ACC 309 2-2 HW Ch 16.pdf - Stock Split Effective May 1 the shareholders of Baltimore Corporation approved a 2-for-1 split of the company's common stock

ACC 309 2-2 HW Ch 16.pdf - Stock Split Effective May 1 the...

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1 Check My Work used Stock Split Effective May 1, the shareholders of Baltimore Corporation approved a 2-for-1 split of the company's common stock and an increase in authorized common shares from 100,000 shares (par value $20 per share) to 200,000 shares (par value $10 per share). Baltimore's shareholders' equity items immediately before issuance of the stock split shares were as follows: Common stock, $20 par (100,000 shares authorized, 50,000 shares outstanding) $1,000,000 Additional paid-in capital (premium of $3 per share on issuance of common stock) 150,000 Retained earnings 1,350,000 What should be the balances in Baltimore's Additional Paid-in Capital and Retained Earnings accounts immediately after the stock split is effected? a. Additional Paid-in Capital Retained Earnings $150,000 $350,000 b. Additional Paid-in Capital Retained Earnings $1,150,000 $350,000 c. Additional Paid-in Capital Retained Earnings $150,000 $1,350,000 d. Additional Paid-in Capital Retained Earnings $0 $500,000
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1 Check My Work used Basic EPS In determining basic earnings per share, dividends on nonconvertible cumulative preferred stock should be: a. Added back to net income whether declared or not b. Disregarded c. Deducted from net income only if declared d. Deducted from net income whether declared or not
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1 Check My Work used Dilutive Securities and EPS Iredell Company has 2,500,000 shares of common stock outstanding on December 31, 2015. An additional 500,000 shares of common stock were issued on April 2, 2016, and 250,000 more on July 2, 2016. On October 1, 2016, Iredell issued 5,000, $1,000 face value, 7% convertible bonds. Each bond is dilutive and convertible into 40 shares of common stock. No bonds were converted into common stock in 2016. What is the number of shares to be used in computing basic earnings per share and diluted earnings per share, respectively, for the year ended December 31, 2016? a. 3,000,000 and 3,200,000 shares b. 3,000,000 and 3,050,000 shares c. 2,875,000 and 2,925,000 shares d. 2,875,000 and 3,075,000 shares
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1 Check My Work used Weighted Average Shares Howard Corporation had 10,000 shares of common stock outstanding at the beginning of the year. On July 1, it issued 5,000 shares, and on September 1, it reacquired 600 shares as treasury stock. What is the weighted average number of common shares Howard will use in computing its earnings per share? Total weighted average shares: 12,300 shares
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1 Check My Work used Basic and Diluted EPS Given the following year-end information, compute Greenwood Corporation's basic and diluted earnings per share.
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