Range Energy Corp.’s financial statements for the current year ended December 31, 2017, have been completed...
Range Energy Corp.’s financial statements for the current year
ended December 31, 2017, have been completed and submitted to you
for review. The equity account balances a year ago, at December 31,
2016, are as follows:
| Preferred shares,
$4.20 non-cumulative, 10,400 shares authorized, issued, and outstanding |
$752,050 |
| Common shares,
unlimited shares authorized, 124,000 shares issued and outstanding |
1,428,350 |
| Retained earnings | 681,795 |
The only share transactions during 2017 were the declaration and
distribution of a 24,800 common share dividend on July 1 and the
issuance of 13,200 common shares for cash on October 31. The
company’s 2017 profit was $622,880. A cash dividend on the
preferred shares was declared on December 1, but was not paid as of
December 31. Earnings per share for 2017 were calculated as
follows:
|
Profit |
= |
$622,880 |
= | $3.84 |
| Common shares outstanding on Dec. 31, 2017 | 162,000 |
Required:
1-a. The earnings per share is incorrect. Indicate what
changes should be made to the numerator and the denominator?
Homework Answers
Add Answer to:
Range Energy Corp.’s financial statements for the current year
ended December 31, 2017, have been completed...
FINANCIAL ACCOUNTING II For the entire year ended December 31, 2017, The Martin Corporation had 40,000...
FINANCIAL ACCOUNTING II For the entire year ended December 31, 2017, The Martin Corporation had 40,000 shares of preferred stock issued and outstanding, the stock has a stated value of $10 per share and has long traded on the open market at $16 per share. The preferred shares are non-cumulative and non-participating, and the dividend rate is 3%. As of the year-end, the company's board of directors has not declared any dividends for the year. The company also has common...
White Pear Inc., an organic soap manufacturer, showed the following equity Information as at December 31,...
White Pear Inc., an organic soap manufacturer, showed the following equity Information as at December 31, 2017: White Pear Inc Equity Section of the Balance Sheet December 31, 2017 Contributed capital: Preferred shares, $3.60 non-cumulative; 100,000 shares authorized 79,000 shares issued and outstanding Common shares; unlimited shares authorized 2 shares issued and outstanding Total contributed capital Retained earnings Total equity 1$ 7,102,000 Other information: a. The preferred shares had sold for an average price of $40,00 b. The common shares...
a) No dividends were paid in 2018 or 2019. On December 31, 2020, Bridgeport wants to...
a) No dividends were paid in 2018 or 2019. On December 31, 2020,
Bridgeport wants to pay a cash dividend of $4 per share to common
shareholders. How much cash would be needed for the total amount to
be paid to preferred and common shareholders?
b) The company decides instead that it will declare a 15% stock
dividend on the outstanding common shares at their fair value. The
common shares’ fair value on the date of declaration is $45 per...
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...
Bridgeport Corp. reported the following amounts in the shareholders’ equity section of its December 31, 2019...
Bridgeport Corp. reported the following amounts in the shareholders’ equity section of its December 31, 2019 SFP: Preferred shares, $7 dividend (9,000 shares authorized, 2,000 shares issued) $206,000 Common shares (unlimited authorized, 29,000 issued) 696,000 Contributed surplus 81,700 Retained earnings 300,000 Accumulated other comprehensive income 67,000 Total $1,350,700 During 2020, the company had the following transactions that affect shareholders’ equity. 1. Paid the annual 2019 $7 per share dividend on preferred shares and a $3 per share dividend on common...
Hardaway Fixtures' balance sheet at December 31, 2017, included the following: Shares issued and outstanding: Common...
Hardaway Fixtures' balance sheet at December 31, 2017, included the following: Shares issued and outstanding: Common stock, $1 par Nonconvertible preferred stock, $50 par $ 840,000 15.000 On July 21, 2018, Hardaway issued a 25% stock dividend on its common stock. On December 12 it paid $15,000 cash dividends on the preferred stock. Net income for the year ended December 31, 2018, was $2,400,000. Required: Compute Hardaway's earnings per share for the year ended December 31, 2018. (Enter your answers...
Comparative Statements of Shareholders’ Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2016, 2017, and 2018. LOCKE INTERTECHNOLOGY CORP...
Comparative Statements of Shareholders’ Equity for Locke
Intertechnology Corporation were reported as follows for the fiscal
years ending December 31, 2016, 2017, and 2018.
LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2016, 2017, and 2018 (s in millions) Preferred Stock, $10 par Additional Total Common Stock, $1 par $ 40 Paid-in Capital 550 520 85 Retained Earnings $1,900 Shareholders Equity $ 2,490 529 93 Balance at January 1, 2016 Sale of preferred shares Sale...
The following is the Shareholders Equity section of the BillyBoB Corporation at December 31, 2017: Preferred...
The following is the Shareholders Equity section of the BillyBoB Corporation at December 31, 2017: Preferred Stock, 10% annual dividend, $40 par, 100,000 shares authorized, 7,000 shares issued& outstanding280,000 Common Stock, $5 par, 750,000 shares authorized, 112,000 issued & outstanding.. Paid-In Capital in excess of par on preferred...70,000 Paid-In Capital in excess of par on common210,000 560,000 Retained Earnings 1,280,000 January 20, 2018 BillyBoB Corp issued 38,000 shares of common stock for $456,000 cash. February 5, 2018 The price of...
Tam Company's net income for the year ending December 31, 2017, was $10,000. During the year,...
