Intermediate III Test 2

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Chapter 18,19

The net assets of a corporation are equal to:

1.

Two of the three primary account classifications within shareholders' equity are:

j2.

Details of each class of stock must be reported:

...

In terms of business volume, the dominant form of business organization is the:

...

The corporate charter sometimes is known as (a):

...

Corporations are formed in accordance with:

...

Outstanding common stock is:

...

Issued stock refers to the number of shares:

...

The Model Business Corporation Act:

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When preferred stock carries a redemption privilege, the shareholders may:

...

The common stock account in a company's balance sheet is measured as:

...

The following partial information is taken from the comparative balance sheet of Levi Corporation:
Shareholder's equity @ 12/31/2013
Common stock, $5 par value; 20 million shares authorized; 15 million shares issued and 9 million shares outstanding 75 million
Additional Paid-in capital on common stock 520 million
Retained Earnings 197 million
Treasury common stock, at cost, 6 million shares (72 million)
Total shareholder's equity 720 million
Shareholder's equity @ 12/31/2012
Common stock, $5 par value; 20 million shares authorized; __ million shares issued and __ million shares outstanding 45 million
Additional Paid-in capital on common stock 392 million
Retained Earnings 157 million
Treasury common stock, at cost, 6 million shares (50 million)
Total shareholder's equity 544 million
How many of Levi's common shares were outstanding on 12/31/2012?

...

What was the average price (rounded to the nearest dollar) of the additional shares issued by Levi in 2013?

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What was the average price of the additional treasury shares purchased by Levi during 2013?

...

What was the amount of net income earned by Levi during 2013?

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Roberto Corporation was organized on January 1, 2013. The firm was authorized to issue 100,000 shares of $5 par common stock. During 2013, Roberto had the following transactions relating to shareholders' equity:

Issued 10,000 shares of common stock at $7 per share.
Issued 20,000 shares of common stock at $8 per share.
Reported a net income of $100,000.
Paid dividends of $50,000.
Purchased 3,000 shares of treasury stock at $10 (part of the 20,000 shares issued at $8).

What is total shareholders' equity at the end of 2013?

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Heidi Aurora Imports issued shares of the company's Class B stock. Heidi Aurora Imports should report the stock in the company's statement of financial position:

...

The changes in account balances for Elder Company for 2013 are as follows:
Assets $480,000 debit
Common Stock $250,000 credit
Liabilities $160,000 credit
Paid-in-Capital--excess of par $30,000 credit
Assuming the only changes in retained earnings in 2013 were for net income and a $50,000 dividend, what was net income for 2013?

...

The changes in account balances for Allen Inc. for 2013 are as follows:
Assets $225,000 debit
Common Stock $125,000 credit
Liabilities $80,000 credit
Paid-in-Capital--excess of par $15,000
Assuming the only changes in retained earnings in 2013 were for net income and a $25,000 dividend, what was net income for 2013?

...

As of December 31, 2013, Warner Corporation reported the following:
Dividends payable 20,000
Treasury stock 600,000
Paid-in-Capital-share repurchase 20,000
Other paid-in-capital accounts 4,000,000
Retained earnings 3,000,000
What was shareholders' equity as of December 31, 2013?

...

What would shareholders' equity be as of December 31, 2014?

...

The 2014 sale of half of the treasury stock would:

...

Black Enterprises reported the following ($ in 000s) as of December 31, 2013. All accounts have normal balances.
Deficit 3,000
Common Stock 2,000
Paid-in-Capital—treasury stock 1,000
Treasury stock at cost 400
Paid-in-Capital—excess of par 30,000
During 2014 ($ in 000s), net income was $9,000; 25% of the treasury stock was resold for $450; cash dividends declared were $600; cash dividends paid were $500.
What ($ in 000s) was shareholders' equity as of December 31, 2013?

...

What ($ in 000s) was shareholders' equity as of December 31, 2014?

...

Accumulated other comprehensive income:

...

A statement of comprehensive income does not include:

...

Accumulated other comprehensive income is reported:

...

A statement of comprehensive income does not include:

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Characteristics of the corporate form that have led to the growth of this form of business ownership include all of the following except:

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The preemptive right refers to the shareholder's right to:

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Common shareholders usually have all of the following rights except:

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The par value of shares issued is normally recorded in the:

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Authorized common stock refers to the total number of shares:

...

