Question
In: Accounting
Bellevue Inc.’s shareholders’ equity accounts were as follows at the beginning of the current fiscal year,...
|
Bellevue Inc.’s shareholders’ equity accounts were as follows at the beginning of the current fiscal year, August 1, 2017:
Calculate the weighted average number of common shares for the year.
Calculate the basic earnings per share. (Round answer to 2 decimal place e.g. 5.25.)
Would your answer to the basic earnings per share calculated above change if the preferred share dividend had not been declared on June 20? (Round answer to 2 decimal place e.g. 5.25.)
|
||||||||||||||||||||||||||||||||||||||||||||||||
During the year, the following selected transactions
occurred:
| Oct. | 1 | Reacquired 24,000 common shares for $18 per share. | |
| Dec. | 1 | Issued 63,000 common shares for $23 per share. | |
| Feb. | 1 | Issued 9,200 common shares for $24 per share. | |
| June | 20 | Declared the annual preferred cash dividend to shareholders of record on July 10, payable on July 31. | |
| July | 31 |
Net income for the year ended July 31, 2018, was $1,218,000. |
Solutions
Expert Solution
For formulas and calculations, refer to the image below -
In case you have any query, kindly ask in comments.
ekkarill92 answered 4 months agoRelated Solutions
Comparative statements of shareholders’ equity for Anaconda International Corporation were reported as follows for the fiscal...
Comparative statements of shareholders’ equity for Anaconda
International Corporation were reported as follows for the fiscal
years ending December 31, 2021, 2022, and 2023.
ANACONDA INTERNATIONAL CORPORATION
Statements of Shareholders' Equity
For the Years Ended Dec. 31, 2021, 2022, and 2023
($ in millions)
Preferred Stock
$10 par
Common Stock
$1 par
Additional
Paid-In Capital
Retained Earnings
Total
Shareholders' Equity
Balance at January 1, 2021
60
540
1,838
2,438
Sale of preferred shares
20
860
880
Sale of common shares...
Comparative statements of shareholders’ equity for Anaconda International Corporation were reported as follows for the fiscal...
Comparative statements of shareholders’ equity for Anaconda
International Corporation were reported as follows for the fiscal
years ending December 31, 2018, 2019, and 2020.
ANACONDA INTERNATIONAL CORPORATION
Statements of Shareholders' Equity
For the Years Ended Dec. 31, 2018, 2019, and 2020
($ in millions)
Preferred
Stock
$10 par
Common
Stock
$1 par
Additional
Paid-In Capital
Retained
Earnings
Total
Shareholders' Equity
Balance at January
1, 2018
75
450
1,904
2,429
Sale of preferred shares
30
960
990
Sale of common shares...
Comparative statements of shareholders’ equity for Anaconda International Corporation were reported as follows for the fiscal...
Comparative statements of shareholders’ equity for Anaconda
International Corporation were reported as follows for the fiscal
years ending December 31, 2018, 2019, and 2020.
ANACONDA INTERNATIONAL CORPORATION
Statements of Shareholders' Equity
For the Years Ended Dec. 31, 2018, 2019, and 2020
($ in millions)
Preferred
Stock
$10 par
Common
Stock
$1 par
Additional
Paid-In Capital
Retained
Earnings
Total
Shareholders' Equity
Balance at January
1, 2018
50
450
1,596
2,096
Sale of preferred shares
10
420
430
Sale of common shares...
Mana Inc. had the following balances in its shareholders' equity at the beginning of the current...
Mana Inc. had the following balances in its shareholders' equity
at the beginning of the current year (January 1, 2021):
Preferred shares ($ 1.50, cumulative*, 100,000 shares
authorized, 5,000 shares issued)
.................................................... $ 25,000
Common shares unlimited shares authorized, 8,000 shares issued
................ 160,000
Retained
earnings...............................................................................................
92,000
Total shareholders' equity
.................................................................................
$ 277,000 *two years of dividends are in arrears.
During the year ended December 31, 2021, the following
transactions took place: 1. On January 1, issued 9,000 common
shares...
The shareholders' equity accounts of Crane Inc. at December 31, 2020, are as follows: Preferred shares,...
