Reference no: EM132625575

Question -

Q1. The Common Stock account for Alpha Corporation on January 1, 2019 was $37,500. On June 1, 2019 Alpha issued an additional 2,500 shares of common stock. The Common Stock is $5 par. There was neither Preferred Stock nor any Treasury Stock, Paid in Capital Excess to par Common Stock was $10,000 on January 1 and $15,000 on June 2 and retained earnings was $104,700. Use this information to determine for December 31, 2019 the amount of:

a. Total Stockholders Equity

b. Earnings per Share (rounded to the nearest penny)

Q2. During all of fiscal year 2017, Alpha Corporation had outstanding 100,000 shares of $10 par common stock and 5,000 shares of noncumulative, $100 par value, 6% preferred stock. For 2017, Alpha Corporation had $230,000 net income and dividends were paid only to preferred shareholders. Use this information to calculate how much Alpha Corporation should report for 2017 basic earnings (loss) per share for income (loss) from continuing operations. If it is a loss EPS then present the value in brackets

Q3. On July 1, 2019, Alpha Company purchased inventory from its Japanese supply source. Terms of sale were 100,000 yen, due 30 days from the date of purchase. On July 30, 2019, Alpha paid for the supplies purchased on July 1. The exchange rate for the yen was $0.01 on the date of purchase, and $0.0098 on the date of payment. Use this information to prepare Alpha Company's general journal entries to record the purchase and payment for inventory purchased from its Japanese vendor.