Intermediate Accounting
3rd Edition
ISBN: 9780136912644
Author: Elizabeth A. Gordon; Jana S. Raedy; Alexander J. Sannella
Publisher: Pearson Education (US)
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Textbook Question
Chapter 20, Problem 20.5BE
Compute Weighted-Average Number of Shares Outstanding. Elmwood Excavation Consultants began the current year with 30,000 common shares outstanding. It issued additional shares of 15,000 and 18,000 on March 1 and August 1, respectively. The company also purchased 3,000 shares of
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Howard Corporation had 10,000 shares of common stock outstanding at the beginning of the year. On July 1, it issued 5,000 shares, and on September 1, it reacquired 600 shares as treasury stock. What is the weighted average number of common shares Howard will use in computing its earnings per share?
Total weighted average shares
Conroe Excavation Consultants began the current year with 29,100 common shares outstanding. It issued additional shares of 16,200 and 18,900 on March 1 and September 1, respectively. The company also purchased 6,000 shares of treasury stock on October 1. The firm's year end is December 31. Based on
this information, compute the weighted-average number of common shares outstanding for Conroe Excavation Consultants assuming that the company implemented a 8% stock dividend on December 1. (Enter a decrease in shares outstanding with a minus sign or parentheses.)
Date
Event
1/1 Balance
3/1
New Issue
9/1 New Issue
10/1
Treasury Stock Purchase
Subtotal
12/1 8% Stock Dividend
12/31 Balance
Number of Shares
Outstanding
Weight by Number of Months
Shares Are Outstanding
Weighted-Average
Shares Outstanding
.......
During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation:
a. February 1: Repurchased 240 shares of the company's common stock at $22 cash per share.
b. July 15: Sold 130 of the shares purchased on February 1 for $23 cash per share.
c. September 1: Sold 100 of the shares purchased on February 1 for $21 cash per share.
Required:
1. Prepare the journal entry required for each of the above transactions.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
Journal entry worksheet
1
2
Repurchased 240 shares of the company's common stock at $22 cash per
share.
Date
February 01
3
Note: Enter debits before credits.
Record entry
General Journal
Clear entry
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Debit
1 of 8
Credit
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Chapter 20 Solutions
Intermediate Accounting
Ch. 20 - Prob. 20.1QCh. 20 - Prob. 20.2QCh. 20 - If-Converted Method. Does the if-converted...Ch. 20 - Diluted EPS. If all potentially dilutive...Ch. 20 - Diluted EPS. Can diluted earnings per share on...Ch. 20 - Diluted EPS, Convertible Debt, and Preferred...Ch. 20 - Prob. 20.7QCh. 20 - Prob. 20.8QCh. 20 - Prob. 20.9QCh. 20 - EPS Disclosures. is an entity required to present...
Ch. 20 - Prob. 20.11QCh. 20 - Hutchins Company had 200,000 shares of common...Ch. 20 - Prob. 20.2MCCh. 20 - Prob. 20.3MCCh. 20 - Prob. 20.4MCCh. 20 - Refer to the information about Hutchins Company in...Ch. 20 - Prob. 20.6MCCh. 20 - Prob. 20.1BECh. 20 - Prob. 20.2BECh. 20 - Computing Income for Basic EPS. Russo Watches, Ltd...Ch. 20 - Prob. 20.4BECh. 20 - Compute Weighted-Average Number of Shares...Ch. 20 - Compute Weighted-Average Number of Shares...Ch. 20 - Prob. 20.7BECh. 20 - Prob. 20.8BECh. 20 - Prob. 20.9BECh. 20 - Prob. 20.10BECh. 20 - Prob. 20.11BECh. 20 - Computing Basic and Diluted EPS, Options. Nicks...Ch. 20 - Computing Diluted EPS, Convertible Debt. Axelon...Ch. 20 - Computing Basic and Diluted EPS, Preferred Stock....Ch. 20 - Computing Weighted-Average Number of Common Shares...Ch. 20 - Prob. 20.3ECh. 20 - Computing Basic and Diluted EPS, Convertible...Ch. 20 - Prob. 20.5ECh. 20 - Computing Basic and Diluted EPS, Convertible Bonds...Ch. 20 - Computing Basic and Diluted EPS, Convertible Bonds...Ch. 20 - Computing Basic and Diluted EPS, Convertible...Ch. 20 - Computing Basic and Diluted EPS, Options,...Ch. 20 - Computing Basic and Diluted EPS, Convertible...Ch. 20 - Computing Basic and Diluted EPS, Convertible...Ch. 20 - Prob. 20.12ECh. 20 - Prob. 20.1PCh. 20 - Prob. 20.2PCh. 20 - Computing Basic and Diluted EPS. Convertible...Ch. 20 - Prob. 20.4PCh. 20 - Computing Basic and Diluted EPS, Convertible...Ch. 20 - Computing Basic and Diluted EPS, Convertible...Ch. 20 - Prob. 20.7PCh. 20 - Prob. 20.8PCh. 20 - Prob. 1JCCh. 20 - Prob. 1FSCCh. 20 - Prob. 1SSCCh. 20 - Basis for Conclusions Case 1: Antidilutive...Ch. 20 - Basis for Conclusions Case 2: Treasury Stock...
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