The par value of common stock represents:

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When stock traded on an active exchange is issued for a machine:

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Paid-in capital in excess of par is reported:

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Share issue costs refer to the costs of obtaining the legal, promotional, and accounting services necessary to effect the sale of shares. The costs reduce the net cash proceeds from selling the shares and thus paid-in capital—excess of par, and are:

...

When stock is issued in exchange for property, the best evidence of fair value might be any of the following except:

...

When more than one security is sold for a single price and the total selling price is not equal to the sum of the market prices, the cash received is allocated between the securities based on:

...

The owners of a corporation are its shareholders. If a corporation has only one class of shares, they typically are labeled common shares. Each of the following are ownership rights held by common shareholders, unless specifically withheld by agreement, except:

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The 12/31/2013 balance sheet of Despot Inc. included the following:
Common stock, 25 million shares at $20 par $500 million
Paid-in-Capital—excess of par $3,000 million
Retained Earnings $980 million
Cash $150 million
Common stock $100 million
Paid-in-Capital—excess of par $50 million
The transaction was for the:

...

In February 2013, Despot declared cash dividends of $12 million to be paid in April of that year. What effect did the April transaction have on Despot's accounts?

...

Despot declared a property dividend to give marketable securities to its common stockholders. The securities had cost Despot $7 million and currently have a fair value of $16 million. Which of the following would be included in recording the property dividend declaration?

...

The shareholders' equity of Green Corporation includes $200,000 of $1 par common stock and $400,000 par value of 6% cumulative preferred stock. The board of directors of Green declared cash dividends of $50,000 in 2013 after paying $20,000 cash dividends in each of 2012 and 2011. What is the amount of dividends common shareholders will receive in 2013?

...

The shareholders' equity of Red Corporation includes $200,000 of $1 par common stock and $400,000 par value of 6% cumulative preferred stock. The board of directors of Red declared cash dividends of $50,000 in 2013 after paying $20,000 cash dividends in 2012 and $40,000 in 2011. What is the amount of dividends common shareholders will receive in 2013?

...

Rick Co. had 30 million shares of $1 par common stock outstanding at January 1, 2013. In October 2013, Rick Co.'s Board of Directors declared and distributed a 1% common stock dividend when the market value of its common stock was $60 per share. In recording this transaction, Rick would:

...

Which of the following transactions decreases retained earnings?

...

Poodle Corporation was organized on January 3, 2013. The firm was authorized to issue 100,000 shares of $5 par common stock. During 2013, Poodle had the following transactions relating to shareholders' equity:
Issued 30,000 shares of common stock at $7 per share.
Issued 20,000 shares of common stock at $8 per share.
Reported a net income of $100,000.
Paid dividends of $50,000.

What is total paid-in capital at the end of 2013?

...

Olsson Corporation received a check from its underwriters for $72 million. This was for the issue of one million of its $5 par stock that the underwriters expect to sell for $72 per share. Which is the correct entry to record the issue of the stock?

...

Montgomery & Co., a well-established law firm, provided 500 hours of its time to Fink Corporation in exchange for 1,000 shares of Fink's $5 par common stock. Montgomery's usual billing rate is $700 per hour, and Fink's stock has a book value of $250 per share. By what amount will Fink's paid-in capital—excess of par increase for this transaction?

...

In 2011, Winn, Inc., issued $1 par value common stock for $35 per share. No other common stock transactions occurred until July 31, 2013, when Winn acquired some of the issued shares for $30 per share and retired them. Which of the following statements correctly states an effect of this acquisition and retirement?

...

Treasury shares are most often reported as:

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Coy, Inc., initially issued 200,000 shares of $1 par value stock for $1,000,000 in 2011. In 2012, the company repurchased 20,000 shares for $200,000. In 2013, 10,000 of the repurchased shares were resold for $160,000. In its balance sheet dated December 31, 2013, Coy, Inc.'s treasury stock account shows a balance of:

...

When treasury shares are sold at a price above cost:

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When treasury shares are resold at a price below cost:

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When treasury stock is purchased for an amount greater than its par value, what is the effect on total shareholders' equity?

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When preferred stock is purchased by the issuing corporation at a price below the original issue price and the stock is retired, the transaction:

...

Retained earnings represent:

...

Retained earnings represent a company's:

...

The retained earnings balance reported in the balance sheet typically is not affected by:

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Boxer Company owned 20,000 shares of King Company that were purchased in 2011 for $500,000. On May 1, 2013, Boxer declared a property dividend of 1 share of King for every 10 shares of Boxer stock. On that date, there were 50,000 shares of Boxer stock outstanding. The market value of the King stock was $30 per share on the date of declaration and $32 per share on the date of distribution. By how much is retained earnings reduced by the property dividend?

