Question
In: Accounting
C-Bay Inc.'s accounting year ends on December 31. During the following three years, its common shares...
C-Bay Inc.'s accounting year ends on December 31. During the following three years, its common shares outstanding changed as follows.
| 2022 | 2021 | 2020 | |
|---|---|---|---|
| Shares outstanding, January 1 | 150,000 | 120,000 | 100,000 |
| Sales of shares, April 1, 2020 | 20,000 | ||
| 25% stock dividend, July 1, 2021 | 30,000 | ||
| 2-for-1 stock split, July 1, 2022 | 150,000 | ||
| Shares sold, October 1, 2022 | 50,000 | ||
| Shares outstanding, December 31 | 350,000 | 150,000 | 120,000 |
Required
a. For purposes of calculating EPS at the end of each year, determine the number of shares outstanding. Hint: consider each reporting year separately.
| 2022 | 2021 | 2020 | |
|---|---|---|---|
| Number of shares |
b. For purposes of calculating EPS at the end of 2022, when comparative statements are being prepared on a three-year basis, determine the number of shares outstanding for each year.
| 2022 | 2021 | 2020 | |
|---|---|---|---|
| Number of shares |
c. Compute EPS for each year based on computations in part b. Assume net income is $375,000, $330,000, and $299,000, for years 2022, 2021, and 2020, respectively.
Note: Round earnings per share amounts to two decimal places.
| Basic EPS | Net Income Available to Common Stockholders |
Weighted Avg. Common Shares Outstanding |
Per Share |
|---|---|---|---|
| 2020 | |||
| 2021 | |||
| 2022 |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Accounting: Celebrity Inc. has the following shares outstanding at December 31, 2019: Common shares, $1,500,000 no...
Accounting:
Celebrity Inc. has the following shares outstanding at December
31, 2019:
Common shares, $1,500,000 no par value, 10,000 shares issued and
outstanding, unlimited number authorized.
Preferred shares, $200,000, $5.00, no par value, non voting
shares, 2,000 shares issued and outstanding.
The preferred shares are noncumulative and
non-participating.
Dividends declared are $47,500.
What is the total preferred share dividends?
Celebrity Inc. has the following shares outstanding at December
31, 2019:
Common shares, $1,500,000 no par value, 10,000 shares issued...
Zimmerman Company’s annual accounting year ends on December 31. It is December 31, 2014, and all...
Zimmerman Company’s annual accounting year ends on December 31.
It is December 31, 2014, and all of the 2014 entries except the
following adjusting entries have been made:
a.
On September 1, 2014, Zimmerman collected six months’ rent of
$8,520 on storage space. At that date, Zimmerman debited Cash and
credited Unearned Rent Revenue for $8,520.
b.
On October 1, 2014, the company borrowed $22,800 from a local
bank and signed a 11 percent note for that amount. The principal...
Jordan Company’s annual accounting year ends on December 31. It is now December 31, 2015, and...
Jordan Company’s annual accounting year ends on December 31. It
is now December 31, 2015, and all of the 2015 entries have been
made except for the following:
a. The company owes interest of $600 on a bank loan. The
interest will be paid when the loan is repaid on September 30,
2016. No interest has been recorded.
b. On September 1, 2015, Jordan collected six months’ rent of
$4,200 on storage space. At that date, Jordan debited Cash and...
The fiscal year ends December 31 for Development. Inc. To provide funding for its construction project,...
The fiscal year ends December 31 for Development. Inc. To
provide funding for its construction project, Development. Inc.
issued -% bonds with a face amount of $---,--- on September 1,
2021.The bonds sold for $---,---, a price to yield the market rate
of -%. The bonds mature October 31, 2041 (20 years). Interest is
paid semiannually on April 30 and October 31.
On September 1, 2021, would interest have to be accrued from
April 30 to September 1? So the...
Wendell Company provided the following pertaining to its accounting year that ended December 31, 2016: Common...
Wendell Company provided the following pertaining to its
accounting year that ended December 31, 2016: Common stock with a
$10,000 par value was sold for $52,000 cash Cash dividends totaling
$20,200 were declared, of which $15,200 were paid Net income was
$72,000 A 5% stock dividend resulted in a common stock
distribution, which had a $5,000 par value and a $23,200 market
value Treasury stock repurchased in a prior year for $9,200 was
resold for $7,200 and in the journal...
Roger Company completed the following transactions during Year 1. Roger’s fiscal year ends on December 31....
Roger Company completed the following transactions during Year
1. Roger’s fiscal year ends on December 31.
Jan.
8
Purchased merchandise for resale on
account. The invoice amount was $14,820; assume a perpetual
inventory system.
17
Paid January 8 invoice.
Apr.
1
Borrowed $54,000 from National Bank
for general use; signed a 12-month, 11% annual interest-bearing
note for the money.
June
3
Purchased merchandise for resale on
account. The invoice amount was $17,420.
July
5
Paid June 3 invoice.
Aug.
1...
Roger Company completed the following transactions during Year 1. Roger’s fiscal year ends on December 31....
Roger Company
completed the following transactions during Year 1. Roger’s fiscal
year ends on December 31.
Requirements:
1)Prepare journal entries for each of these
transactions. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
2)Prepare the adjusting entries required on
December 31. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
3)
Show how all of the liabilities arising from these transactions...
ABC Company's Accounting year ends on December 31. Equipment was purchased on June 30 of year...
ABC Company's Accounting year ends on December 31. Equipment was
purchased on June 30 of year 1 for $330,000. So, first year
depreciation will be based on only 6 months of ownership. The
equipment is expected to have a useful life of 5 years, or 15,000
operating hours, and a residual value of $30,000. Compute the
depreciation expense for the years of ownership using the unit of
production and double declining balance depreciation methods.
Actual usage: 4,500 hours first year;...
Celebrity Inc. has the following shares outstanding at December 31, 2019: Common shares, $1,500,000 no par...
Celebrity Inc. has the following shares outstanding at December
31, 2019:
Common shares, $1,500,000 no par value, 10,000 shares issued and
outstanding, unlimited number authorized.
Preferred shares, $200,000, $5.00, no par value, non voting
shares, 2,000 shares issued and outstanding.
The preferred shares are cumulative and non-participating.
Dividends have not been declared for the past two
years.
Dividends declared are $30,000.
What is the total common share dividends?
Marin Company had 214,800 shares of common stock outstanding on December 31, 2018. During the year...
Marin Company had 214,800 shares of common stock outstanding on
December 31, 2018. During the year 2019, the company issued 8,000
shares on May 1 and retired 14,000 shares on October 31. For the
year 2019, Marin Company reported net income of $247,200 after a
loss from discontinued operations of $43,300 (net of tax).
What earnings per share data should be reported at the bottom of
its income statement? (Round answers to 2 decimal
places, e.g. $2.55.)
Marin Company
Income...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- "Ethical Considerations" Please respond to the following: Reflect upon the responsibilities placed on auditors by the...
- A Japanese company has a bond outstanding that sells for 93 percent of its ¥100,000 par...
- What is the difference among the principles of modularization, abstraction, encapsulation, and separation of interface and...
- An investment project costs $20,100 and has annual cash flows of $4,400 for six years. ...
- 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...
ADVERTISEMENT