FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- On January 1, 2025, Wildhorse Corporation had 380000 shares of its $2 par value common stock outstanding. On March 1, Wildhorse sold an additional 760000 shares on the open market at $20 per share. Wildhorse issued a 20% stock dividend on May 1. On August 1, Wildhorse purchased 422000 shares and immediately retired the stock. On November 1, 603000 shares were sold for $25 per share. What is the weighted-average number of shares outstanding for 2025? O 517620 O 1140667 O 718620 O 1549000arrow_forwardCompany B had net income for the fiscal year ended December 31, 2020 of $5 million. There were 500,000 common shares outstanding throughout 2020. The average market price of the common shares for the entire fiscal year was $50. Company tax rate was 25% for 2020. Company B had the following potential common shares outstanding during 2020: • Options to buy 100,000 common shares at $45 per share. • 100,000 convertible preferred shares entitled to a cumulative dividend of $10 per share. Each preferred share is convertible into 1.5 common shares. • 4% convertible bonds with a principal amount of $30 million, issued at par. Each $1,000 bond is convertible into 25 common shares. For the fiscal year ended December 31, 2020, what is the basic and diluted EPS using IFRS?arrow_forwardDuring 2021 if Anya Corporation has issued common stock equal to 30% ofthe outstanding common stock at a price of 120% of the par value, the number of shares issued and outstanding would be________ and the total paid-in capital would be $_________arrow_forward
- Bonita, Inc., has 5500 shares of 5%, $100 par value, noncumulative preferred stock and 55000 shares of $1 par value common stock outstanding at December 31, 2020. If the board of directors declares a $99700 dividend, the O preferred stockholders will receive 1/10th of what the common stockholders will receive. O $27500 will be held as restricted retained earnings and paid out at some future date. O preferred stockholders will receive $27500 and the common stockholders will receive $72200. O preferred stockholders will receive the entire $99700.arrow_forwardOn June 30, 2020, when ABC shares were selling for $ 65 each, the equity accounts had the following balances: Common shares (par value $ 50: 50,000 issued) $ 2,500,000 Capital contributed in excess of par value 600,000 Retained earnings 4,200,000 A 100% share dividend is declared and distributed, the balance of the Common Shares account after recording the dividend will be: a. $2,500,000 b. $7,300,000 c. $3,100,000 d. $5,000,000arrow_forwardG.Swifty Corporation was organized on January 1, 2020, with authorized capital of 1060000 shares of $10 par value common stock. During 2020, Swifty issued 55000 shares at $11 per share, purchased 5500 shares of treasury stock at $12 per share, and sold 5500 shares of treasury stock at $14 per share. What is the amount of additional paid-in capital at December 31, 2020? O $55000 O $0 O $66000 O $11000arrow_forward
- On July 1, 2021, Funk Company has 400,000 shares of P25 par ordinary outstanding and the market price of the stock is P50 per share. The company also has 50,000 ordinary shares in the treasury reacquired at a total cost of P1,650,000 On the same date, Funk Company declared a 1 for 5 share split. Immediately before the split, the total Share premium was P1,500,000. What should be the balance in Funk Company’s Ordinary share account after the share split is effected? a. 25,000,000 b. 2,000,000 c. 20,000,000 d. 10,000,000arrow_forwardBernard Corporation wants to obtain P4 million in its first public issue of common stock. After the issuance, the total market value of a stock is estimated at $10 million. At present, there are 120,000 closely-held shares. REQUIREMENTS: (a) What is the amount of new shares that must be issued to obtain the P4 million? (b) After the stock issuance, what will be the expected price per share?arrow_forward
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