USE THE FOLLOWING INFORMATION FOR QUESTIONS 15-19.On January…
USE THE FOLLOWING INFORMATION FOR QUESTIONS 15-19.On January 1, Delos Inc. issued 1,000 shares of common stock ($100 par value) at $110 per share. The retained earnings balance is $344,700. Assume the following treasury stock transactions occurred throughout the year:Jan. 15: Delos purchased 100 shares of its common stock at $108 per share for the treasury;Mar. 1: Delos sold 20 shares of treasury stock for $98 each;Oct .15: Delos sold 10 shares of treasury stock for $115 each;Dec. 20: Delos sold 10 shares of treasury stock for $88 each;Part A. Provide the entry to record the transaction for January 1. If no journal entry is necessary, write “No entry needed.”
Read DetailsUSE THE FOLLOWING INFORMATION FOR QUESTIONS 20-22.Los Pollos…
USE THE FOLLOWING INFORMATION FOR QUESTIONS 20-22.Los Pollos Hermanos is a December 31 year-end company that reported $460,000 in net income in 2021 and faced a tax rate of 35%. The company has 20,000 shares of preferred stock ($100 par value). Each share of preferred stock can be converted into 3 shares of common stock. In 2021, the company declared and paid a cash dividend of $0.50 per share on its preferred stock. The company also has 3,000 bonds ($1,000 face value each) with a stated rate of 5% that were issued at par. Each bond is convertible into 20 shares of common stock and pays annual interest on December 31.Additionally, the company had the following common stock transactions during 2021:On January 1, 100,000 shares were outstanding.On May 1, the company issued an additional 100,000 shares.On July 1, the company repurchased 40,000 shares as treasury stock.On November 1, the company reissued 20,000 shares of treasury stock.Part A. What is the weighted-average number of common shares outstanding for Los Pollos Hermanos in 2021?
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