Timp, Inc. had the following common stock balances and transactions during year 11/1/Y12/1/Y17/1/Y112/31/Y1Common stock outstandingIssued a 10% common stock dividendIssued common stock for cashCommon stock outstanding30,0003,0008,00041,000What were Timp's year 1 weighted-average shares outstanding?

Weighted average shares refer to the number of outstanding shares of a company's stock that are…

Answered: Timp, Inc. had the following common…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

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Problem 5MCQ

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Raun 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.
Given the following year-end information for Somerset Corporation, compute its basic earnings per share. Net income, 13,000 Preferred dividends declared, 4,000 Weighted average common shares for the year, 4,500
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?
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. 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.
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.
The following information relates to SE11-8 through SE11-10: Evans & Sons, Inc., disclosed the following information in a recent annual report: Net income Preferred stock dividends. Average common stockholders' equity. Dividend per common share.. Earnings per share. . . . . Market price per common share, year-end. 2018 $ 35,000 3,000 1,000,000 1.90 2.85 19.00 2019 $ 48,000 3,000 1,500,000 2.00 3.20 21.00 SE11-8. Return on Common Stockholders' Equity Calculate the return on common stockholders' equity for Evans & Sons for 2018 and 2019. Did the return improve from 2018 to 2019? SE11-9. Dividend Yield Calculate the dividend yield for Evans & Sons for 2018 and 2019. Did the dividend yield improve from 2018 to 2019? SE11-10. Dividend Payout Ratio Calculate the dividend payout for Evans & Sons for 2018 and 2019. Did the dividend payout increase from 2018 to 2019? SE11-11. Change in Stockholders' Equity Nikron Corporation issued 20,000 shares of $0.50 par value common stock during the year…
Morrison Corporation had the following common stock record during the current calendar year: Outstanding-January 1 Additional shares issued 3/31 Distributed a 10% stock dividend on 6/30 Additional shares issued 9/30 What is the number of shares to be used in computing basic EPS? Multiple Choce 2.110.000 2.326.550 2,110,000 111,000 2,440.325 111,000
Sunland Corporation reports the following information: Net income Dividends on common stock Dividends on preferred stock Weighted-average common shares outstanding Sunland should report earnings per share of O $3.48. O $4.69. O $4.13. O $3.13. $506140 130000 60100 108000
The following account balances relate to the stockholders' equity accounts of Oriole Corp. at year-end. 2025 2024 Common stock, 11,090 and 10,590 shares, issued and outstanding, respectively, for 2025 and 2024 Preferred stock, 4,590 shares, issued and outstanding Retained earnings $169,060 $148,260 114,750 114,750 286,710 262,300 A small stock dividend was declared and issued in 2025. The market price of the shares issued was $9,430. Cash dividends of $21,320 were declared and paid in both 2025 and 2024. The common stock and preferred stock have no par or stated value. (a) × Your answer is incorrect. What was the amount of net income reported by Oriole Corp. in 2025?
On January 1, 2022, Monty Corp. had the following stockholders' equity balances. Common Stock (535,000 shares issued) Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings During 2022, the following transactions and events occurred. 1. 2. 3. 4. 5. $1,605,000 486,000 240,750 607,000 6. Issued 80,250 shares of $3 par value common stock as a result of 15% stock dividend declared on December 15, 2021. Issued 32,500 shares of common stock for cash at $5 per share. Purchased 27,000 shares of common stock for the treasury at $6 per share. Declared and paid a cash dividend of $110,000. Sold 8,400 shares of treasury stock for cash at $6 per share. Earned net income of $345,000.
On January 1, 2022, Whispering Winds Corp. had the following stockholders' equity balances. Common Stock (583,000 shares issued) Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings 1. During 2022, the following transactions and events occurred. 2. 3. 4. 5. $1,749,000 6. 477,000 174,900 577,000 Issued 58,300 shares of $3 par value common stock as a result of 10% stock dividend declared on December 15, 2021. Issued 30,500 shares of common stock for cash at $5 per share. Purchased 28,000 shares of common stock for the treasury at $6 per share. Declared and paid a cash dividend of $112,000. Sold 7,000 shares of treasury stock for cash at $6 per share. Earned net income of $342,000. Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

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