Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please Answer All of Them Please ! 1. Presented below is the stockholders' equity section of Coronado Industries at December 31, 2020: Common stock, par

Please Answer All of Them Please !

1. Presented below is the stockholders' equity section of Coronado Industries at December 31, 2020:

Common stock, par value $20; authorized 75,000 shares;

issued and outstanding 46000 shares

$ 920000

Paid-in capital in excess of par value

353000

Retained earnings

508000

$1781000

During 2021, the following transactions occurred relating to stockholders' equity: 2900 shares were reacquired at $28 per share. 3400 shares were reacquired at $35 per share. 1700 shares of treasury stock were sold at $31 per share. For the year ended December 31, 2021, Coronado reported net income of $449000. Assuming Coronado accounts for treasury stock under the cost method, what should it report as total stockholders' equity on its December 31, 2021, balance sheet?

a

$2075100.

b

$1633500.

c

$2078800.

d

$2082500.

2. Sheridan Company, has 4150000 shares of common stock outstanding on December 31, 2020. An additional 809000 shares of common stock were issued on April 1, 2021, and 410000 more on July 1, 2021. On October 1, 2021, Sheridan issued 19100, $1,000 face value, 8% convertible bonds. Each bond is convertible into 20 shares of common stock. No bonds were converted into common stock in 2021. What is the number of shares to be used in computing basic earnings per share and diluted earnings per share, respectively?

a

5357250 and 6157250

b

4961750 and 4961750

c

4961750 and 5057250

d

4961750 and 5357250

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Horngrens Cost Accounting A Managerial Emphasis

Authors: Srikant Datar, Madhav Rajan

16th Global Edition

1292211547, 9781292211541

More Books

Students also viewed these Accounting questions

Question

Formulate strategies and recommendations for action on HRM issues.

Answered: 1 week ago