On December 31, 2023, Berclair Incorporated had 360 million shares of common stock and 4 million shares of 9%, $100 par valu cumulative preferred stock issued and outstanding. • On March 1, 2024, Berclair purchased 12 million shares of its common stock as treasury stock. • Berclair issued a 5% common stock dividend on July 1, 2024. • Two million treasury shares were sold on October 1. • Net income for the year ended December 31, 2024, was $550 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 Denominator Earnings per Share = 0
Q: The following account balances come from the records of Ourso Company: Accounts receivable Allowance…
A: Accounts receivables are the current assets which are reported on the balance sheet. These indicate…
Q: Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for…
A: Solution:-The question asks to complete Section 2(b) of the W-4 multi-jobs worksheet for each of the…
Q: 5. What would be the net book value of the van at the end of Year 2? (Amounts to be deducted should…
A: Cost of acquisition = Cost of delivery van + Sales tax + Cost of logo…
Q: ces [The following information applies to the questions displayed below.] A manufactured product has…
A: STANDARD COSTING Standard costing is a management accounting method that sets predetermined costs…
Q: Hannibal Steel Company's Transport Services Department provides trucks to haul ore from the…
A: Fixed cost:Fixed costs, on the other hand, are expenses that remain constant regardless of the level…
Q: In the government-wide financial statements, the assets acquired under a capital lease would be…
A: The objective of the question is to understand how assets acquired under a capital lease are…
Q: Kristen Lu purchased a used automobile for $25,100 at the beginning of last year and incurred the…
A: 1. Compute the average cost per mile of owning and operating the car: a. Average fixed cost per…
Q: Farmland Company produces milk ob its farms. The entity produces 20% of the community's milk that is…
A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: ! Required information 5 [The following information applies to the questions displayed below.] S…
A: DIRECT LABOUR BUDGETDirect Labour budget is the estimation of Budgeted labour cost incurred for the…
Q: December 31, 2024, account balances: Cash $ 28,000 Accounts Receivable 20,000 Merchandise Inventory…
A: INTRODUCTION:A cash budget is a financial instrument that companies use, usually on a monthly…
Q: Cecil C. Seymour is a 64-year old widower. He had income for 2022 as follows:
A: It seems that the income information for Cecil C. Seymour for the year 2022 have not been published.…
Q: 1. Assume that the company uses absorption costing: a. Compute the unit product cost. b. Prepare an…
A: Income Statement-Companies follow marginal and absorption costing methods in the internal reporting…
Q: If a project has a net present value of $1.000 when a discount rate of 10 percent is used, what can…
A: The objective of the question is to determine the rate of return of a project given its net present…
Q: Determine whether each policy below is good or bad cash management, then identify the cash…
A: The objective of this question is to evaluate each of the given policies in terms of cash management…
Q: The bill of materials for each product at Donald's Office Supply is very specific, right down to the…
A: In order to get the initial gross margin % for each product, the following formula will be…
Q: Jericho Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made…
A: Cost variances refer to differences between actual costs and standard or budgeted costs, helping…
Q: Kearny Inc. produces tablet computers. The company uses crystal LCD displays for its products. Each…
A: The objective of this question is to calculate the price variance, quantity variance, and total…
Q: At January 1, 2023, Carla Vista Limited's outstanding shares included the following 294,000 $50 par…
A: Weighted Average Number of Stocks Outstanding is the number of shares outstanding over a reporting…
Q: am. 118.