Tam Company's net income for the year ending December 31, 2017, was $10,000. During the year, Tam declared and paid $1,000 cash dividends on preferred stock and $1,750 cash dividends on common stock. At December 31, 2017, the company had 12,000 shares of common stock issued and outstanding—10,000 had been issued and outstanding throughout the year and 2,000 were issued on July 1, 2017. No other common stock transactions occurred during the year, and the 5,000 shares of preferred stock...
,On December 31, 2017, Dow Steel Corporation had 640,000 shares of common stock and 34,000 shares...
,On December 31, 2017, Dow Steel Corporation had 640,000 shares of common stock and 34,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 4% common stock dividend on May 15 and paid cash dividends of $440,000 and $73,000 to common and preferred shareholders, respectively, on December 15, 2018. On February 28, 2018, Dow sold 57,000 common shares. In keeping with its long-term share repurchase plan, 6,000 shares were retired on July 1. Dow's net income...
FINANCIAL ACCOUNTING II For the entire year ended December 31, 2017, The Martin Corporation had 40,000 shares of preferred stock issued and outstanding, the stock has a stated value of $10 per share and has long traded on the open market at $16 per share. The preferred shares are non-cumulative and non-participating, and the dividend rate is 3%. As of the year-end, the company's board of directors has not declared any dividends for the year. The company also has common...
White Pear Inc., an organic soap manufacturer, showed the following equity Information as at December 31, 2017: White Pear Inc Equity Section of the Balance Sheet December 31, 2017 Contributed capital: Preferred shares, $3.60 non-cumulative; 100,000 shares authorized 79,000 shares issued and outstanding Common shares; unlimited shares authorized 2 shares issued and outstanding Total contributed capital Retained earnings Total equity 1$ 7,102,000 Other information: a. The preferred shares had sold for an average price of $40,00 b. The common shares...
a) No dividends were paid in 2018 or 2019. On December 31, 2020,
Bridgeport wants to pay a cash dividend of $4 per share to common
shareholders. How much cash would be needed for the total amount to
be paid to preferred and common shareholders?
b) The company decides instead that it will declare a 15% stock
dividend on the outstanding common shares at their fair value. The
common shares’ fair value on the date of declaration is $45 per...
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...
Hardaway Fixtures' balance sheet at December 31, 2017, included the following: Shares issued and outstanding: Common stock, $1 par Nonconvertible preferred stock, $50 par $ 840,000 15.000 On July 21, 2018, Hardaway issued a 25% stock dividend on its common stock. On December 12 it paid $15,000 cash dividends on the preferred stock. Net income for the year ended December 31, 2018, was $2,400,000. Required: Compute Hardaway's earnings per share for the year ended December 31, 2018. (Enter your answers...
Comparative Statements of Shareholders’ Equity for Locke
Intertechnology Corporation were reported as follows for the fiscal
years ending December 31, 2016, 2017, and 2018.
LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2016, 2017, and 2018 (s in millions) Preferred Stock, $10 par Additional Total Common Stock, $1 par $ 40 Paid-in Capital 550 520 85 Retained Earnings $1,900 Shareholders Equity $ 2,490 529 93 Balance at January 1, 2016 Sale of preferred shares Sale...
The following is the Shareholders Equity section of the BillyBoB Corporation at December 31, 2017: Preferred Stock, 10% annual dividend, $40 par, 100,000 shares authorized, 7,000 shares issued& outstanding280,000 Common Stock, $5 par, 750,000 shares authorized, 112,000 issued & outstanding.. Paid-In Capital in excess of par on preferred...70,000 Paid-In Capital in excess of par on common210,000 560,000 Retained Earnings 1,280,000 January 20, 2018 BillyBoB Corp issued 38,000 shares of common stock for $456,000 cash. February 5, 2018 The price of...
Tam Company's net income for the year ending December 31, 2017, was $10,000. During the year, Tam declared and paid $1,000 cash dividends on preferred stock and $1,750 cash dividends on common stock. At December 31, 2017, the company had 12,000 shares of common stock issued and outstanding—10,000 had been issued and outstanding throughout the year and 2,000 were issued on July 1, 2017. No other common stock transactions occurred during the year, and the 5,000 shares of preferred stock...
Most questions answered within 3 hours.
-
Create a 32-run crossed array design with six control factors
and two noise factors such that...
asked 46 minutes ago -
A 500g sample of sand from source A has the following amounts
retained on each sieve....
asked 47 minutes ago -
In
your own words, please explain the essay by John Keynes wrote "The
End of Laissez...
asked 47 minutes ago -
How are the matrix and pixels related? Why are smaller
pixels better for diagnostic quality?
asked 49 minutes ago -
2. An AC generator has 80 rectangular loops on
its armature. Each loop is 11 cm...
asked 51 minutes ago -
Please help me with this question. Consider Aldi’s current and
potential geographic markets (see Exhibit 4...
asked 53 minutes ago -
What are the main components of the fermentation process and
give an explanation of each? Include...
asked 1 hour ago -
Explain which types of cells in the body (belonging to which
organs, etc.) are sensitive to...
asked 1 hour ago -
A single cable supports an 703-kg elevator car. What is the
tension in the cable when...
asked 1 hour ago -
among the three different ways to link CSS specifications to an
HTML document (inline CSS, document...
asked 1 hour ago -
(1) Write the net ionic equation for the reaction that occurs
when equal volumes of 0.191...
asked 2 hours ago -
On the night of April 18, 1775, a signal was to be sent from the
Old...
asked 1 hour ago