Bridgeport Corporation has a December 31 year end. On January 1, 2024, the company had the following shareholders' equity accounts: Preferred shares, $3 non-cumulative, unlimited number authorized, 5,500 issued $1,402.500 Common shares, unlimited number authorized, 235,000 issued 5,170,000 Retained earnings 2,865,000 Bridgeport had the following transactions during 2024: Feb. 28 Issued 1,500 Preferred shares at $130 per share. Apr. 3 Reacquired 14,000 Common Shares at $20 a share. Prepare the appropriate journal entries for the transactions during 2024. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Feb. 28 Apr.3 Account Titles Cash Preferred Shares Common Shares Contributed Surplus Cash Debit 195000 20000 300000 Credit 195000 280000 SUPPO
Q: The following is a recent stock market listing for Metro Inc. common shares: 365-day high 73.54 (a)…
A: In accounting, the term "shares" refers to units of ownership in a company. These units represent a…
Q: Whispering Winds Company exchanges old delivery equipment for new delivery equipment. The book value…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: This year Carla received corporate stock worth $35,000 as a gift from her grandfather. Her…
A: Gain or loss incurred on the sale of an asset is known as a capital gain or loss. It can be…
Q: Bed & Bath, a retalling company, has two departments-Hardware and Linens. The company's most recent…
A: If the segment is discontinued, then there may be contractual obligations, depreciation, and other…
Q: ames Company manufactures t-shirts. During the year, it manufactured 250,000 t-shirts, using 2 hours…
A: Variance analysis is a part of the standard costing. The variance analysis is important to control…
Q: Requirement 2. Report the company's stockholders' equity at Decentock J1, 2022. Net income for 2022…
A: Stockholders' equity represents the residual interest in a company's assets after deducting…
Q: A machine costing $1,125,000 with a five-year useful life and a $112,500 salvage value is installed…
A: Depreciation expense :— It is the allocation of depreciable cost of asset over the estimated useful…
Q: Ch10 A company issued 5-year, 7% bonds with a par value of $100,000. The market rate when the bonds…
A: The bonds are reported as the long-term liabilities in the balance sheet. The bonds are issued to…
Q: Fitz Company reports the following information. Selected Annual Income Statement Data Net income…
A: Cash flow statement :— It is one of the financial statements that shows change in cash and cash…
Q: SP9: Supplemental Retail Inventory Method problem ABC periodic inventory system and the retail…
A: costretail valuebeginning inventory99200160000add:net purchases300000460000add:transfer…
Q: QP Corporated sold 5,470 units of its product at $45.30 per unit during the year and incurred…
A: Under the FIFO method, the oldest products in inventory are sold first. Under the LIFO method, the…
Q: Exercise 23-11 (Algo) Direct materials and direct labor variances LO P3 Lucia Company has set the…
A: Material cost variance and Labor cost variance : Variance means difference in cost . In standard…
Q: Current Attempt in Progress Bob's Brass Beds Inc. has an inventory of bed frames at the beginning of…
A: Inventory valuationInventory valuation method is an accounting practice that is followed by each and…
Q: Effect of transactions on accounting equation a. A vacant lot acquired for $115,000 is sold for…
A: Accounting equation is a mathematical equation that shows relationship between assets, liabilities…
Q: The East Division of Abel Company reported the following information for 2025: Variable costs per…
A: Contribution margin per unit is the excess amount of sales price over variable price. It is the sum…
Q: Management of a T-shirt manufacturer believes if the company applies lean principles, then cycle…
A: Cycle efficiency is a measure of how effectively a process is utilizing its time. It’s calculated by…
Q: Adjusting Journal Entries Analyze the transaction and prepare the adjusting journal entry.…
A: Adjusting entry are journal entries that are passed at the end of accounting period to adjust the…
Q: At December 31, 2025, Pina Corporation reported the following plant assets. Land Buildings Less:…
A: Property, plant, and equipment refers to those assets that are long-term in nature and are used by…
Q: Kildare Company manufactures 100-pound bags of mulch that have the following unit standard costs for…
A: Lets understand the basics.Direct labor efficiency variance is a variance between the hours that…
Q: Take me to the text Thistle Theater Company sells annual subscriptions to its customers for plays to…
A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…
Q: Marwick Corporation issues 12%, 5-year bonds with a par value of $1,230,000 and semiannual interest…
A: The bond selling price is more than face value when the contract rate is more than the market…
Q: Valdez Company is considering eliminating its kitchen division, which reported an operating loss of…
A: When a company decides to drop the segment some costs are avoidable and some are unavoidable. The…
Q: Exercise 14-7 (Algo) Trend Percentages [LO14-1] Rotorua Products, Limited, of New Zealand markets…
A: Trend Percentage Analysis is one of the analysis of the financial statements, where the results of…
Q: ces For the year just completed, Hanna Company had net income of $90,500. Balances in the company's…
A: The indirect method for preparing the cash flow statement is a balance sheet (or statement of…
Q: On October 31, Sunland Corporation's liabilities totalled $232,000. Its shareholders' equity…
A: Corporate Actions include Dividend, Stock Dividend and Stock Split.The dividend is a certain…
Q: a. All of her income is salary from her employer. Tax liability
A: Tax liability refers to the total amount of tax a person or entity owes to the government based on…
Q: Ayayai Corp., a mining company, owns a significant mineral deposit in a northern territory. Ayayai…
A: Impairment: It implies a permanent fall or decrease in the company's asset value including both…
Q: Problem 14-59 (LO 14-5) (Algo) Tamar owns a condominium near Cocoa Beach in Florida. In 2023, she…
A: Aggregate gross income, also known as AGI, is the total income from all the resources in a period.…
