Required information [The following information applies to the questions displayed below.] On January 1, 2019, Metco Inc. reported 268,000 shares of $5 par value common stock as being issued and outstanding. On March 24, 2019, Metco Inc. purchased for its treasury 2,500 shares of its common stock at a price of $39.00 per share. On August 19, 2019, 750 of these treasury shares were sold for $45.00 per share. Metco's directors declared cash dividends of $0.40 per share during the second quarter and again during the fourth quarter, payable on June 30, 2019, and December 31, 2019, respectively. A 3% stock dividend was issued at the end of the year. There were no other transactions affecting common stock during the year.

Required information [The following information applies to the questions displayed below.] On January 1, 2019, Metco Inc. reported 268,000 shares of $5 par value common stock as being issued and outstanding. On March 24, 2019, Metco Inc. purchased for its treasury 2,500 shares of its common stock at a price of $39.00 per share. On August 19, 2019, 750 of these treasury shares were sold for $45.00 per share. Metco's directors declared cash dividends of $0.40 per share during the second quarter and again during the fourth quarter, payable on June 30, 2019, and December 31, 2019, respectively. A 3% stock dividend was issued at the end of the year. There were no other transactions affecting common stock during the year.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

At the beginning of 2019, Hardin Company had 200,000 shares of $10 par common stock outstanding. During the year, it engaged in the following transactions related to its common stock: March 1 Issued 48,000 shares of stock at $25 per share. June 1 Issued a 15% stock dividend. July 1 Issued 10,000 shares of stock at $30 per share. Aug. 31 Issued a 2-for-1 stock split on outstanding shares, reducing the par value to $5 per share. Oct. 31 Reacquired 94,000 shares as treasury stock at a cost of $33 per share. Nov. 30 Reissued 46,000 treasury shares at a price of $36 per share. Required: 1. Determine the weighted average number of shares outstanding for computing the current earnings per share. Round your interim computations and final answer for the number of shares to nearest whole number. fill in the blank 1 shares2. Determine the number of common shares outstanding at December 31, 2019. fill in the blank 2 shares
In 2021, Western Transport Company entered into the treasury stock transactions described below. In 2019, Western Transport had issued 200 million shares of its $1 par common stock at $20 per share. Required:Prepare the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) On January 23, 2021, Western Transport reacquired 15 million shares at $23 per share. On September 3, 2021, Western Transport sold 1 million treasury shares at $24 per share. On November 4, 2021, Western Transport sold 1 million treasury shares at $21 per share.
2. Duke Co. had 200,000 shares of stock outstanding on January 1, 2021. On April 1, 2021, Duke issued 84,000 shares. On July 1, Duke purchased 8,000 treasury shares, which were reissued on November 1. Compute Duke’s weighted-average number of shares outstanding for 2021.
Rose and Hose Garden Supply Co. had 1,358 shares of common stock outstanding at January 1, 2019. On April 1, 2019, it repurchased 54 shares of common stock. Outstanding all year were 10 shares of nonconvertible cumulative preferred stock. Ute reported net income of $1,238 for the year ended December 31, 2019. Ute Co's board of directors declared $138 in preferred dividends during 2019. In its December 31, 2019, income statement, what amount should Ute report as basic earnings per share? (Round to the nearest penny. Type your answer...
In 2021, Western Transport Company entered into the treasury stock transactions described below. In 2019, Western Transport had issued 130 million shares of its $1 par common stock at $13 per share. Required:Prepare the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) On January 23, 2021, Western Transport reacquired 10 million shares at $16 per share. On September 3, 2021, Western Transport sold 5 million treasury shares at $17 per share. On November 4, 2021, Western Transport sold 5 million treasury shares at $14 per share.