A: The objective of the question is to prepare a contribution format income statement segmented by…
Q: C CengageNOWv2 Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item…
A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…
Q: LIFO, and then calculate (b) through (d). Amount
A: LIFO method is one of the methods of inventory valuation in which it is assumed that recent or new…
Q: On January 1, 2024, Trusty Delivery Service purchased a truck at a cost of $62,000. Before placing…
A: It seems like you've provided some fragmented text. Could you please provide more context or clarify…
Q: AirQual Test Corporation provides on-site air quality testing services. The company has provided the…
A: Variances is the amount of difference between the actual values and the values estimated by the…
Q: Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near…
A: A flexible budget performance report is prepared at the end of the period to compare the actual…
Q: On January 1, 2019, Aronsen Company acquired 90 percent of Siedel Company’s outstanding shares.…
A: Consolidation is an activity in which financial statements of a parent and its subsidiary should be…
Q: A company establishes a petty cash fund for $480. By the end of the month, employees had made the…
A: JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…
Q: Sandra owns a small manufacturing company, Tamarisk Camping Stuff Co. The company has been working…
A: Target cost is the difference between target sales revenue and target desired return on investment.…
Q: Fogerty Company makes two products-titanium Hubs and Sprockets. Data regarding the two products…
A: The overhead rate is a cost that is allocated to the product or service at the time of production.…
Q: Discuss briefly the revenue of UK Government from imposing Individual Income Tax?
A: Governments in a particular jurisdiction levy individual income taxes, which are direct taxes on the…
Q: Imperial Jewelers manufactures and sells a gold bracelet for $409.00. The company's accounting…
A: Variable costs are those costs which change along with changes in activity levels. Fixed costs do…
Q: f gain or loss f
A: We are required to calculate the amount of gain or loss that Kapono would recognize on the exchange…
Q: Anna Osinski acquired a townhouse unit in 2020 for $132,000 (land $10,000, building $122,000). She…
A: Answer:- Capital gain or loss:- It is the difference between an asset's original purchase price and…
Q: Nike is the world's leading designer, marketer, and distributor of authentic athletic footwear,…
A: Stock split journal entry: markdownRetained earnings 120,000,000 Common Stock:…
Q: PROBLEM 1: ETC Co. has been paying regular semi-annual dividends to its shareholders. The following…
A: A dividend is a portion of profits and retained earnings distributed to owners and shareholders of a…
Q: Filtration, Inc. manufactures filters for use in secondary water irrigation systems. The costs per…
A: It is the process of making decisions that involve the management of costs in order to achieve…
Q: Steinar loaned a friend $9,500 to buy some stock 3 years ago. In the current year the debt became…
A: The basic rule states that there is a $3,000 maximum deduction for non-business capital gain.…
Q: This year Southfork began work on a senior center to hold activities for its growing senior citizen…
A: Journal entries are used to record all the financial transactions in a business. It helps to know…
Q: Tasman Products has a Maintenance Department that services equipment in the company's Forming…
A: Activity-based costingThe measure of cost determines the cost of the products and services based on…
Q: On January 1, year 1, Dave received 1,000 shares of restricted stock from his employer, RRK…
A: Answer:- Employees who get restricted stock as part of their executive salary are given…
Q: Which of the following statements does not correctly describe the llowance for doubtful accounts…
A: Allowance for doubtful accounts are created to estimate and recognized bad debt expense. This…
Q: Westcoast Purveyors had 345 computer system in stock at the end of the year. Inventory records show…
A: Inventory valuation is based on the method of flow used by the organization. It can be the first in…
Q: General Journal Debit 1,000,000 Credit 1,000,000 Loss-litigation Liability-litigation Late in 2024,…
A: Contingent Liabilities:A contingent liability is a liability whose possibility is to occur in…
Q: During the current month, Sunland Company incurs the following manufacturing costs. (a) Purchased…
A: Production cost is the cost incurred in a factory for the production of goods and hence includes…
Q: Required: 1. How many units were produced last period? 2. How many pounds of direct material were…
A: Variance:The difference between the standard cost and the actual cost incurred that was budgeted for…
Q: am. 102.
