Homework Answers
(a)
| (a) 2,329,600 shares |
| Jan. 1, 2019–Sept. 30, 2019 (2,080,000 X 9/12) 1,560,000 |
| Retroactive adjustment for stock dividend X 1.12 |
| Jan. 1, 2019–Sept. 30, 2019, as adjusted 1,747,200 |
| Oct. 1, 2019–Dec. 31, 2019 ((2080000+249600) X 3/12) 582,400 |
| 2,329,600 |
| Note: shares outstanding at beginning of year must be adjusted for stock dividends, timing of dividend doesn’t matter here. |
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--/1 Question 1 View Policies Current Attempt in Progress Pronghorn Inc. uses a calendar year for...
Pronghorn Inc. uses a calendar year for financial reporting. The company is authorized to issue 9,640,000...
Pronghorn Inc. uses a calendar year for financial reporting. The company is authorized to issue 9,640,000 shares of $10 par common stock. At no time has Pronghorn issued any potentially dilutive securities. Listed below is a summary of Pronghorn's common stock activities. 1. 2. 3. Number of common shares issued and outstanding at December 31, 2018 Shares issued as a result of a 10% stock dividend on September 30, 2019 Shares issued for cash on March 31, 2020 Number of...
--/1 Question 6 View Policies Current Attempt in Progress Pronghorn, Inc. established a stock-appreciation rights (SARs)...
--/1 Question 6 View Policies Current Attempt in Progress Pronghorn, Inc. established a stock-appreciation rights (SARs) program on January 1, 2020, which entitles executives to receive cash at the date of exercise for the difference between the market price of the stock and the pre-established price of $21 on 4,700 SARs. The required service period is 2 years. The fair value of the SARs are determined to be $4 on December 31, 2020, and $9 on December 31, 2021. Compute...
Current Attempt in Progress The ledger of Pronghorn Corp at December 31, 2022, after the books...
Current Attempt in Progress The ledger of Pronghorn Corp at December 31, 2022, after the books have been closed, contains the following stockholders' equity accounts. Preferred Stock (11,200 shares issued) $1,153,600 Common Stock (302,000 shares issued) 2,114,000 Paid-in Capital in Excess of Par Value-Preferred Stock 165,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,620,000 Retained Earnings 2,710,500 Areview of the accounting records reveals this information: Preferred stock is 9%, $103 par value, noncumulative. Since January 1, 202 1, 11,200...
Question 2 View Policies Current Attempt in Progress Novak Company reports pretax financial income of $72,600...
Question 2 View Policies Current Attempt in Progress Novak Company reports pretax financial income of $72,600 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $17,200. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $20,300, 3. Fines for pollution appear as an expense of $9,900 on the income statement. Novak's...
An excerpt from the statement of financial position of Crane Limited follows: CRANE LIMITED Selected Statement of Financial Position Information At December 31, 2020 Long-term debt Notes payable, 10% $5,122,000 4% convertible bonds payable
An excerpt from the statement of financial position of Crane Limited follows:CRANE LIMITEDSelected Statement of Financial Position InformationAt December 31, 2020Long-term debtNotes payable, 10%$5,122,0004% convertible bonds payable2,163,0006% convertible bonds payable2,892,000Total long-term debt$10,177,000Shareholders' equity$0.66 cumulative, no par value, convertible preferred shares (unlimited number of shares authorized, 571,500 shares issued and outstanding)$2,857,500Common shares, no par value (7,499,400 shares authorized, 2,752,100 shares issued and outstanding)25,766,000Contributed surplus218,200Retained earnings6,741,400Total shareholders’ equity$35,583,100Notes and AssumptionsDecember 31, 20201.Options were granted/written in 2019 that give the holder the right to purchase 99,400 common shares at $8 per share. The average market price of...
Business
An excerpt from the statement of financial position of Crane Limited follows:CRANE LIMITEDSelected Statement of Financial Position InformationAt December 31, 2020Long-term debtNotes payable, 10%$5,122,0004% convertible bonds payable2,163,0006% convertible bonds payable2,892,000Total long-term debt$10,177,000Shareholders' equity$0.66 cumulative, no par value, convertible preferred shares (unlimited number of shares authorized, 571,500 shares issued and outstanding)$2,857,500Common shares, no par value (7,499,400 shares authorized, 2,752,100 shares issued and outstanding)25,766,000Contributed surplus218,200Retained earnings6,741,400Total shareholders’ equity$35,583,100Notes and AssumptionsDecember 31, 20201.Options were granted/written in 2019 that give the holder the right to purchase 99,400 common shares at $8 per share. The average market price of...
Exercise 16-15 Sweet Inc. uses a calendar year for financial reporting. The company is authorized to...
