Weighted average number of common shares
Q: (a) Determine the price elasticity of demand E when the retail price is set at ¥400. E = Interpret…
A:
Q: Calculate the following ratios all are required 1-Total Asset Turnover 2-Fixed Asset Turnover…
A: Ratio analysis is a powerful tool used by businesses, investors, and financial analysts to evaluate…
Q: TB MC Qu. 16-80 (Static) The net effect of AR-10's sales volume variance on profit: Duo,…
A: Variable cost Depends upon the production of goods or services that is increment of sales increases…
Q: Based on the above, what is the following: (e) Gross profit rate %
A: Gross Profit is the profit after deducting direct costs from the sales.Net profit is calculated by…
Q: Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item…
A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…
Q: Irene received
A: Dividend:A dividend is a reward paid out of a company's net profits to the shareholders for…
Q: [The following information applies to the questions displayed below.] Brianna's Boutique has the…
A: LIFO means Last In First Out. LIFO method uses the price of the last batch of materials purchased…
Q: Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses…
A: An income statement's common size analysis includes presenting each line item as a percentage of…
Q: services or programs are operating successfully? What appears to be the determining factor in…
A: findout whether the services or programs are earning profit or not.
Q: Monty Corp.’s comparative balance sheets are as follows. Monty Corp. Comparative Balance Sheets…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: MC Qu. 32 Henri, the marketing manager at Produce... Henri, the marketing manager at Produce…
A: Ethical behavior is defined as acting in accordance with moral ideals such as honesty, integrity,…
Q: The comparative statements of Wildhorse Co. are presented here: WILDHORSE CO. Income Statements…
A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Q: Axel Company and Rod Company completed the following merchandising transactions in the month of…
A: The journal entries are prepared to record the transactions on regular basis. The perpetual…
Q: When should a company create a valuation allowance for a deferred tax asset? When taxable income is…
A: Deferred tax asset is the amount of taxes which are paid in advance due to difference in reported…
Q: Danner Company expects to have a cash balance of $55,800 on January 1, 2020. Relevant monthly budget…
A: Cash Budget : Estimate of an organization's cash flow for a future period. A cash budget forecasts…
Q: Required: Indicate total after-tax amount received by Irene in 2021. For each investment you should…
A: Dividend:A dividend is a reward paid out of a company's net profits to the shareholders for…
Q: The objectives of a fraud investigation may include which of the following? Not getting the…
A: An examination of fraudulent behaviors such as deceit or intentional manipulation of facts is known…
Q: Lavage Rapide owns and operates a large automatic car wash facility near Montreal. The following…
A: Variance analysis is a technique used in budgeting and financial management to compare the planned…
Q: Alfonso began the year with a tax basis in his partnership interest of $22,000. His share of…
A: A partnership is a legal body made up of two or more people who work together to conduct a trade or…
Q: Each year, White Mountain Enterprises (WME) prepares a reconciliation schedule that compares its…
A: Prepaid Expense represents money a company pays in advance for products or services it hasn't…
Q: do i add the opening balance after the difference of opening balance of bank statement and cash book…
A: There can be differences in the balances of the same account maintained by different persons like…
Q: Quill Corp. vs. North Dakota. and South Dakota vs. Wayfair, do you agree with these cases and why
A: Quill Corp. vs. North Dakota (1992): The U.S. Supreme Court ruled that a state could not collect…
Q: Julie total tax liability for 2022 is what
A: Julia’s total tax liability for 2022 is $73,938. This calculation takes into account her decision…
Q: What is a disadvantage of the corporate form? O Profit O Revenue Owners have very little influence…
A: Eliminating the incorrect options:A. Profit: Profit is not a disadvantage of the corporate form of…
Q: The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Oriole Company…
A: The question is based on the concept of Cash flow statement.Statement of cash flows :It is the…
Q: Change five of the numbers. Practical Volume is 90,000. Units produced will be88,000. Direct Labor…
A: Solution 1:Actual rate of variable overhead = $125,000 / 170000 = $0.735294 per DLHStandard rate of…
Q: Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive…
A: STATEMENT OF SHAREHOLDERS EQUITYStatement of Shareholders Equity is also Known as Changes in…
Q: You have been provided with the following selected accounts for Martinez Ltd. for the year ended…
A: The cost of goods sold includes the cost of goods that are sold during the period. The gross profit…
Q: Data for RelyaTech Corp, a large merchandiser, is below: • Sales are budgeted at $305,000 for…
A: The purchase budget is prepared to estimate the cost of purchases required for the period. The…
Q: Twice a year Rowdy
A: Travel expenses can include the entire cost of a business trip, including travel costs,…
Q: 1. What was the company's working capital on June 30? 2. What was the company's acid-test ratio on…
A: Working capital is a measure of liquidity. It is generally calculated by taking the difference…
Q: If actual costs are greater than standard costs, the variance is unfavorable ✔. alternatively, if…
A: Direct costs are the expenses that are directly used for the production of goods and services for…