A: The objective of the question is to understand how the issuance of common stock affects the…
Q: Comparing three depreciation methods Dexter Industries purchased packaging equipment on January 8…
A: Depreciation is the reduction in value of fixed assets over time due to usage, wear and tear. There…
Q: Wildhorse Company's inventory of $1,188,700 at December 31, 2025, was based on a physical count of…
A: Inventory refers to the stock of goods or materials held by a business for the purpose of resale,…
Q: A company estimates the following manufacturing costs at the beginning of the period: direct labor,…
A: The overhead is the indirect cost of production which includes indirect material, indirect labor and…
Q: Allowance Method ada uses the allowance method. The balance of the Allowance for Doubtful Accounts…
A: Accounts receivables:The accounts receivables refer to the account that is open when the sales are…
Q: Western State University (WSU) is preparing its master budget for the upcoming academic year.…
A: A budget helps in forecasting revenue to be earned in the future. The budget is a standard to be…
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
- Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000Raun Company had the following equity items as of December 31, 2019: Preferred stock, 9% cumulative, 100 par, convertible Paid-in capital in excess of par value on preferred stock Common stock, 1 stated value Paid-in capital in excess of stated value on common stock| Retained earnings The following additional information about Raun was available for the year ended December 31, 2019: 1. There were 2 million shares of preferred stock authorized, of which 1 million were outstanding. All 1 million shares outstanding were issued on January 2, 2016, for 120 a share. The preferred stock is convertible into common stock on a 1-for-1 basis until December 31, 2025; thereafter, the preferred stock ceases to be convertible and is callable at par value by the company. No preferred stock has been converted into common stock, and there were no dividends in arrears at December 31, 2019. 2. The common stock has been issued at amounts above stated value per share since incorporation in 2002. Of the 5 million shares authorized, 3,580,000 were outstanding at January 1, 2019. The market price of the outstanding common stock has increased slowly but consistently for the last 5 years. 3. Raun has an employee share option plan where certain key employees and officers may purchase shares of common stock at 100% of the marker price at the date of the option grant. All options are exercisable in installments of one-third each year, commencing 1 year after the date of the grant, and expire if not exercised within 4 years of the grant date. On January 1, 2019, options for 70,000 shares were outstanding at prices ranging from 47 to 83 a share. Options for 20,000 shares were exercised at 47 to 79 a share during 2019. During 2019, no options expired and additional options for 15,000 shares were granted at 86 a share. The 65,000 options outstanding at December 31, 2019, were exercisable at 54 to 86 a share; of these, 30,000 were exercisable at that date at prices ranging from 54 to 79 a share. 4. Raun also has an employee share purchase plan whereby the company pays one-half and the employee pays one-half of the market price of the stock at the date of the subscription. During 2019, employees subscribed to 60,000 shares at an average price of 87 a share. All 60,000 shares were paid for and issued late in September 2019. 5. On December 31, 2019, there was a total of 355,000 shares of common stock set aside for the granting of future share options and for future purchases under the employee share purchase plan. The only changes in the shareholders equity for 2019 were those described previously, the 2019 net income, and the cash dividends paid. Required: Prepare the shareholders equity section of Rauns balance sheet at December 31, 2019. Substitute, where appropriate, Xs for unknown dollar amounts. Use good form and provide full disclosure. Write appropriate notes as they should appear in the publisher financial statements.Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73
- Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. Open the file STOCKEQ from the website for this book at cengagebrain.com. Enter the formulas in the appropriate cells on the worksheet. Then fill in the columns to show the effect of each of the selected transactions and events listed earlier. Enter your name in cell A1. Save the completed worksheet as STOCKEQ2. Print the worksheet. Also print your formulas. Check figure: Total stockholders equity balance at 12/31/12 (cell G21). 398,800.
- Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. In the space provided below, prepare the stockholders equity section of Chen Corporations balance sheet as of December 31, 2012. Use proper headings and provide full disclosure of all appropriate information. Chens corporate charter authorizes the issuance of 1,000 shares of preferred stock and 100,000 shares of common stock.Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements.
- Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.Cash dividends on the 10 par value common stock of Garrett Company were as follows: The 4th-quarter cash dividend was declared on December 21, 2019, to shareholders of record on December 31, 2019. Payment of the 4th-quarter cash dividend was made on January 18, 2020. In addition, Garrett declared a 5% stock dividend on its 10 par value common stock on December 3, 2019, when there were 300,000 shares issued and outstanding and the market value of the common stock was 20 per share. The shares were issued on December 24, 2019. What was the effect on Garretts shareholders equity accounts as a result of the preceding transactions?Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?