The balance sheet of Wireless, Inc., reported the following:6 Preferred stock, 9%, $20 par, 1,300 shares authorized, issued and outstanding = 00$2600 Common stock, no-par value, 12,000 shares authorized, 5,300 shares issued =0200,000 Retained earnings =0050,000 Total stockholders’ equity =$276,000 Assume that wireless has paid preferred dividends for the current year and all prior years (no dividends in arrears). Requirement 1. Compute the book value per share of the common stock
Q: On July 1, Jones Corporation had the following capital structure: Common Stock, par $1; 8,000,000…
A: Solution: Case 1 Case 2 Before stock transactions After 100% stock dividend After Stock…
Q: The equity section of Cyril Corporation’s balance sheet shows the following. Preferred stock—6%…
A: Book Value (BV) Per Share represents the value of shareholder’s equity per share. Since, the actual…
Q: uthorized, 1,400,000 shares issued) 16,800,000 Paid-In Capital in Excess of Par—Common Stock…
A:
Q: The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported…
A: The number of share issued was= Amount of preferred stock/ par value
Q: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the…
A:
Q: Fox Corporation had the following stockholders' equity amounts on January 1,: Preferred Stock, 5%,…
A: For the purpose of recording transactions of the business, they are recorded in a journal first.…
Q: he following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of…
A: The journal entries are prepared to record the daily transactions of the business.
Q: Compute the book value per share of the common stock.
A:
Q: he year-end balance sheet of Social Systems, Inc. includes the following stockholders’ equity…
A: Company means the form of business where management is separately from owner and have perpetual…
Q: The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of…
A: If a company purchases its own stock and holds it they are known as treasury stock. The company has…
Q: The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of…
A: In the books of Parks Construction Inc.: Date Account Titles Debit Credit $ $ Jan 5 Cash…
Q: The stockholders’ equity section of Monty Corp.’s balance sheet at December 31 is presented here.…
A: (a)
Q: The stockholders' equity section on the December 31 balance sheet of Hadley Corporation reported the…
A: Paid in Capital:-It is the cash or other assets given by the investors in exchange for Stocks i.e…
Q: *questions are in the screenshots*
A: The number of common stock shares outstanding: The number of shares held as treasury stock is not…
Q: The balance sheet of Wireless, Inc., reported the following:6 Preferred stock, 9%, $20 par, 1,300…
A: Book value per share is calculated by dividing the amount of common stocks to the number of shares…
Q: Journalize the entries to record the transactions. For a compound transaction, if an amount box…
A: Bank Account $1,440,000 Dr Common share capital $1,200,000 Cr Security Premium…
Q: Bramble Corp.'s balance sheet reported the following: Capital stock outstanding, 5,000 shares, par…
A: The treasury stock is the purchase of its own share by the company.
Q: The stockholders’ equity accounts of Willis Corporation at January 1 appear below: 8 Percent…
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…
Q: The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning…
A: The question is based on based on the concept of Financial Accounting.
Q: The stockholders’ equity accounts of Flint Corporation on January 1, 2022, were as follows.…
A: Journal entries in the books is the primary reporting of the transactions.
Q: Dunne Corporation had the following stockholders’ equity amounts on January 1, 2021: Preferred…
A: In the context of the given question, we should journalize those transactions and compute the basic…
Q: The balance sheet of Wireless, Inc., reported the following:6 Preferred stock, 9%, $20 par, 1,300…
A: Book value per share of the common stock = Total equity available for Common stockholders / No. of…
Q: Velvet Inc. had the following stockholders’ equity account balances at December 31,2006: Preferred…
A: Step 1 Journal is the part of book keeping.
