Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I also need the ones with the red lines above fixed, they are incorrect. Thank you! Ecker Company reports $1,350,000 of net income and declares

image text in transcribedimage text in transcribedimage text in transcribed

I also need the ones with the red lines above fixed, they are incorrect. Thank you!

Ecker Company reports $1,350,000 of net income and declares $189,000 of cash dividends on its preferred stock for the year. At year- end, the company had 270,000 weighted average shares of common stock. 1. What amount of net income is available to common stockholders? Net income To preferred stockholders Net income available to common stockholders $ 2. What is the company's basic EPS? Basic Earnings per Share Choose Denominator: Choose Numerator: Basic Earnings per Share Basic earnings per share = On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 79,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 790,000 251,000 920,000 $ 1,961,000 1. Prepare journal entries to record the following transactions for Sherman Systems a. Purchased 5,700 shares of its own common stock at $32 per share on October 11. b. Sold 1,175 treasury shares on November 1 for $38 cash per share. c. Sold all remaining treasury shares on November 25 for $27 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Drangriaunantrierteraard the following tractions for charmantome Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,700 shares of its own common stock at $32 per share on October 11. b. Sold 1,175 treasury shares on November 1 for $38 cash per share. c. Sold all remaining treasury shares on November 25 for $27 cash per share. Show less View transaction list View journal entry worksheet No Transaction General Journal Credit Debit 182,400 Treasury stock Cash 182,400 2 b. 66,500 Cash Treasury stock Paid-in capital, treasury stock -56,000 10,500 - 3 C. Cash Paid-in capital, treasury stock Retained earnings Treasury stock 106,650 10,500 9,250 126,400

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions