FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Please do not give solution in image format thankuarrow_forwardRequired information Problem 8-24 (Algo) Common and preferred stock-issuances and dividends LO 1, 2 [The following information applies to the questions displayed below.] Permabilt Corp. was incorporated on January 1, 2019, and issued the following stock for cash: • 1,100,000 shares of no-par common stock were authorized; 342,000 shares were issued on January 1, 2019, at $26 per share. • 381,000 shares of $90 par value, 9.10% cumulative, preferred stock were authorized; 132,000 shares were issued on January 1, 2019, at $128 per share. • No dividends were declared or paid during 2019 or 2020. However, on December 22, 2021, the board of directors of Permabilt Corp. declared dividends of $6,260,000, payable on February 12, 2022, to holders of record as of January 8, 2022. Problem 8-24 (Algo) Part c c. Calculate the common stock dividends per share declared during 2021. (Round your answer to 2 decimal places.) Common stock dividends per sharearrow_forwardMunabhaiarrow_forward
- Nonearrow_forwardExercise 19-17 (Algo) EPS; stock dividend; nonconvertible preferred stock; treasury shares; shares se stock options [LO19-5, 19-6, 19-7, 19-8) On December 31, 2023, Berciair Incorporated had 360 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding On March 1, 2024, Berclair purchased 88 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2024. * Four million treasury shares were sold on October 1 .Net income for the year ended December 31, 2024, was $550 million Also outstanding at December 31 were 30 million incentive stock options granted to key executives on September 13, 2019. • The options were exercisable as of September 13, 2023, for 30 million common shares at an exercise price of $56 per share . During 2024, the market price of the common shares averaged $70 per share. Required: Compute Berclair's basic and diluted earnings per share for the year ended…arrow_forwardExercise 10-13 (Algo) Record stock dividends and stock splits (LO10-6) On September 1, the board of directors of Colorado Outfitters, Incorporated, declares and issues a stock dividend on its 11,000, $2 par, common shares. The market price of the common stock is $31 on this date. Required: 1. 2. & 3. Record the necessary journal entries assuming a small (10%) stock dividend, a large (100%) stock dividend, and a 2-for-1 stock split. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Next >arrow_forward
- oblem Set i Saved Help Save & Exit S Exercise 19-16 (Algo) EPS; stock dividend; nonconvertible preferred stock; treasury shares; shares sold [LO19-5, 19-6, 19-7 On December 31, 2023, Berclair Incorporated had 300 million shares of common stock and 8 million shares of 9%, $100 par value Cumulative preferred stock issued and outstanding. On March 1, 2024, Berclair purchased 54 million shares of its common stock as treasury stock. • Berclair issued a 5% common stock dividend on July 1, 2024. • Nine million treasury shares were sold on October 1. • Net income for the year ended December 31, 2024, was $400 million. Required: Compute Berclair's earnings per share for the year ended December 31, 2024. Note: Do not round intermediate calculations. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). $ Numerator 328 ÷ Denominator ÷ = Earnings per Share 271 = $ 1.21 Check myarrow_forwardPlease do not give solution in image format thankuarrow_forward15 Masters Inc. Partial Balance Sheet December 31, 2020 Shareholders' Equity Contributed Capital: Preferred shares, $1.00, 100,000 shares authorized, 20,000 shares issued $100,000 Common shares, unlimited number of shares authorized, 100,000 shares issued 350,000 Total contributed capital 450,000 Retained earnings 170,000 Total shareholders' equity $620,000 Assume that the preferred shares are not cumulative and that no dividends have been declared in 2017, 2018, and 2019. Prepare the journal entry…arrow_forward
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