During 2024, Ryabova entered into the following transactions relating to shareholders' equity. The corporation was authorized to issue 20 million common shares, $1 par per share. Net income for 2024 was $122 million. January 2 Issued 10 million common shares for cash. January 3 Entered an agreement with the company president to issue up to 2 million additional shares of common stock in 2024 based on the earnings of Ryabova in 2024. If net income exceeds $110 million, the president will receive 1 million shares; if net income exceeds $130 million, the president will receive 2 million shares. Required: Compute basic and diluted EPS for 2024. Note: Round your answers to 2 decimal places. Basic EPS Diluted EPS
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- 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?Tama Companys capital structure consists of common stock and convertible bonds. At the beginning of 2019, Tama had 15,000 shares of common stock outstanding; an additional 4,500 shares were issued on May 4. The 7% convertible bonds have a face value of 80,000 and were issued in 2016 at par. Each 1,000 bond is convertible into 25 shares of common stock; to date, none of the bonds have been converted. During 2019, the company earned net income of 79,200 and was subject to an income tax rate of 30%. Required: Compute the 2019 diluted earnings per share.Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, 100 par, nonconvertible preferred stock outstanding, on which the years dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of 17,000 had been paid during 2019. At the end of 2019, the market price per share of common stock was 17.50. Required: 1. Compute Mononas basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.
- On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.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. 3,370,000Hyde 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
- During 2024, Ryabova entered into the following transactions relating to shareholders' equity. The corporation was authorized to issue 20 million common shares, $1 par per share. Net income for 2024 was $116 million. January 2 Issued 10 million common shares for cash. January 3 Entered an agreement with the company president to issue up to 2 million additional shares of common stock in 2024 based on the earnings of Ryabova in 2024. If net income exceeds $100 million, the president will receive 1 million shares; if net income exceeds $120 million, the president will receive 2 million shares. Required: Compute basic and diluted EPS for 2024. Note: Round your answers to 2 decimal places. Basic EPS Diluted EPS__.During 2021, its first year of operations, McCollum Tool Works entered into the following transactions relating to shareholders’ equity. The corporation was authorized to issue 100 million common shares, $1 par per share. Jan. 2 Issued 65 million common shares for cash. 3 Entered an agreement with the company president to issue up to 2 million additional shares of common stock in 2022 based on the earnings of McCollum in 2022. If net income exceeds $130 million, the president will receive 1 million shares; 2 million shares if net income exceeds $140 million. Mar. 31 Issued 4 million shares in exchange for plant facilities. Net income for 2021 was $139 million.Required: Compute basic and diluted earnings per share for the year ended December 31, 2021The Maria Incorporated was established in 2018. The Corporation issued 100,000, ₱20 par value shares of stocks at an issue price of ₱25. On May 1, 2019, the corporation issued 20,000 new shares at an issue price of ₱30 per share. The corporation reported a net income of ₱356,785 and ₱425,000 in 2018 and 2019, respectively. Dividends of ₱2 per share were declared and distributed to shareholders on March 31, 2019. There were no dividends distributed on the first year of operation of the corporation. Make a Statement of Changes in Equity of Maria Incorporated for the year 2019
- During 2021, its first year of operations, McCollum Tool Works entered into the following transactions relating to shareholders’ equity. The corporation was authorized to issue 100 million common shares, $1 par per share. Jan. 2- Issued 35 million common shares for cash. 3 - Entered an agreement with the company president to issue up to 2 million additional shares of common stock in 2022 based on the earnings of McCollum in 2022. If net income exceeds $140 million, the president will receive 1 million shares; 2 million shares if net income exceeds $150 million.Mar. 31 - Issued 4 million shares in exchange for plant facilities. Net income for 2021 was $148 million.Required:Compute basic and diluted earnings per share for the year ended December 31, 2021.During its first year of operations, McCollum Tool Works entered into the following transactions relating to shareholders’ equity. The corporation was authorized to issue 100 million common shares, $1 par per share. Jan. 2 Issued 35 million common shares for cash. 3 Entered an agreement with the company president to issue up to 2 million additional shares of common stock in 2017 based on the earnings of McCollum in 2017. If net income exceeds $140 million, the president will receive 1 million shares; 2 million shares if net income exceeds $150 million. Mar. 31 Issued 4 million shares in exchange for plant facilities. Net income for 2016 was $148 million. Required: Compute basic and diluted earnings per share for the year ended December 31, 2016.At the beginning of the reporting period, it has $5 million of share capital and 1.5 million ordinary shares outstanding. On 1 April 2022, the company announces a bonus issue of 2 shares for every share held on that date. By the end of the year Himalaya Ltd.’s profit attributable to ordinary shareholders amounts to $5,250,000. Year 2023: Himalaya Ltd. needs to raise funds for expansion of its business. Ms. Natasha Romanoff, CEO and Mr. Clint Barton, CFO have decided to make a non-renounceable rights issue to existing shareholders of 250,000 new shares at an issue price of $20 per share. Goldman Sachs has agreed to fully underwrite the rights issue. Himalaya Ltd issued a prospectus on 1 February 2023 and applications closed on 3 April 2023. Costs associated with the rights issue and the eventual issue of the shares were $45,000. For the year ending December 2022, calculate the 2022 basic earnings per share amounts that Himalaya Ltd. must disclose in its financial statements for the year…