The following information was extracted from the records of TAC Corporation at the end of the fiscal year after all adjusting entries were completed: Common stock ($20 par value; 100,000 shares authorized, 34,000 shares issued, 32,000 shares outstanding) Additional paid-in capital Dividends declared and paid during the year Retained earnings at the beginning of the year Treasury stock at cost (2,000 shares) Net income Current stock price $ 680,000 163,000 16,000 75,000 (25,000) $ 30,000 $ 22.29 Required 1. Prepare the stockholders' equity section of the balance sheet at the end of the fiscal year. Note: Amounts to be deducted should be indicated by a minus sign. Stockholders' equity: Contributed capital TAC CORPORATION Balance Sheet (Partial) At End of This Fiscal Year Total contributed capital Total stockholders' equity EA $ 0 EA 0

The following information was extracted from the records of TAC Corporation at the end of the fiscal year after all adjusting entries were completed: Common stock ($20 par value; 100,000 shares authorized, 34,000 shares issued, 32,000 shares outstanding) Additional paid-in capital Dividends declared and paid during the year Retained earnings at the beginning of the year Treasury stock at cost (2,000 shares) Net income Current stock price $ 680,000 163,000 16,000 75,000 (25,000) $ 30,000 $ 22.29 Required 1. Prepare the stockholders' equity section of the balance sheet at the end of the fiscal year. Note: Amounts to be deducted should be indicated by a minus sign. Stockholders' equity: Contributed capital TAC CORPORATION Balance Sheet (Partial) At End of This Fiscal Year Total contributed capital Total stockholders' equity EA $ 0 EA 0

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 12RE: Given the following year-end information, compute Greenwood Corporations basic and diluted earnings...

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The income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows: Includes both state and federal taxes. Refer to the information for Somerville Company on the previous pages. Required: Note: Round answers to two decimal places. 1. Compute the number of common shares. 2. Compute earnings per share.
Basic Income Statement The following are selected account balances of Rule Corporation at the end of the current year: Rule is subject to a 30% income tax rate, and shareholders own 800 shares of its capital stock. Required: Prepare the income statement for Rule.
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The income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows: Includes both state and federal taxes. Brief Exercise 15-20 Calculating the Average Common Stockholders Equity and the Return on Stockholders Equity Refer to the information for Somerville Company on the previous pages. Required: Note: Round answers to four decimal places. 1. Calculate the average common stockholders equity. 2. Calculate the return on stockholders equity.
Longmont Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the numerator of the EPS calculation for Longmont?
Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.
The controller of Red Lake Corporation has requested assistance in determining income, basic earnings per share, and diluted earnings per share for presentation on the companys income statement for the year ended September 30, 2020. As currently calculated, Red Lakes net income is 540,000 for fiscal year 2019-2020. Your working papers disclose the following opening balances and transactions in the companys capital stock accounts during the year: 1. Common stock (at October 1, 2019, stated value 10, authorized 300,000 shares; effective December 1, 2019, stated value 5, authorized 600,000 shares): Balance, October 1, 2019issued and outstanding 60,000 shares December 1, 201960,000 shares issued in a 2-for-l stock split December 1, 2019280,000 shares (stated value 5) issued at 39 per share 2. Treasury stockcommon: March 3, 2020purchased 40,000 shares at 38 per share April 1, 2020sold 40,000 shares at 40 per share 3. Noncompensatory stock purchase warrants, Series A (initially, each warrant was exchangeable with 60 for 1 common share; effective December 1, 2019, each warrant became exchangeable for 2 common shares at 30 per share): October 1, 201925,000 warrants issued at 6 each 4. Noncompensatory stock purchase warrants, Series B (each warrant is exchangeable with 40 for 1 common share): April 1, 202020,000 warrants authorized and issued at 10 each 5. First mortgage bonds, 5%, due 2029 (nonconvertible; priced to yield 5% when issued): Balance October 1, 2019authorized, issued, and outstandingthe face value of 1,400,000 6. Convertible debentures, 7%, due 2036 (initially, each 1,000 bond was convertible at any time until maturity into 20 common shares; effective December 1, 2019, the conversion rate became 40 shares for each bond): October 1, 2019authorized and issued at their face value (no premium or discount) of 2,400,000 The following table shows the average market prices for the companys securities during 2019-2020: Adjusted for stock split Required: Prepare a schedule computing: 1. the basic earnings per share 2. the diluted earnings per share that should be presented on Red Lakes income statement for the year ended September 30, 2020 A supporting schedule computing the numbers of shares to be used in these computations should also be prepared. Assume an income tax rate of 30%.
Errol Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is the numerator of the EPS calculation for Errol?
The following information was extracted from the records of Cascade Company at the end of the fiscal yea were completed: Common stock ($0.01 par value; 230,000 shares authorized, 55,500 shares issued, 53,500 shares outstanding) Additional paid-in capital Dividends declared and paid during the year Retained earnings at the end of the year Treasury stock at cost (2,000 shares) Net income Current stock price Required: 1. Prepare the stockholders' equity section of the balance sheet at the end of the fiscal year. 2. Compute the dividend yield ratio. Determine the number of shares of stock that received dividends. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the dividend yield ratio. Determine the number of shares of stock that received dividends. Note: Do not round your intermediate calculations. Round Dividend yield ratio to 2 decimal places. Dividend yield ratio Number of shares % $ 555 459,000 23,500 315,000 (16;500) $ 96,500 $ 10 >
At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $10; 5,100 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $ 51,000 13,000 64,000 49,000 $ 113,000 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 2,000 shares of common stock at $27 cash per share (at year-end). b. Determined net income, $53,000. c. Declared and paid a cash dividend of $2 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders' equity for the year ended December 31, current year. BARNARD CORPORATION Statement of Stockholders' Equity Common Stock Shares Amount Paid-in Capital Retained Earnings Total Stockholders' Equity Balances as of December 31, prior year Balances as of December 31, current year
At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATIONBalance SheetAt December 31, Prior Year Stockholders’ equity Contributed capital Common stock (par $10; 5,100 shares) $ 51,000 Paid-in capital 18,000 Total contributed capital 69,000 Retained earnings 42,000 Total stockholders’ equity $ 111,000 During the current year, the following selected transactions (summarized) were completed: Sold and issued 1,800 shares of common stock at $24 cash per share (at year-end). Determined net income, $48,000. Declared and paid a cash dividend of $3 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders’ equity for the year ended December 31, current year.
The following information was taken from the accounting records of ATLANTA Company for the year ended December 31, 2021: Net income during the year, P2,250,000Proceeds from the issuance of preference shares, P4,000,000Dividends paid on preference shares, P400,000Bonds payable converted to ordinary shares, P2,000,000Payment for purchase of machinery, P500,000Proceeds from sale of plant building, P1,200,000Retirement of bonds payable at face value, P2,500,0002% bonus issue on ordinary shares, P300,000Purchase of ordinary treasury shares, P120,000Payment for the purchase of debt securities at amortized cost, P450,000Gain on sale of plant building, P200,000Depreciation expense, P188,000Doubtful accounts expense, P87,000Increase in accounts receivable, P325,000Decrease in merchandise inventory, P129,000Increase in investments in equity securities at FVTPL, P440,000Increase in accounts payable, P90,000Decrease in accrued expenses, P225,000Increase in income tax payable, P117,000 How much is…