The shareholders' equity accounts of Crane Inc. at December 31,
2020, are as follows:
Preferred shares, $3 noncumulative, unlimited number
authorized, 2,000 issued
$200,000
Common shares, unlimited number authorized, 160,000 issued
800,000
Retained earnings
520,000
Accumulated other comprehensive loss
(54,000
)
Crane has a 40% income tax rate. During the following fiscal
year, ended December 31, 2021, the company had the following
transactions and events:
Feb.
1
Repurchased 10,000 common shares for $40,000.
July
12
Announced a 2-for-1 preferred stock...
Statement of Stockholders' Equity The stockholders’ equity T accounts of I-Cards Inc. for the fiscal year...
Statement of Stockholders' Equity
The stockholders’ equity T accounts of I-Cards Inc. for the
fiscal year ended December 31, 20Y9, are as follows.
COMMON STOCK
Jan. 1
Balance
900,000
Apr. 14
Issued
9,600 shares
384,000
Dec. 31
Balance
1,284,000
PAID-IN CAPITAL IN EXCESS OF PAR
Jan. 1
Balance
144,000
Apr. 14
Issued
9,600 shares
76,800
Dec. 31
Balance
220,800
TREASURY STOCK
Aug. 7
Purchased
1,600 shares
59,200
RETAINED EARNINGS
Mar. 31
Dividend
23,000
Jan. 1
Balance
1,570,000
June. 30
Dividend...
Inventory balances at the beginning and end of the year were as follows: Beginning of Year...
Inventory balances at the beginning and end of the year were as
follows: Beginning of Year End of Year Raw materials $ 54,000 $
34,000 Work in process ? $ 31,000 Finished goods $ 37,000 ? The
total manufacturing costs for the year were $680,000; the cost of
goods available for sale totaled $730,000; the unadjusted cost of
goods sold totaled $662,000; and the net operating income was
$30,000. The company’s underapplied or overapplied overhead is
closed to Cost of...
The stockholders’ equity accounts of Tamarisk, Inc. on January 1, 2019, were as follows. Preferred Stock...
The stockholders’ equity accounts of Tamarisk, Inc. on January
1, 2019, were as follows.
Preferred Stock (8%, $52 par, cumulative, 10,000 shares
authorized)
$ 390,000
Common Stock ($1 stated value, 2,000,000 shares
authorized)
1,300,000
Paid-in Capital in Excess of Par—Preferred Stock
105,000
Paid-in Capital in Excess of Stated Value—Common Stock
1,500,000
Retained Earnings
1,800,000
Treasury Stock (11,000 common shares)
44,000
During 2019, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Feb.
1
Issued 24,000 shares of...
Problem #1: The stockholders’ equity section of Whaler Inc. at the beginning of the current year...
Problem
#1: The stockholders’ equity section of Whaler Inc. at the
beginning of the current year appears below.
Common stock, $1 par value, authorized
5,000,000
shares, 800,000 shares issued and
outstanding
$ 800,000
Paid-in capital in excess of par—common
stock
16,100,000
Retained earnings
260,000
During the current year, the following
transactions occurred.
The company issued to the stockholders 500,000 rights. Ten
rights are needed to buy one share of stock at $21. The rights were
void after 30 days. The...
The stockholders’ equity section of K Inc. at the beginning of the current year appears below....
The stockholders’ equity section of K Inc. at the beginning of
the current year appears below.
Common stock, $10 par value, authorized 944,000 shares, 303,000
shares issued and outstanding
$3,030,000
Paid-in capital in excess of par—common stock
549,000
Retained earnings
531,000
During the current year, the following transactions occurred.
1.
The company issued to the stockholders 103,000 rights. Ten
rights are needed to buy one share of stock at $32. The rights were
void after 30 days. The market price...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- PUT IN JAVA PROGRAMMING The StockB class: Design a class named StockB that contains the following...
- Draw a DFA for the following ( ∑ = {0,1}): Set of all strings with.
- In the article from Forbes notes that the goal of a leader is not to clone...
- Many people keep time using a 24 hour clock (11 is 11am and 23 is 11pm,...
- UNIX ONLY -- DIFFICULT LAB ASSIGNMENT This is an extremely difficult subject for me. Could you...
- Do you know why your credit card can be refused even though you are profitable?
- The Following Java expression: S/10 * 10 + 10 – S = C Show that this...
ADVERTISEMENT