May 1 Issued 75,000 common shares for $3 per share. July 24 Issued 16,800 common
ID: 2345171 • Letter: M
Question
May 1 Issued 75,000 common shares for $3 per share. July 24 Issued 16,800 common shares for $60,000 cash and used equipment originally cost $15,000. It now has a carrying amount of $7,500 and a fair value of $8,000. the common shares were trading for $4 per share on this date. Sept. 1 Issued 5,000 common shares for $5 per share. Nov. 1 Issued 2,000 preferred shares for $55 per share. Dec. 15 Declared a $36,000 dividend to the preferred shareholders, to shareholders of record on December 31, payable on January 10. 31 Reported profit of $650,000 for the year. Instruction Record the above transactions for 2012, including any required dosing entries. Open T accounts and post to the shareholders' equity accounts. Prepare the shareholders' equity section of the statement of financial position at December 31. May 31 Reacquired and retired 5,000 common Sept. 1 Issued 20,000 $1 cumulative preferred shares for $500,000. Nov. 1 Issued 6,000 common shares in exchange for land. The shares were trading for the fair value of the land was $115,000. 30 Reported profit of $351,250. 30 Declared the quarterly cash dividend to the preferred shareholders of record on December payable on December 31. Instructions Calculate the profit available for the common shareholders. Calculate the weighted average number of common shares for the year. Calculate the earnings per share for the year. Why is it necessary to calculate a weighted average number of shares? Why not use the number of shares Selected financial information (in millions, except per share information) is available for ClBC at October 31. 2010 2009 2008 Total cash dividends paid to common shareholders $1,350 $1,328 Cash dividends per common share $3. 48 $3. 48 Profit (loss) available to common shareholders $2,114 $850 Common shareholders' equity $12,634 $11,119 Market price per common share $78. 23 $62. 00 Weighted average number of common shares 388 382 Instructions Calculate the dividend yield, payout, earnings per share, and return on common shareholders equity ratios for the shareholders for 2010 and 2009. Comment on your findings.Explanation / Answer
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