At the beginning of 2019, Hardin Company had 210,000 shares of $10 par common stock outstanding. During the year, it engaged in the following transactions related to its common stock: March 1 Issued 48,000 shares of stock at $21 per share. June 1 Issued a 10% stock dividend. July 1 Issued 14,000 shares of stock at $26 per share. Aug. 31 Issued a 2-for-1 stock split on outstanding shares, reducing the par value to $5 per share. Oct. 31 Reacquired 98,000 shares as treasury stock at a cost of $29 per share. Nov. 30 Reissued 53,000 treasury shares at a price of $32 per share. Required: 1. Determine the weighted average number of shares outstanding for computing the current earnings per share. Round your interim computations and final answer for the number of shares to nearest whole number. shares 2. Determine the number of common shares outstanding at December 31, 2019. shares
Kress Products' corporate charter authorized the firm to sell 800,000 shares of $10 par common stock. At the beginning of 2019, Kress sold 262,900 shares and reacquired 1,650 of those shares. The reacquired shares were held as treasury stock. During 2019, Kress sold an additional 16,300 shares and purchased 3,100 more treasury shares. Required: Determine the number of issued and outstanding shares at December 31, 2019. Issued shares shares Outstanding shares shares
Required Information [The following information applies to the questions displayed below.] On January 1, 2019, Metco Inc. reported 273,000 shares of $2 par value common stock as being issued and outstanding. On March 24, 2019, Metco Inc. purchased for its treasury 3,900 shares of its common stock at a price of $36.00 per share. On August 19, 2019, 850 of these treasury shares were sold for $42.50 per share. Metco's directors declared cash dividends of $0.80 per share during the second quarter and again during the fourth quarter, payable on June 30, 2019. and December 31, 2019, respectively. A 2% stock dividend was issued at the end of the year. There were no other transactions affecting common stock during the year. Required: a-1. Use the horizontal model for the treasury stock purchase on March 24, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to Indicate a negative financial statement effect.) Assets Balance Sheet Liabilities + Stockholders' Equity…
Harrington Home Services, Inc. had the following stock transactions April 23, 2017 issued 6,000 shares of $5 par common stock for 59 per share. June 20, 2019-repurchased 1.000 shares of their own common stock that was previously issued for $12 per share. November 2, 2019- sold 500 of the 1,000 repurchased treasury shares (from the June 20, 2019 transaction) for $15 per share. Record all three of these entries in good form, clearly identifying the accounts and amounts to be debited or credited.
Please help me to solve this problem
At December 31, 2019, Hemington Company had 320,000 shares of common stock outstanding. Hemington sold 80,000 shares on October 1, 2020. Net income for 2020 was $1,985,000; the income tax rate was 35%. In addition, Hemington had the following debt and equity securities on its books at December 31, 2019. (a) 30,000 shares of $100 par, 8% cumulative preferred stock (b) 25,000 shares of 10% convertible cumulative preferred stock, par $100, sold at 110. Each share of preferred stock is convertible into three shares of common stock. (c) $1,500,000 face value of 9% bonds sold at par. (d) $2,500,000 face value of 7% convertible bonds sold to yield 8%. Unamortized bond discount is $150,000 at December 31, 2019. Each $1,000 bond is convertible into 22 shares of common stock. Also, options to purchase 20,000 shares of common stock were issued May 1, 2020. Exercise price is $20 per share; market value at date of option was $19; average market value for the year (and for the period…
Presented below is information related to Alligator Corporation for 2019. 1. On September 4, Alligator Corporation sold the 1,000 treasury shares that they had purchased on August 10 at $22 per share. The purchase price of the shares was $25 per share. There is no previous balance in the paid-in-capital from treasury stock account (journalize both purchase and resale).2. On September 20, Alligator Corporation declared & issued a 20% stock dividend on the outstanding common stock when the stock is selling for $50 per share. 3. On December 31, a 3-for-1 stock split is declared and issued.4. On December 31, Alligator Corporation declared a $0.90 per share liquidating dividend on the common stock outstanding. Journalize the following transactions from the perspective of Alligator Corporation.