Q: On January 1, 2022, Riverbed Company purchased the following two machines for use in its production…
A: Depreciation expense :— It is the allocation of depreciable cost of asset over the estimated useful…
Q: married taxpayers David and Lillian Perdue file jointly and have a daughter, Erin. They live at 9510…
A: The objective of this question is to prepare the Perdues’ federal tax return and calculate their tax…
Q: 10,000 vables 34,000 60,000 ce 4,000 200,000 epreciation (40,000) 268,000 Accounts Payable Wages…
A: a. Cash Received from Customer - It is the amount received from the customers during the accounting…
Q: Select Golf Products is considering whether to upgrade its equipment. Managers are considering two…
A: Accounting rate of return is the ratio of estimated return on a project to the average investment…
Q: Fuller Company makes frames. A customer wants to place a special order for 600 frames in green with…
A: THE USE OF MACHINERY it is not a direct relevant factor to decide weather to accept or reject an…
Q: The T-account showing the manufacturing overhead activity for Davis Corp. for 2024 is as follows: K…
A: Actual manufacturing overhead is the amount of indirect manufacturing cost incurred in the…
Q: Coggin Company gathered the following data about the three products that it produces: Estimated…
A: DIFFERENTIAL ANALYSISDifferential analysis is a decision-making method that examines the net effects…
Q: The Hadley company produces widgets, which are seasonal products. Therefore, the company produces…
A: Lets understand the basics,Management prepares budget in order to estimate future profit and…
Q: The manufacturing overhead budget of Reigle Corporation is based on budgeter
A: A key component of cash flow management is cash disbursement, which entails keeping an eye on and…
Q: In reporting unusual items on a statement of cash flows (indirect method), the O net of tax amount…
A: In cases when dealing with unusual items in the indirect method of a statement of cash flows, it is…
Q: A $118 petty cash fund has cash of $14 and receipts of $101. The journal entry to replenish the fund…
A: A petty cash fund is a small amount of cash kept on hand for minor and routine business expenses,…
Q: * Your answer is incorrect. Concord Industries began the year with 5,500 stocking hats in WIP…
A: EQUIVALENT UNITS OF PRODUCTION Equivalent Production is represents the production of a process in…
Q: A machine costing $25,625 with a five-year life and $1,500 residual value was purchased on January…
A: DEPRECIATION EXPENSEDepreciation means gradual decrease in value of assets due to normal wear and…
Q: Cane Company manufactures two products called Alpha and Beta that sell for $150 and $105,…
A: AlphaBeta Per unit Per unit Sales $ 150.00 $ 105.00Less: Variable costDirect Material $ 30.00 $…
Q: The following summary transactions occurred during the year for Bluebonnet. Cash received from:…
A: Cash flow from investing activities: It is a section of the cash flow statement that shows the cash…
Q: Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive…
A: The shareholders' equity includes the issued capital and retained earnings of the business. The…
Q: How can you record the mileage expense for a company at year-end in QuickBooks Online? 1. Import the…
A: To record mileage expenses for a company at year-end in QuickBooks Online, you generally wouldn't…
Q: Compute the amount of depreciation for each of Years 1 through 3 using the sum-of-the-years-digits…
A: Depreciation means the reduction in the value of an asset over the life of the assets due to wear…
Q: A sales budget is given below for one of the products manufactured by the Key Company. 27,000 units…
A: The budget is prepared to estimate the requirements for the future period. The production budget is…
Q: ly, there has been a shift in the focus of boards and audit committees: Select one:
A: The audit committee contributes to the general transparency and dependability of financial…
Q: Witt Corporation received its charter during January of this year. The charter authorized the…
A: Statement of stockholders' equity is one of the financial statements that shows change in amount of…
Q: he transactions are as follows. (a) Issuance of common stock. (b) Purchase of land and building. (c)…
A: Cash flow statement is a part of financial statements that shows changes in cash over a particular…
Denzer
Step by step
Solved in 3 steps
- Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?Raun 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.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.
- Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common stock on September 4, 2019, for $8 per share. The Additional Paid-In Capital-Common Stock account was credited for 5612,000 in the journal entry to record this transaction. Required: How many shares were issued on September 4, 2019?Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, 100 par, nonconvertible preferred stock outstanding, on which the years dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of 17,000 had been paid during 2019. At the end of 2019, the market price per share of common stock was 17.50. Required: 1. Compute Mononas basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.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.
- 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)Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.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 375. The bonds are classified as a heldtomaturity 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 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 (l). 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 1. Journalize the selected transactions. 2. 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.
- Calculating the Number of Shares Issued Castanet Inc. issued shares of its $1. 50 par value common stock on November 9,2019, for $13 per share. In recording the issuance of the stock, Castanet credited the Additional Paid-In Capital- Common Stock account for $416,300. Required: How many shares were issued on November 9, 2019?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?Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73