Financial Accounting Earnings Per Share Of Common Stock Homework Help
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1.Transaction analysis various accounts Enter the following column headings across the top of a sheet of paper:
Enter the transaction letter in the first column and show the effect (if any) of each of the following transactions on each financial statement category by entering a plus (+) or minus ( ) sign and the amount in the appropriate column. Do not show items that affect net income in the retained earnings column. You may also write the entries to record these transactions. You should assume that the transactions occurred in the same chronological sequence as listed here:
a. Sold 1,700 shares of $50 par value preferred stock at $52.50 per share.
b. Declared the annual cash dividend of $4.10 per share on common stock. There were 9,300 shares of $1 par value common stock issued and outstanding throughout the year.
c. Issued 2,500 shares of $50 par value preferred stock in exchange for a building when the market price of preferred stock was $54 per share.
d. Purchased 700 shares of preferred stock for the treasury at a price of $56 per share.
e. Sold 250 shares of the preferred stock held in treasury (see d ) for $57 per share.
f. Declared and issued a 15% stock dividend on the $1 par value common stock when the market price per share was $36.
2.Transaction analysis various accounts Enter the following column headings across the top of a sheet of paper:
Enter the transaction letter in the first column and show the effect (if any) of each of the following transactions on each financial statement category by entering a plus (1) or minus ( ) sign and the amount in the appropriate column. Do not show items that affect net income in the retained earnings column. You may also write the entries to record these transactions. You should assume that the transactions occurred in the listed chronological sequence and that no stock had been previously issued. (Hint: Remember to consider appropriate effects of previous transactions.)
a. Issued 3,000 shares of $100 par value preferred stock at par.
b. Issued 4,800 shares of $100 par value preferred stock in exchange for land that had an appraised value of $612,000.
c. Issued 34,000 shares of $5 par value common stock for $24 per share.
d. Purchased 14,000 shares of common stock for the treasury at $27 per share.
e. Sold 9,000 shares of the treasury stock purchased in transaction d for $29 per share.
f. Declared a cash dividend of $3.50 per share on the preferred stock outstanding, to be paid early next year.
g. Declared and issued a 12% stock dividend on the common stock when the market price per share of common stock was $30.
3.Crow, Inc., had net income of $516,050 for its fiscal year ended September 30, 2014. During the year, the company had outstanding 24,000 shares of 8%, $50 par value preferred stock, and 135,500 shares of common stock.
Calculate the basic earnings per share of common stock for the 2014 fiscal year.
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4.Wood s Cabinets, Inc., had net income of $424,800 for its fiscal year ended October 31, 2014. During the year, the company had outstanding 53,000 shares of 9%, $60 par value preferred stock, and 36,960 shares of common stock.
Calculate the Basic Earnings per share of common stock for the 2014 fiscal year.
5.Blue Glass, Inc. had cash dividends of $3.96 per share of common stock for calendar 2013. In 2014, the stock was split 3-for-1, and in 2015 a 10% stock dividend was issued.
Calculate the Dividends per share to be reported in the firm’s annual report for 2014, and 2015.
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