Q: If Y division wants to have an ROI of 20%, what is the maximum transfer price it will accept from…
A: Transfer price refers to the internal cost assigned to goods or services transferred between…
Q: The forecasted demand is 1800, 1200, 1600, 1000, for quarters 1,2,3,4, respectively. No negative…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Calculate all from 1 to 15 the following ratios 1-Current Ratio 2-Quick Ratio 3-Cash Ratio…
A: In the case of multiple sub parts, we are allowed to solve only the first three sub-parts. If you…
Q: Identify the type of the following costs: These include costs of searching new knowledge and…
A: PAS / IAS 38 Intangible Assets sets out criteria to recognize and measure intangible assets.An…
Q: Standard Materials Cost The controller at your shoemaking company has determined that under normal…
A: Direct costs are the expenses that are directly used for the production of goods and services for…
Q: Access the FASB Accounting Standards Codification at the FASB website and select Basic View for free…
A: Financial Accounting Standards Board (FASB): FASB is the organization which creates, develops, and…
Q: Oriole Corporation purchased Pharoah Company 3 years ago and at that time recorded goodwill of…
A: According to International Accounting Standards (IAS), specifically IAS 36 - "Impairment of…
Q: Northwest Fur Company started the year with $91,000 of inventory on hand. During the year, $450,000…
A: Cost of goods are expenses directly relate to the production or procurement of products.Cost of…
Q: year, $1,600.000 note payable and an 11%. 4-year. $2,800,000 note payable. Compute avoidable…
A: As per IFRS, borrowing cost incurred on acquisition or construction of a 'Qualifying Asset' shall…
Q: Presented below is a partially completed Statement of Activities for a homeless shelter. Complete…
A: The statement of activities is one of the main financial statements issued by a nonprofit…
Q: A company has two departments, Y and Z that incur advertising expenses of $21,600. Advertising…
A: COST ALLOCATIONWhen items of cost are identifiable directly with products or departments such costs…
Q: Allocation Use the following information to answer questions below The three service departments…
A: The traditional method of overhead allocation is based on a predetermined overhead rate. The…
Q: Journalize the necessary year-end adjusting entries based on the following account balances before…
A: Adjusting entries are those entries which are passed at the end of accounting period. The main…
Q: On December 31, 2017, Beta Company had 270,000 shares of common stock issued and outstanding. Beta…
A: Earnings per share is one of important measure or metric being used in business. It shows how much…
Q: The Wes Trust reports $129,600 of AMT income before the annual exemption. Round any computations and…
A: AMT stands for Alternative Minimum Tax, which is a parallel tax system in the United States. The…
Q: Below is the Old Age Security (OAS) pension recovery tax table (also known as the OAS clawback…
A: The OAS stands for Old Age Security. The OAS clawback is a pension recovery tax. Pension holders…
Q: Accounting records of Company C are expressed in EUR. On 30 April 20XX, it sells goods to a foreign…
A: Journalizing the Transactions:This is the methodology of recording and tracking any transaction the…
Q: PT. Alakishia has been operating in Jakarta for more than 10 years. Aries is one of the employees…
A: Internal audit serves as an impartial and constructive assessment of an organization's operations,…
Step by step
Solved in 3 steps
- 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.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.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.
- James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its second year of business, the company has the following transactions: Journalize the transactions.EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000
- Comprehensive Young Corporation has been operating successfully for several years. It is authorized to issue 24,000 shares of no-par common stock and 6,000 shares of 8%, 100 par preferred stock. The Contributed Capital section of its January 1, 2019, balance sheet is as follows: Part a. A shareholder has raised the following questions: 1. What is the legal capital of the corporation? 2. At what average price per share has the preferred stock been issued? 3. How many shares of common stock have been issued (the common stock has been issued at an average price of 23 per share)? Part b. The company engaged in the following transactions in 2019: Required: 1. Answer the questions in Part a. 2. Prepare journal entries to record the transactions in Part b. 3. Prepare the Contributed Capital section of Youngs December 31, 2016, balance sheet.Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,000,000 shares of $40 par value 9% preferred stock. It is also authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.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. In the space provided below, prepare the stockholders equity section of Chen Corporations balance sheet as of December 31, 2012. Use proper headings and provide full disclosure of all appropriate information. Chens corporate charter authorizes the issuance of 1,000 shares of preferred stock and 100,000 shares of common stock.During 2012, Ponce Towers issued 30,000 additional shares of common stock on June 1 and 24,000 on November 1. The company earned 602,000 from continuing operations and 28,000 from another segment of the business that was discontinued during the year. Use your completed worksheet to prepare a computation of earnings per share for 2012. Erase any data in the Data Section that are not required for 2012. Save the solution for 2012 as EPS3 and print the results.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?