Q: The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of…
A: Workings : F. Cash Dividend Payable (No of shares) Preference stock Common stock…
Q: The balance sheet of Wireless, Inc., reported the following: Preferred stock, 9%, $20 par, 1,300…
A: Book value per share of the common stock = (Total stockholders’ equity - Par value of Preferred…
Q: The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of…
A: A cash dividend is defined as the distribution of funds or money being paid to the stockholder’s…
Q: The following data has been collected about Keller Company's stockholders' equity accounts: Common…
A: Treasury Stock: Treasury stock, sometimes referred to as treasury shares or reacquired stock, is…
Q: The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning…
A: Date Description Debit ($) Credit ($) Jan, 5 Cash Account (493,000 x $7) 3,451,000 Common…
Q: The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported…
A: Stocks represent ownership in a company issued by the company to obtain capital or pay for…
Q: The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported…
A: CALCULATIONS : 1. THE NUMBER OF SHARES OF PREFERRED STOCK ISSUED WAS : = $96,000 / $20 = 4,800…
Q: Starr Corporation's December 31, 2007 Balance Sheet showed the following: 8% preferred stock, $20…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Gordon Corporation reported the following equity section on its current balance sheet. The common…
A: A Stock Dividend is the payment of dividends in the forms of shares of the company. There are 2…
Q: The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of…
A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…
Q: The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of…
A: Stockholders’ equity is the measure of assets staying in a business after the sum total of the…
Q: On October 10, the stockholders’ equity section of Sherman Systems appears as follows. Common…
A: Shareholder's Equity - This statement includes Common Stock, Paid in Capital in Excess of Par,…
Q: For the current year ended, ABC had the following transactions: - Issued 10,000 shares of $2.00…
A: Treasury stock refers to antecedently outstanding stock that's bought back from stockholders by the…
Q: Ramos Corporation reported the following equity section on its current balance sheet. The common…
A: Stock dividend is the form of dividend distribution in which additional stock are issued by the…
Q: The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of…
A: a.
Q: The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: At December 31, Gorden Corporation has total stockholders’ equity of $3,200,000. Included in this…
A: Book value per ordinary share can be defined as the ratio of shareholders' equity and the number of…
Q: The year-end balance sheet of Manor, Inc., includes the following stockholders’ equity section(with…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: The following selected acCounts appear in the ledger of Kingfisher Environmental Corporation on…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Raphael Corporation’s balance sheet shows the following stockholders’ equity section.…
A: SOLUTION- THE DIVIDEND IS TO BE PAID TO SHAREHOLDERS FROM THE RETAINING EARNING S . AT FIRST ,…
Q: The stockholders’ equity section of the balance sheet for Mann Equipment Co. at December 31, Year 1,…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: The stockholders' equity section of Flounder Corporation shows the following on December 31, 2021:…
A: Cumulative preferred stocks are those stocks that receive dividends every year, if any dividend…
Q: he following selected accounts appear in the ledger of Parks Construction Inc at the beginning of…
A: Workings:
Q: The following data has been collected about Keller Company's stockholders' equity accounts: Common…
A: Authorized Shares = 13000 shares Issued Shares = 6500 shares Outstanding Shares = 2700 shares…
Q: The stockholders’ equity section of Riverbed Corp’s balance sheet at December 31 is presented here.…
A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…
The balance sheet of Wireless, Inc., reported the following:6
Common stock, no-par value, 12,000 shares authorized, 5,300 shares issued =0200,000
Total
Assume that wireless has paid preferred dividends for the current year and all prior years (no dividends in arrears).
Requirement
1. Compute the book value per share of the common stock.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.Given the following year-end information for Somerset Corporation, compute its basic earnings per share. Net income, 13,000 Preferred dividends declared, 4,000 Weighted average common shares for the year, 4,500Raun Company had the following equity items as of December 31, 2019: Preferred stock, 9% cumulative, 100 par, convertible Paid-in capital in excess of par value on preferred stock Common stock, 1 stated value Paid-in capital in excess of stated value on common stock| Retained earnings The following additional information about Raun was available for the year ended December 31, 2019: 1. There were 2 million shares of preferred stock authorized, of which 1 million were outstanding. All 1 million shares outstanding were issued on January 2, 2016, for 120 a share. The preferred stock is convertible into common stock on a 1-for-1 basis until December 31, 2025; thereafter, the preferred stock ceases to be convertible and is callable at par value by the company. No preferred stock has been converted into common stock, and there were no dividends in arrears at December 31, 2019. 2. The common stock has been issued at amounts above stated value per share since incorporation in 2002. Of the 5 million shares authorized, 3,580,000 were outstanding at January 1, 2019. The market price of the outstanding common stock has increased slowly but consistently for the last 5 years. 3. Raun has an employee share option plan where certain key employees and officers may purchase shares of common stock at 100% of the marker price at the date of the option grant. All options are exercisable in installments of one-third each year, commencing 1 year after the date of the grant, and expire if not exercised within 4 years of the grant date. On January 1, 2019, options for 70,000 shares were outstanding at prices ranging from 47 to 83 a share. Options for 20,000 shares were exercised at 47 to 79 a share during 2019. During 2019, no options expired and additional options for 15,000 shares were granted at 86 a share. The 65,000 options outstanding at December 31, 2019, were exercisable at 54 to 86 a share; of these, 30,000 were exercisable at that date at prices ranging from 54 to 79 a share. 4. Raun also has an employee share purchase plan whereby the company pays one-half and the employee pays one-half of the market price of the stock at the date of the subscription. During 2019, employees subscribed to 60,000 shares at an average price of 87 a share. All 60,000 shares were paid for and issued late in September 2019. 5. On December 31, 2019, there was a total of 355,000 shares of common stock set aside for the granting of future share options and for future purchases under the employee share purchase plan. The only changes in the shareholders equity for 2019 were those described previously, the 2019 net income, and the cash dividends paid. Required: Prepare the shareholders equity section of Rauns balance sheet at December 31, 2019. Substitute, where appropriate, Xs for unknown dollar amounts. Use good form and provide full disclosure. Write appropriate notes as they should appear in the publisher financial statements.
- Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Also, assume that the market price per share for Rebert is 51.50. Required: 1. Compute the dollar amount of preferred dividends. 2. Compute the number of common shares. 3. Compute earnings per share. (Note: Round to two decimals.) 4. Compute the price-earnings ratio. (Note: Round to the nearest whole number.)Longmont Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the numerator of the EPS calculation for Longmont?
- Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Also, assume that the dividends paid to common stockholders for last year were 2,600,000 and that the market price per share of common stock is 51.50. Required: 1. Compute the dividends per share. 2. Compute the dividend yield. (Note: Round to two decimal places.) 3. Compute the dividend payout ratio. (Note: Round to two decimal places.)Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 0 par common stock at 0, receiving cash. b. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 375. The bonds are classified as a held- to-maturitv long-term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0.60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 545, including commission. p. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method, q. Accrued interest for three months on the Dream Inc. bonds purchased in (1). r. Pinkberry Co. recorded total earnings of 240,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39.02 per share on December 31, 2016. The investment is adjusted to fair value, using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments had a beginning balance of zero. Instructions Journalize the selected transactions. After all of the transactions for the year ended December 31, 2016, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step income statement for the year ended December 31, 2016, concluding with earnings per share. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. (Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 2016. c. Prepare a balance sheet in report form as of December 31, 2016. Income statement data: Advertising expense 150,000 Cost of merchandise sold 3,700,000 Delivery expense 30,000 Depreciation expense -office buildings and equipment 30,000 Depreciation expensestore buildings and equipment 100,000 Dividend revenue 4,500 Gain on sale of investment 4,980 Income from Pinkberry Co. investment 76,800 Income tax expense 140,500 Interest expense 21,000 Interest revenue 2,720 Miscellaneous administrative expense 7.500 Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,254,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data: Accounts payable 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Available for sale investments (at cost) 260,130 Bonds payable. 5%. due 2024 500,000 Cash 246,000 Common stock, 20 par (400,000 shares authorized; 100,000 shares issued. 94,600 outstanding) 2,000,000 Dividends: Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 500,000 Income tax payable 44,000 Interest receivable 1,125 Investment in Pinkberry Co. stock (equity method) 1,009,300 Investment in Dream Inc. bonds (long term) 90,000 Merchandise inventory [December 31, 2016). at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4.320,000 Paid-in capital from sale of treasury stock 13,000 Excess of issue price over parcommon stock 886,800 Excess of issue price over parpreferred stock 150,000 Preferred 5% stock. 80 par (30,000 shares authorized; 20,000 shares issued] 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 2016 9,319,725 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of 33 per share) 178,200 Unrealized gain (loss) on available for sale investments (6,500) Valuation allowance for available for sale investments (6,500)Errol Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is the numerator of the EPS calculation for Errol?
- Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. Open the file STOCKEQ from the website for this book at cengagebrain.com. Enter the formulas in the appropriate cells on the worksheet. Then fill in the columns to show the effect of each of the selected transactions and events listed earlier. Enter your name in cell A1. Save the completed worksheet as STOCKEQ2. Print the worksheet. Also print your formulas. Check figure: Total stockholders equity balance at 12/31/12 (cell G21). 398,800.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements.Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.
