User Account

All Pages

Basic earnings per share for year three

Assignment Help Financial Accounting
Reference no: EM132203973

Rawlings Company has the following equity accounts at the beginning and end of Year Three:

January 1, Year ThreeDecember 31, Year ThreePreferred Stock, 6%, $100 par value$2,000,000$2,000,000Common Stock, $1 Par Value$160,000$200,000Capital in Excess of Par, Common$12,000,000$16,000,000Retained Earnings$1,100,000$1,800,000

The common stock account increased because 40,000 shares of common stock were issued to the public on September 1, Year Three. The preferred stock was paid its dividend during the year. A cash dividend was also distributed on the common stock. Net income for the year was $1,200,000.

  1. How much cash was received when the common stock was issued during Year Three?
  2. What was the total cash dividend paid on the common stock shares during the
  3. year?
  4. What was the company's basic earnings per share for Year Three?

Reference no: EM132203973

Questions Cloud

Minimax regret criterion the venue : If the company applies the minimax regret criterion the venue chosen would be?
Amount of cash received in the sales revenue account : The entry on December 31, 2017 to accrue the sales tax payable includes a debit to ( ) for ( ) and a credit to ( ) for ( )
Company no earning before tax : If a company's income statement shows that net income is negative, does it means that a company no earning before tax
Calculate cash flow from operating activities : Assume the equipment that was sold for a gain of $8 originally cost $20, had a book value of $4 at the date of disposal, and was sold for $12.
Basic earnings per share for year three : Rawlings Company has the following equity accounts at the beginning and end of Year Three:
Method of managing trade receivables : Discuss the advantages AND disadvantages of factoring as a method of managing trade receivables.
Respective associated probabilities : The possible selling prices and variable costs and their respective associated probabilities are as follows:
Annual adjusting entries : On December 31, 2018, before making any annual adjusting entries, the equipment was exchanged for new machinery having a fair value
Prepare crane company journal entries : Crane Company had the following two transactions related to its delivery truck.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Flexible budget performance report compares the difference

A flexible budget performance report compares the differences between:

  International commerce has rapidly increased

International commerce has rapidly increased as the Internet has provided a new and more transparent marketplace for individuals and entities alike to conduct international business and trading activities. Significant changes in the international eco..

  Prepare general journal entries to record the transactions

ACCT6003 Financial Accounting Processes - Prepare general journal entries to record the above transactions and Prepare the equity section of ChiHerbal

  Calculate the cost of ending work in process

At the start of November, Penco Refinery had Work in Process inventory consiting of 4,000 units that were 70% complete with respect to materials and 50% complete with respect to conversion costs. Calculate the cost of items completed during November...

  Identification units sold consist

Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification units sold consist of 600 units from beginning inventory, 300 from the February 10 purchase

  Assuming the market interest rate on the issue date

On January 1, 2015, Ripstick Park issues $850,000 of 8% bonds, due in ten years, with interest payable semi annually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 8%, the bonds will issue at $850,000. Re..

  Entry barnes company should make to accrue wages

Barnes Company has 20 employees who are each paid $80 per day for a 5-day workweek. The employees are paid each Friday. This year the accounting period ends on Tuesday. Prepare the December 31 year-end adjusting journal entry Barnes Company should ma..

  Breakeven analysis adjusted for targeted profit

Breakeven analysis adjusted for a targeted profit

  Markup percentages for total variable costs

Computing Markups The predicted 2009 costs for Osaka Motors are as follows: Manufacturing Costs Selling and Administrative Costs Variable $100,000 Variable $300,000 Fixed 230,000 Fixed 200,000 Average total assets for 2009 are predicted to be $4,000,..

  Shopping for accounting principles

Discuss what is meant by the phrase “shopping for accounting principles.” What mechanisms have served to prevent this practice by management?

  Discuss what option of internal controls and audit trails

Discuss what option of internal controls and audit trails are available in EXCEL (in general) and how these work in terms of data accuracy, security, and integrity. List at least two examples for each of the internal controls procedure and the audit ..

  Urban outsiders has building that originally cost

Urban outsiders has building that originally cost $375,000. The company expects to be able to sell the facility for $107,000 at end of its useful life. The balance of the related accumulated depreciation account is $258,000. The depreciable cost of t..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd