FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question

Now that I need answer for a which is 5, 146,810 I need help with b. I want to know how can I find the amount for convertible preferred stock still outstanding in order to solve for b 

Charles Austin of the controller's office of Coronado Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ending
December 31, 2021. Austin has compiled the information listed below.
1. The company is authorized to issue 8,400,000 shares of $10 par value common stock. As of December 31, 2020, 2,100,000 shares had been issued and were outstanding.
2. The per share market prices of the common stock on selected dates were as follows.
Price per Share
July 1, 2020
$20.00
January 1, 2021
21.00
April 1, 2021
25.00
July 1, 2021
11.00
August 1, 2021
10.50
November 1, 2021
9.00
December 31, 2021
10.00
3. A total of 684,000 shares of an authorized 1,116,000 shares of convertible preferred stock had been issued on July 1, 2020. The stock was issued at its par value of $25.00, and
it has a cumulative dividend of $3 per share The stock is convertible into
clk nt th
expand button
Transcribed Image Text:Charles Austin of the controller's office of Coronado Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ending December 31, 2021. Austin has compiled the information listed below. 1. The company is authorized to issue 8,400,000 shares of $10 par value common stock. As of December 31, 2020, 2,100,000 shares had been issued and were outstanding. 2. The per share market prices of the common stock on selected dates were as follows. Price per Share July 1, 2020 $20.00 January 1, 2021 21.00 April 1, 2021 25.00 July 1, 2021 11.00 August 1, 2021 10.50 November 1, 2021 9.00 December 31, 2021 10.00 3. A total of 684,000 shares of an authorized 1,116,000 shares of convertible preferred stock had been issued on July 1, 2020. The stock was issued at its par value of $25.00, and it has a cumulative dividend of $3 per share The stock is convertible into clk nt th
CALCULATO
The following specific activities took place during 2021.
1. January 1-A 5% common stock dividend was issued. The dividend had been declared on December 1, 2020, to all stockholder.
2. April 1-A total of 394,800 shares of the $3 convertible preferred stock was converted into common stock. The company issued
stock. This was the only conversion of the preferred stock during 2021.
3. July 1-A 2-for-1 split of the common stock became effective on this date. The board of directors had authorized the split on Jun
4. August 1-A total of 285,600 shares of common stock were issued to acquire a factory building.
5. November 1-A total of 24,000 shares of common stock were purchased on the open market at $9.00 per share. These shares we
the treasury as of December 31, 2021.
6. Common stock cash dividends-Cash dividends to common stockholders were declared and paid as follows,
April 15-$0.30 per share
October 15-$0.20 per share
7. Preferred stock cash dividends-Cash dividends to preferred stockholders were declared and paid as scheduled.
(a) Determine the number of shares used to compute basic earnings per share for the year ended December 31, 2021. (Round answer
Number of shares to compute basic earnings per share
udy
(b) Determine the number of shares used to compute diluted earnings per share for the year ended December 31, 2021. (Round answer
Number of shares to compute diluted earnings per share
(c) Compute the adjusted net income to be used as the numerator in the basic earnings per share calculation for the year ended December 31
Adjusted net income
Click if you would like to Show Work for this question:
Open Show Work
here to search
%23
h2 +
prt sc
fs
de
米
144
#3
2$
4
&
bac
3
6.
7
8
6.
T
Y
D
F
G
H.
J
K
5
LL
expand button
Transcribed Image Text:CALCULATO The following specific activities took place during 2021. 1. January 1-A 5% common stock dividend was issued. The dividend had been declared on December 1, 2020, to all stockholder. 2. April 1-A total of 394,800 shares of the $3 convertible preferred stock was converted into common stock. The company issued stock. This was the only conversion of the preferred stock during 2021. 3. July 1-A 2-for-1 split of the common stock became effective on this date. The board of directors had authorized the split on Jun 4. August 1-A total of 285,600 shares of common stock were issued to acquire a factory building. 5. November 1-A total of 24,000 shares of common stock were purchased on the open market at $9.00 per share. These shares we the treasury as of December 31, 2021. 6. Common stock cash dividends-Cash dividends to common stockholders were declared and paid as follows, April 15-$0.30 per share October 15-$0.20 per share 7. Preferred stock cash dividends-Cash dividends to preferred stockholders were declared and paid as scheduled. (a) Determine the number of shares used to compute basic earnings per share for the year ended December 31, 2021. (Round answer Number of shares to compute basic earnings per share udy (b) Determine the number of shares used to compute diluted earnings per share for the year ended December 31, 2021. (Round answer Number of shares to compute diluted earnings per share (c) Compute the adjusted net income to be used as the numerator in the basic earnings per share calculation for the year ended December 31 Adjusted net income Click if you would like to Show Work for this question: Open Show Work here to search %23 h2 + prt sc fs de 米 144 #3 2$ 4 & bac 3 6. 7 8 6. T Y D F G H. J K 5 LL
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education