Calculate the weighted average number of common shares for the year. Question 5 of 6Dec. 1. 2023Feb. 28,2024May 31,2024Nov. 1,2024<(a)View PoliciesShow Attempt HistoryCurrent Attempt in ProgressMartinez Limited reported profit of $419,550 for its November 30, 2024, year end. Cash dividends of $87,000 on the common sharesand $63,300 on the noncumulative preferred shares were declared and paid during the year. The following information is availableregarding Martinez's common shares:!!!The opening number of common shares was 65,500.Sold 9,200 common shares for $193,200 cash.Reacquired 4,600 common shares for $87,400 cash.Issued 13,800 common shares in exchange for land with a fair value of $250,000.***

According to the question, we need to determine the weighted average number of shares outstanding at…

Answered: Martinez Limited reported profit of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ew PolicieS Current Attempt in Progress On January 1,2020, Larkspur Corporation had 66,500 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: ar. 1. Issued 21,000 shares of common stock for $535,000. Declared a cash dividend of$2per share to stockholders of record on June 15. July Paid the $2 cash dividend. Dec 1 Purchased 5,900 shares of common stock for the treasury for $23 per share, Dec. 15 Declared a cash dividend on outstanding shares of $2.25 per share to stockholders of record on December 31. Prepare journal entries to record the above transactions. (If no entry is required, select No entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when armount is entered. Do not indent manually List all debit entries before credit entries, Record journal entries in the order presented in the problem) Date Account Titles and Explanation Credit e Textbook and Media List of…
Problem 1. The stockholders' equity section of Kookie Co. revealed the following information on December 31, 2022. Preference stock, P50 par Share premium – preference Ordinary stock, P15 par Share premium – ordinary Subscribed ordinary stock Retained earnings 2,300,000 805,000 5,250,000 2,750,000 150,000 1,900,000 400,000 Subscriptions receivable – ordinary (collectible next month) Required: Answer the following questions with supporting computations: 1. How much is the legal capital? 2. How much is the total paid in capital? 3. What is the amount of the stockholders' equity on 12/31/2022? 4. How many preference shares were issued? 5. How many ordinary shares were subscribed?
View Policies Current Attempt in Progress Concord, Inc. issued 9800 shares of stock at a stated value of $7/share. The total issue of stock sold for $12 per share. The journal entry to record this transaction would include a O credit to Paid-in Capital in Excess of Par for $117600. O credit to Common Stock for $68600. O debit to Cash for $68600. O credit to Common Stock for $117600. Save for Later Attempts: 0 of 1 used Submit Answer
Assignment Content 1. Determine the Basic and Diluted Earnings Per Share for Company X. All necessary Information is listed below. Show your calculations. 2. In 100 words, or fewer, explain why investors should be more interested in the the Diluted EPS number than the Basic EPS number. Company X information for Diluted Shares calculations for period 201X: Earnings for Year 201X - $20 million Average Basic shares outstanding for Company X in 201X – 10 million Average Stock Price for year 201X - $6.00 Warrants to purchase common shares: - Warrants A to purchase 2 million shares ex @ $2.00 - Warrants B to purchase 3 million shares ex @ $5.00. Assume the A and B Warrants are the only additional securities outstanding (besides the basic shares) for Company X in 201X. Hint: Carefully Review PowerPoint lecture slides 7 - 12, Text pages 245 -246, and the Podcast. Also, there is nothing wrong with looking up other Diluted EPS definitions online.
Exercise 6-2 (Cash and Share Capital Stock Dividends) The statement of financial position of JKL Corp. as of December 31, 2020 reports the following shareholder equity accounts: Ordinary Share Capital, P50 par, 100,000 shares outstanding Ordinary Share Premium Retained Earnings P5,000,000 2,500,000 3,000,000 During 2021, the following dividend distributions were made: April 1 Declared a cash dividend of P7 per share payable on May 2 to shareholders of record of April 15. June 1 Decdared a 10% stock dividend distributable on July 15 to shareholders of record of June 30. Stocks are selling on this date at P65 per share Instructions: Record the declaration and distribution of each of the above-mentioned dividends. Share Favourite Delete Edit More ... 归 0
Answer with computation and explanation X Company sold 1,000 ordinary shares at par of P20 per share for P50,000. The journal entry to record the transaction would have a a credit to ordinary shares for P50,000. b credit to share premium for P20,000 C. credit to ordinary shares of P20,000. d. debit to share premium of P30,000
Problem 4. On December 31, 2022, the stockholders' equity section of the balance sheet of the X Co. was as follows: Capital stock 6% preference, P100 par Ordinary shares, P100 par Retained earnings P100,000 900,000 P1,000,000 Free Appropriated for contingencies Appropriated for construction of building 200,000 100,000 100,000 400,000 P1.400.000 Additional information: No dividends have been declared for the last five years. During the year, a P180,000 cash dividend was declared. Required: Compute the dividend per share for the preference and the ordinary shareholders under each of the following cases: The preference shares are... a. non-cumulative and non-participating b. cumulative and non-participating c. non-cumulative and participating d. cumulative and participating e. cumulative and participating up to 10%.
View Policies Current Attempt in Progress If Marigold Company issues 8800 shares of $5 par value common stock for $160600, the account O Cash will be debited for $116600. O Paid-in Capital in Excess of Par will be credited for $44000. O Common Stock will be credited for $44000. Paid-in Capital in Excess of Par will be credited for $160600. Save for Later Attempts: 0 of 1 used Submit Answer
Share Issuances for Cash and Non-Cash Considerations Problem #13 0n Jan. 1, 2018, the following accounts and their balances appeared in the ledger of Fuentes Corporation: Preference P9 Shares, P100 par, 10,000 shares authorized, 5,000 shares issued Share Premium-Preference Ordinary Shares, P20 par, 100,000 shares authorized, 75,000 shares issued Share Premium-Ordinary Retained Earnings P 500,000 80,000 1,500,000 125,000 505,000 At the annual shareholders' meeting on Feb. 11, the board of directors presented a plan for modernizing and expanding plant operations at a cost of approximately P600,000. The plan provided (a) that the corporation borrow P175,000, (b) that 1,000 shares of the unissued preference shares be issued through an underwriter, and (c) that a building valued at P280,000, and the land on which it is located, valued at P50,000, be acquired in accordance with preliminary negotiations by the issuance of 15,000 ordinary shares. The plan was approved by the shareholders and…
View Policies Current Attempt in Progress On January 1, Swifty Corporation had 71000 shares of $10 par value common stock outstanding. On June 17, the company declared a 15% stock dividend to stockholders of record on June 20. Market value of the stock was $14 on June 17. The stock was distributed on June 30. The entry to record the transaction of June 30 would include a O debit to Common Stock Dividends Distributable for $149100. O debit to Stock Dividends for $42600. O credit to Paid-in Capital in Excess of Par for $42600. O credit to Common Stock for $106500. Save for Later Attempts: 0 of 1 used Submit Answer
Question 15 of 17 Marigold Corp. had the following information in its financial statements for the year ended 2020 and 2021: Common cash dividends for the year $19700 2021 Net income for the year ended 2021 127000 Market price of stock, 12/31/21 24 Common stockholders' equity, 12/31/20 2150000 Common stockholders' equity, 12/31/21 2740000 Outstanding shares, 12/31/21 147000 Preferred dividends for the year ended 29900 2021 What is the book value per share for Marigold Corp. for the year ended 2021? O $18.64 O $14.63 O $18.44 O $18.31
LO 11-2, 11-5 E11-17 Determining the Effect of a Stock Repurchase on EPS and ROE Swimtech Pools Inc. (SPI) reported the following in its financial statements for the quarter ended March 31, 2021. Common Stock, $1 par, 50,000 shares issued and outstanding Additional Paid-In Capital Retained Earnings Total Stockholders' Equity December 31, 2020 $ 50,000 30,000 20,000 $100,000 March 31, 2021 $ 50,000 30,000 20,000 $100,000 During the quarter ended March 31, SPI reported Net Income of $5,000 and declared and paid cash dividends totaling $5,000. Required: 1. Calculate earnings per share (EPS) and return on equity (ROE) for the quarter ended March 31. 2. Assume SPI repurchases 10,000 of its common stock at a price of $2 per share on April 1, 2021. Also assume that during the quarter ended June 30, 2021, SPI reported Net Income of $5,000 and declared and paid cash dividends totaling $5,000. Calculate earnings per share (EPS) and return on equity (ROE) for the quarter ended June 30, 2021. 3.…

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