Exercise 16-15
Sweet Inc. uses a calendar year for financial reporting. The
company is authorized to issue 8,420,000 shares of $12 par common
stock. At no time has Sweet issued any potentially dilutive
securities. Listed below is a summary of Sweet’s common stock
activities.
1.
Number of common shares issued and outstanding at December 31,
2018
2,010,000
2.
Shares issued as a result of a 12% stock dividend on September
30, 2019
241,200
3.
Shares issued for cash on March...
Question 1 of 4 > -/2 View Policies Current Attempt in Progress Flint Co. uses the...
Question 1 of 4 > -/2 View Policies Current Attempt in Progress Flint Co. uses the net method to account for cash discounts. On June 1, 2020. it made sales of $64.800 with terms 2/15, 1/45. On June 12, 2020. Flint received full payment for the June 1 sale. Prepare the required journal entries for Flint Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically...
Question 3 --/1 View Policies Current Attempt in Progress At January 1, 2020, Larkspur Company's outstanding shares inc...
Question 3 --/1 View Policies Current Attempt in Progress At January 1, 2020, Larkspur Company's outstanding shares included the following. 300,000 shares of $50 par value, 7% cumulative preferred stock 959,000 shares of $1 par value common stock Net income for 2020 was $2,565,000. No cash dividends were declared or paid during 2020. On February 15, 2021, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares. There were no dividends in arrears...
I need the last two questions. Thank you Wildhorse Inc. uses a calendar year for financial...
I need the last two questions. Thank you
Wildhorse Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,610,000 shares of $10 par common stock. At no time has Wildhorse issued any potentially dilutive securities. Listed below is a summary of Wildhorse's common stock activities. 1. Number of common shares issued and outstanding at December 31, 2018 2. Shares issued as a result of a 10% stock dividend on September 30, 2019 3. Shares issued...
Pronghorn Inc. uses a calendar year for financial reporting. The company is authorized to issue 9,640,000 shares of $10 par common stock. At no time has Pronghorn issued any potentially dilutive securities. Listed below is a summary of Pronghorn's common stock activities. 1. 2. 3. Number of common shares issued and outstanding at December 31, 2018 Shares issued as a result of a 10% stock dividend on September 30, 2019 Shares issued for cash on March 31, 2020 Number of...
--/1 Question 6 View Policies Current Attempt in Progress Pronghorn, Inc. established a stock-appreciation rights (SARs) program on January 1, 2020, which entitles executives to receive cash at the date of exercise for the difference between the market price of the stock and the pre-established price of $21 on 4,700 SARs. The required service period is 2 years. The fair value of the SARs are determined to be $4 on December 31, 2020, and $9 on December 31, 2021. Compute...
Current Attempt in Progress The ledger of Pronghorn Corp at December 31, 2022, after the books have been closed, contains the following stockholders' equity accounts. Preferred Stock (11,200 shares issued) $1,153,600 Common Stock (302,000 shares issued) 2,114,000 Paid-in Capital in Excess of Par Value-Preferred Stock 165,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,620,000 Retained Earnings 2,710,500 Areview of the accounting records reveals this information: Preferred stock is 9%, $103 par value, noncumulative. Since January 1, 202 1, 11,200...
Question 2 View Policies Current Attempt in Progress Novak Company reports pretax financial income of $72,600 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $17,200. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $20,300, 3. Fines for pollution appear as an expense of $9,900 on the income statement. Novak's...
Exercise 16-15
Sweet Inc. uses a calendar year for financial reporting. The
company is authorized to issue 8,420,000 shares of $12 par common
stock. At no time has Sweet issued any potentially dilutive
securities. Listed below is a summary of Sweet’s common stock
activities.
1.
Number of common shares issued and outstanding at December 31,
2018
2,010,000
2.
Shares issued as a result of a 12% stock dividend on September
30, 2019
241,200
3.
Shares issued for cash on March...
Question 1 of 4 > -/2 View Policies Current Attempt in Progress Flint Co. uses the net method to account for cash discounts. On June 1, 2020. it made sales of $64.800 with terms 2/15, 1/45. On June 12, 2020. Flint received full payment for the June 1 sale. Prepare the required journal entries for Flint Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically...
Question 3 --/1 View Policies Current Attempt in Progress At January 1, 2020, Larkspur Company's outstanding shares included the following. 300,000 shares of $50 par value, 7% cumulative preferred stock 959,000 shares of $1 par value common stock Net income for 2020 was $2,565,000. No cash dividends were declared or paid during 2020. On February 15, 2021, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares. There were no dividends in arrears...
I need the last two questions. Thank you
Wildhorse Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,610,000 shares of $10 par common stock. At no time has Wildhorse issued any potentially dilutive securities. Listed below is a summary of Wildhorse's common stock activities. 1. Number of common shares issued and outstanding at December 31, 2018 2. Shares issued as a result of a 10% stock dividend on September 30, 2019 3. Shares issued...
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