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On December 31, 2003, Jamfest Travel Inc. had 450,000 shares of no-par common stock issued and outstanding. All shares were sold for $7.50. On June 30, 2004, the firm issued an additional 135,000 shares for $7 per share. The 2004 income was $319,200. On Sept 1, 2005, a 15 percent stock dividend was issued to all common shareholders. On Oct 1, 2005, 60,000 shares were reacquired as treasury shares. Net income in 2005 was $278,063.
(1) Compute the weighted average number of common shares outstanding for 2004 and 2005 that should be shown on comparative statements at the end of 2005.
(2) Compute the basic earnings per share in 2004 and 2005 to be reported on comparative statements at the end of 2005.
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1. Double declining method 2. Units of production method 3. Sum of year digit method 4. Straight-line method Depreciation Fund Method Insurance Method Annualy Method
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Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
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Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-term Debt $36,000 Building $150,000 Notes Payable $9,000 Equip
Q. Goal of financial reporting? The second goal of financial reporting is to provide information to help present and potential investors and creditors and other users in assess
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