On December 31, 2022, Oriole Corporation had 144,000 common shares outstanding. On April 30, 2023, the company issued an additional 52,200 common shares for cash. On July 31, 2023, the company repurchased and cancelled 21,000 common shares. During the year ended December 31, 2023, Oriole earned income before taxes of $40,000,000. Not included in this income was a loss from discontinued operations of $5,000,000 before tax. The company was subject to a 25% income tax rate. (a) X Your answer is incorrect. Calculate the weighted average number of common shares outstanding. Weighted Average Number of Common Shares 156150

On December 31, 2022, Oriole Corporation had 144,000 common shares outstanding. On April 30, 2023, the company issued an additional 52,200 common shares for cash. On July 31, 2023, the company repurchased and cancelled 21,000 common shares. During the year ended December 31, 2023, Oriole earned income before taxes of $40,000,000. Not included in this income was a loss from discontinued operations of $5,000,000 before tax. The company was subject to a 25% income tax rate. (a) X Your answer is incorrect. Calculate the weighted average number of common shares outstanding. Weighted Average Number of Common Shares 156150

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter13: Earnings Per Share (eps)

Section: Chapter Questions

Problem 2R: Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8%...

See similar textbooks

Similar questions

Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: For 2011, Ponce Towers, Inc., had income from continuing operations of 545,000 and a 72,000 loss from discontinued operations (net of tax). Open the file EPS from the website for this book at cengagebrain.com. Enter all input items (AF) in the appropriate cells in the Data Section. Enter all formulas in the appropriate cells in the Answer Section. Enter your name in cell A1. Save the completed file as EPS2. Print the worksheet when done. Also print your formulas. Check figure: Basic earnings per share from continuing operations (cell D29), 5.94.
Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________
Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: For 2011, Ponce Towers, Inc., had income from continuing operations of 545,000 and a 72,000 loss from discontinued operations (net of tax). As vice president of finance for the firm, you have been asked to calculate earnings per share for 2011. The worksheet EPS has been provided to assist you.
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.
For the year ended December 31, 2023, Oriole Corporation had income before taxes and discontinued operations of $1,080,000. During the year, Oriole disposed of one of its business segments for a gain of $320,000 before tax. Oriole had 50,000 common shares outstanding during the year. The company was subject to a 35% income tax rate. Prepare the income statement for Oriole Corporation, beginning with the line "Income from continuing operations before income tax." (Round earnings per share values to 2 decimal places, e.g. 15.25.) Basic Earnings per share: ORIOLE Corporation Partial Income Statement < LA GA $ GA $
Boulter, Incorporated, began business on January 1, 2024. At the end of December 2024, Boulter had the following investments in debt securities: Trading Available-for-Sale Cost $ 60,000 $ 110,000 Fair value 54,000 107,500 All declines in value are deemed to be temporary in nature. How should the corresponding losses be reflected in the financial statements at December 31, 2024? Income Statement Accumulated Other Comprehensive Income in Shareholders' Equity a. $ 8,500 $ 0 b. $ 0 $ 8,500 c. $ 6,000 $ 2,500 d. $ 2,500 $ 6,000
On December 31, 2019. Cullumber Corporation had 141.600 common shares outstanding On April 30, 2020, the company issued an additional 45.000 common shares for cash, On July 31, 2020, the company repurchased and cancelled 21.000 common shares During the year ended December 31, 2020, Cullumber earned income before taxes of $40.000.000 Not included in this income was a loss from discontinued operations of $5.000.000 before tax. The company was subject to a 29% income tax rate Calculate earnings per chare data as they should appear on the 2020 inconstaterers of Cullumber Corporation (Round or to 2 decimal places, eg. 52.75) Earnings per share Continuing operation Discontinued operations Carnings pe shore
help me
Windsor Corp. has 149,520 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,229,200. Additional transactions not considered in the $1,229,200 are as follows. In 2020, Windsor Corp. sold equipment for $36,200. The machine had originally cost $83,500 and had accumulated depreciation of $31,600. The gain or loss is considered non-recurring. 1. 2. The company discontinucd operations of one of its subsidiaries during the current year al a loss of $194,300 before taxes. Assume that this transaction meets the criteria for discontinued operations. The loss from operations of the discontinued subsidiary was $91,600 before taxes; the loss from disposal of the subsidiary was $102,700 before taxes. An internal audit discovered that arnortization of intangible assets was understated by $38,100 (net of tax) in a prior period. The amount was charged against retained earnings. 3. 4. The company recorded a non-recurrina gain of…
Wade Corp. has 150,000 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,210,000. Additional transactions not considered in the $1,210,000 are as follows. 1. In 2020, Wade Corp. sold equipment for $40,000. The machine had originally cost $80,000 and had accumulated depreciation of $30,000. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $190,000 before taxes. Assume that this transaction meets the criteria for discontinued operations. The loss from operations of the discontinued subsidiary was $90,000 before taxes; the loss from disposal of the subsidiary was $100,000 before taxes. 3. An internal audit discovered that amortization of intangible assets was understated by $35,000 (net of tax) in a prior period. The amount was charged against retained earnings. 4. The company recorded a non-recurring gain…
Swifty Corporation has income from continuing operations of $319,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. An unrealized loss of $58,800 on available-for-sale securities. 2. A gain of $25,300 on the discontinuance of a division (comprised of a $8,200 loss from operations and a $33,500 gain on disposal). Assume all items are subject to income taxes at a 20% tax rate.Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income. SWIFTY CORPORATIONPartial Income Statementchoose the accounting period select an income statement item $enter a dollar amount select an income statement item select an income statement item…
On January 1, 2023, Cullumber Corp. had cash and common shares of $80,000. At that date, the company had no other asset, liability, or shareholders' equity balances. On January 2, 2023, Cullumber paid $60,000 cash for equity securities that it designated as FV-OCI investments. During the year, Cullumber received non-taxable cash dividends of $27,000 and had an unrealized holding gain of $25,000 (net of tax) on these securities. Determine the following amounts for 2023: (a) (b) (c) Net Income /(Loss) Other Comprehensive Income Comprehensive Income (d) Accumulated Other Comprehensive Income (as at the end of 2023) $ $ tA LA