Bonita, Ltd. has 11,000 outstanding no par value $1.00 preferred shares issued for $110,000 and 46,000 outstanding no par value common shares issued for $32,200. No dividends were paid or declared during 2020 and 2021. Bonita wants to distribute $50.440 in dividends on December 31, 2022.
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- Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73
- Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?Sandhill, Inc. has $500,000, $0.50, no par value preferred shares (50,000 shares) and $1,000,000 of no par value common shares outstanding (80,000 shares). No dividends were paid or declared during 2018 and 2019. The company wants to distribute $326,000 in dividends on December 31, 2020. (a) Calculate the amount of dividends to be paid to each group of shareholders (i.e. preferred and common), assuming the preferred shares are non-cumulative and non-participating. Preferred Common Total dividends $ $XYZ Co. had 600,000 ordinary shares issued and outstanding at December 31, 2019. During 2020, no additional ordinary shares were issued. On January 1, 2020, ABC Co. issued 400,000 nonconvertible preference shares. During 2020, ABC Co. declared and paid P200,000 cash dividend on ordinary shares and P110,000 on preference shares. Net income for 2020 was P750,000. What should be the basic earnings per share for 2020? * a.) P0.75 b.) P1.07 c.) P1.35 d.) P1.50 e.) answer not given
- Ivanhoe, Inc. has $500,000, $0.50, no par value preferred shares (50,000 shares) and $1,000,000 of no par value common shares outstanding (80,000 shares). No dividends were paid or declared during 2018 and 2019. The company wants to distribute $308,000 in dividends on December 31, 2020. Calculate the amount of dividends to be paid to each group of shareholders (i.e. preferred and common), assuming the preferred shares are non-cumulative and non-participating. Preferred Common Total dividends $ $ Please help wiith solution steps in excelABC Co. had 600,000 ordinary shares issued and outstanding at December 31, 2019. During 2020, no additional ordinary shares were issued. On January 1, 2020, ABC Co. issued 400,000 nonconvertible preference shares. During 2020, ABC Co. declared and paid P200,000 cash dividend on ordinary shares and P110,000 on preference shares. Net income for 2020 was P750,000. What should be the basic earnings per share for 2020?A. P0.75B. P1.07C. P1.35D. P1.50psh// Carla Vista, Inc. has $500,000, $0.95, no par value preferred shares (50,000 shares) and $1,000,000 of no par value common shares outstanding (80,000 shares). No dividends were paid or declared during 2021 and 2022. The company wants to distribute $591,500 in dividends on December 31, 2023. Calculate the amount of dividends to be paid to each group of shareholders (i.e., preferred and common), assuming the preferred shares are cumulative and fully participating. (Round intermediate percentage calculations to 3 decimal places, e.g. 15.251% and final answers to 0 decimal places, e.g. 1,225.)
- ABC Co. had 600,000 ordinary shares issued and outstanding atDecember 31, 2019. During 2020, no additional ordinary shares wereissued. On January 1, 2020, ABC Co. issued 400,000 nonconvertiblepreference shares. During 2020, ABC Co. declared and paid P200,000cash dividend on ordinary shares and P110,000 on preference shares. Netincome for 2020 was P750,000. What should be the basic earnings pershare for 2020? A. P0.75B. P1.07C. P1.35D. P1.50E. answer not givenCrane, Inc. has $500,000, $0.80, no par value preferred shares (50,000 shares) and $1,000,000 of no par value common shares outstanding (80,000 shares). No dividends were paid or declared during 2021 and 2022. The company wants to distribute $582,500 in dividends on December 31, 2023. Calculate the amount of dividends to be paid to each group of shareholders (i.e., preferred and common), assuming the preferred shares are non-cumulative and non-participating. Preferred Common Total dividends $ $ Save for LatSandhill, Inc. has $500,000, $0.65, no par value preferred shares (50,000 shares) and $1,000,000 of no par value common shares outstanding (80,000 shares). No dividends were paid or declared during 2021 and 2022. The company wants to distribute $608,750 in dividends on December 31, 2023. (c) Calculate the amount of dividends to be paid to each group of shareholders (i.e., preferred and common), assuming the preferred shares are cumulative and fully participating. (Round intermediate percentage calculations to 3 decimal places, e.g. 15.251% and final answers to 0 decimal places, e.g. 1,225.) Total dividends Save for Later Preferred $ Common Attempts: 0 of 1 used Submit Answer