Financial Accounting Cash Dividends Questions And Answers Homework Help
- September 6, 2017
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1. On December 31, 2010, Bradstrom Company had 1,500,000 shares of $10 par common stock issued and outstanding. The stockholders’ equity accounts at December 31, 2010, had the following balances.
Common Stock | $15,000,000 |
Additional Paid-in Capital | 1,500,000 |
Retained Earnings | 900,000 |
Transactions during 2011 and other information related to stockholders’ equity accounts were as follows.
1. On January 10, 2011, Bradstrom issued at $105 per share 100,000 shares of $100 par value,7% cumulative preferred stock.
2. On February 8, 2011, Bradstrom reacquired 15,000 shares of its common stock for $16 per share.
3. On June 8, 2011, Bradstrom declared a cash dividend of $1 per share on the common stock outstanding, payable on July 10, 2011, to stockholders of record on July 1, 2011.
4. On December 15, 2011, Bradstrom declared the yearly cash dividend on preferred stock, payable January 10, 2012, to stockholders of record on December 15, 2011.
5. Net income for the year is $3,600,000.
6. It was discovered that depreciation expense had been overstated in 2010 by $80,000.
Instructions
(a) Prepare a retained earnings statement for the year ended December 31, 2011.
(b) Prepare the stockholders’ equity section of Bradstrom’s balance sheet at December 31, 2011.
2.Following are selected data of Kane Corporation at 2009 December 31
Net income for the year | $512,000 |
Dividends declared on preferred stock | 72,000 |
Retained earnings appropriated during the year for future plant expansion | 240000 |
Dividends declared on common stock | 64,000 |
Retained earnings, January 1, un appropriated | 720,000 |
Directors ordered that the balance in the “Appropriation per loan agreement”, related to a loan repaid on 2009 March 31, be returned to un appropriated | |
retained earnings | 480,000 |
Prepare a statement of retained earnings for the year ended 2009 December 31.
3.On June 1, 2012, Andre Company and Agassi Company merged to form Lancaster Inc. A total of 800,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis.
On April 1, 2014, the company issued an additional 400,000 shares of stock for cash. All 1,200,000 shares were outstanding on December 31, 2014.
Lancaster Inc. also issued $600,000 of 20-year, 8% convertible bonds at par on July 1, 2014. Each $1,000 bond converts to 40 shares of common at any interest date. None of the bonds have been converted to date.
Lancaster Inc. is preparing its annual report for the fiscal year ending December 31, 2014. The annual report will show earnings per share figures based upon a reported after-tax net income of $1,540,000. (The tax rate is 40%.)
Instructions
Determine the following for 2014.
(a) The number of shares to be used for calculating:
(1) Basic earnings per share.
(2) Diluted earnings per share.
(b) The earnings figures to be used for calculating:
(1) Basic earnings per share.
(2) Diluted earnings per share.
4.The stockholders’ equity accounts of Port Corporation on January 1, 2011, were as follows.
Preferred Stock (8%, $50 par cumulative, 10,000 shares authorized) | $ 400,000 |
Common Stock ($1 stated value, 2,000,000 shares authorized) | 1,000,000 |
Paid-in Capital in Excess of Par Value—Preferred Stock | 100,000 |
Paid-in Capital in Excess of Stated Value—Common Stock | 1,450,000 |
Retained Earnings | 1,816,000 |
Treasury Stock—Common (10,000 shares) | 40,000 |
During 2011, the corporation had the following transactions and events pertaining to its stockholders’
equity. Feb. 1 Issued 25,000 shares of common stock for $100,000.
Apr. 14 Sold 6,000 shares of treasury stock—common for $33,000.
Sept. 3 Issued 5,000 shares of common stock for a patent valued at $30,000.
Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,000.
Dec. 31 Determined that net income for the year was $452,000. No dividends were declared during the year.
Instructions
(a) Journalize the transactions and the closing entry for net income.
(b) Enter the beginning balances in the accounts, and post the journal entries to the stock holders’ equity accounts. (Use J5 for the posting reference.)
(c) Prepare a stockholders’ equity section at December 31, 2011, including the disclosure of the preferred dividends in arrears.
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5.(Computation of Basic and Diluted EPS) Charles Austin of the cont roller’s office of Thompson Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ending December 31, 2015. Austin has compiled the information listed below
1. The company is authorized to issue 8,000,000 shares of $10 par value common stock. As of
December 31, 2014, 2,000,000 sha r es had been issued and we r e outstanding.
2. The per share market prices of the common stock on selected dates were as follows.
Price per Share | |
July 1, 2014 | $20.00 |
January 1, 2015 | 21.00 |
April 1, 2015 | 25.00 |
July 1, 2015 | 11.00 |
August 1, 2015 | 10.50 |
November 1, 2015 | 9.00 |
December 31, 2015 | 10.00 |
3. A total of 700,000 shares of an authorized 1,200,000 shares of convertible preferred stock had been issued on July 1, 2014. The stock was issued at its par value of $25, and it has a cumulative dividend of $3 per share. The stock is convertible into common stock at the rate of one share of convertible preferred for one share of common. The rate of conversion is to be automatically adjusted for stock splits and stock dividends. Dividends are paid quarterly on September 30, December 31, March 31, and June 30.
4. Thompson Corporation is subject to a 40% income tax rate.
5. The afte r -tax net income for the year ended December 31, 2015, was $ 1 1,550,000.
The following specific activities took place during 2015.
1. January 1—A 5% common stock dividend was issued. The dividend had been declared on
December 1, 2014, to all stockholders of r eco r d on December 29, 2014.
2. April 1—A total of 400,000 shares of the $3 convertible preferred stock was converted into common stock. The company issued new common stock and retired the preferred stock. This was the only conversion of the preferred stock during 2015.
3. July 1—A 2-for-1 split of the common stock became effective on this date. The board of directors had authorized the split on June 1.
4. August 1—A total of 300,000 sha r es of common stock we r e issued to acqui r e a factory building.
5. November 1—A total of 24,000 sha r es of common stock we r e pu r chased on the open market at
$9 per sha r e. These sha r es we r e to be held as t r easury stock and we r e still in the t r easury as of
December 31, 2015.
6. Common stock cash dividends—Cash dividends to common stockholders we r e decla r ed and paid
as follows.
April 15—$0.30 per share
October 15—$0.20 per share
7. Preferred stock cash dividends—Cash dividends to preferred stockholders were declared and paid as scheduled.
Instructions
(a ) Determine the number of shares used to compute basic earnings per share for the year ended December 31, 2015.
(b) Determine the number of sha r es used to compute diluted earnings per sha r e for the year ended December 31, 2015.
(c) Compute the adjusted net income to be used as the numerator in the basic earnings per share calculation for the year ended December 31, 2015.
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