, and declared and issued a 2-for-1 stock split on November 3, 2020, resulting in 28,000 shares outstanding at year-end. During 2021, Lucas earned net income of $23,520. The only common stock transaction during 2021 was a 20% stock dividend issued on July 2, 2021. Compute the 2019, 2020, and 2021 comparative basic earnings per share that would be disclosed in the 2021 annual report.Lucas Company reports net income of $5,125 for the year ended December 31, 2019, its first year of operations. On January 4, 2019, Lucas issued 9,000 shares of common stock. On August 2, 2019, it issued an additional 3,000 shares of stock, resulting in 12,000 shares outstanding at year-end. During 2020, Lucas earned net income of $16,400. It issued 2,000 additional shares of stock on March 3, 2020, and declared and issued a 2-for-1 stock split on November 3, 2020, resulting in 28,000 shares outstanding at year-end. During 2021, Lucas earned net income of $23,520. The only common stock transaction during 2021 was a 20% stock dividend issued on July 2, 2021. If required, round your final answers to two decimal places. Required: 1. Compute the basic earnings per share that would be disclosed in the 2019 annual report.$ per share2. Compute the 2019 and 2020 comparative basic earnings per share that would be disclosed in the 2020 annual report.2020: $ per share2019: $ per share3.…Titanic Corporation's net income for the year ended December 31, 2019, is $380,000. On June 30, 2019, a $0.75 per-share cash dividend was declared for all common stockholders. Common stock in the amount of 38,000 shares was outstanding at the time. The market price of Titanic's stock at year end (12/31/19) is $18 per share. Titanic had a $1,100,000 credit balance in retained earnings at December 31, 2018. Required: Calculate the ending balance (12/31/19) of retained earnings.
- The balance sheet of Investtech Inc. at December 31, 2019, reported 2,000,000 com- mon shares authorized with 250,000 shares issued at an average price of $4.00 each and a Retained Earnings balance of $800,000. During 2020, the company completed the following selected transactions: Feb. 15 Mar. 8 Sep. 28 Oct. 31 Nov. 5 Dec. 31 Repurchased 20,000 of the company's own common shares at $4.00 per share. Sold 8,000 common shares for $4.25 per share. Declared a 5 percent stock dividend on the 238,000 outstanding com- mon shares to holders of record on October 15, with distribution set for October 31. The market value of Investtech Inc. common shares was $4.50 per share. Issued the stock dividend shares. Consolidated the common shares 1 for 2 (reverse split); one new com- mon share was issued for every two existing shares held. Prior to the split, the corporation had 249,900 shares issued and outstanding. Earned net income of $230,000 during the year. Required 1. Record the transactions in…On January 1, 2021, the Apex Company exchanged some shares of common stock it had been holding as an investment for a note receivable. The note principal plus interest is due on January 1, 2022. The 2021 income statement reported $2,200 in interest revenue from this note and a $6,000 gain on sale of investment in stock. The stock’s book value was $16,000. The company’s fiscal year ends on December 31.Required:1. What is the note’s effective interest rate?2. Reconstruct the journal entries to record the sale of the stock on January 1, 2021, and the adjusting entry to record interest revenue at the end of 2021. The company records adjusting entries only at year-end.Neptune Corporation is preparing its December 31, 2018, balance sheet. The following items may be reported as either assets, liabilities or stockholders’ equity. d) During the year, customer advances of $220,000 were received; $110,000 of this amount was earned by December 31, 2018. e) A 10% bonds payable of 1,000,000 was issued on December 31, 2018, due on December 31, 2023. f) Treasury stock of $55,000 has been recorded at cost. Instructions:For each item above indicate the dollar amounts to be reported as assets, liabilities or stockholders’ equity. Mention the classification as well.