...

On October 1, 2013, Chief Corporation declared and issued a 10% stock dividend. Before this date, Chief had 80,000 shares of $5 par common stock outstanding. The market value of Chief Corporation on the date of declaration was $10 per share. As a result of this dividend, Chief's retained earnings will:

...

Preferred stock is called preferred because it usually has two preferences. These preferences relate to:

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When dividends are declared in one fiscal year and paid in the next fiscal year, the liability for the dividend should be recorded as of the:

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Any dividend that is considered to be a liquidating dividend will:

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On June 1, 2013, Blue Co. distributed to its common stockholders 200,000 outstanding common shares of its investment in Red, Inc., an unrelated party. The carrying amount on Blue's books of Red's $1 par common stock was $2 per share. Immediately after the declaration, the market price of Red's stock was $2.50 per share. In its income statement for the year ended June 30, 2013, what amount should Blue report as gain before income taxes on disposal of the stock?

...

Which of the following statements is true when dividends are not declared or paid on cumulative preferred stock?

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Preferred shares that are participating may:

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When a property dividend is declared, the reduction in retained earnings is for:

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When a property dividend is declared, the property to be distributed should be revalued to fair value as of the:

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At the beginning of 2011, Emily Corporation issued 10,000 shares of $100 par, 5%, cumulative, preferred stock for $110 per share. No dividends have been paid to preferred or common shareholders. What amount of dividends will a preferred shareholder owning 100 shares receive in 2013 if Emily pays $1,000,000 in dividends?

...

Pug Corporation has 10,000 shares of $10 par common stock outstanding and 20,000 shares of $100 par, 6% noncumulative, nonparticipating preferred stock outstanding. Dividends have not been paid for the past two years. This year, a $150,000 dividend will be paid. What are the dividends per share for preferred and common, respectively?

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Beagle Corporation has 20,000 shares of $10 par common stock outstanding and 10,000 shares of $100 par, 6% cumulative, nonparticipating preferred stock outstanding. Dividends have not been paid for the past two years. This year, a $300,000 dividend will be paid. What are the dividends per share payable to preferred and common, respectively?

...

On January 1, 2013, the board of directors of Goby Inc. declared a $540,000 dividend. The following data is from the balance sheet of Goby on that date:
Common stock $500,000
Paid-in-Capital—excess of par $300,000
Retained earnings $400,000
Paid-in-Capital from sale of treasury stock $50,000
How much is the liquidating dividend?

...

ABC declared a property dividend. The dividend consisted of 10,000 common shares of its investment in XYZ Company. The shares had originally been purchased at $4 per share and had a $1 par value. The value of the shares on the declaration date is $7 per share. What is the first entry that should be recorded related to this dividend?

...

The board of directors of Capstone Inc. declared a $0.60 per share cash dividend on its $1 par common stock. On the date of declaration, there were 50,000 shares authorized, 20,000 shares issued, and 5,000 shares held as treasury stock. What is the entry for the dividend declaration?

...

Lucid Company declared a property dividend of 20,000 shares of $1 par Polk Company common stock. The Polk stock was purchased for $5 per share. Market value was $10 per share on the declaration date and $11 per share on the distribution date. What is the amount of the dividend?

...

The declaration and issuance of a stock dividend on shares of common stock:

...

Stock splits are issued primarily to:

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A small stock dividend is defined as one that is:

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When a company issues a stock dividend, which of the following would be affected?

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R Co. has outstanding 100 million shares, $1 par common stock, selling for $8 per share. After a 1 for 4 reverse stock split:

...

F Co. declares a 5% stock dividend. If the market price at declaration is $12 per share, a shareholder with 110 shares likely would receive:

...

Which of the terms or phrases listed below is more associated with financial statements prepared in accordance with U.S. GAAP than with International Financial Reporting Standards?

...

Heidi Aurora Imports applies International Financial Reporting Standards. The company issued shares of the company's Class B stock. Heidi Aurora Imports should report the stock in the company's statement of financial position:

...

Mandatorily redeemable preferred stock (preference shares) is reported as debt, with the dividends reported in the income statement as interest expense, using:

...

Revenue and expense items and components of other comprehensive income can be reported in a single statement of comprehensive income using:

...

Which of the following statements is true with regard to preferred stock (preference shares)?

...

Under IFRS, components of other comprehensive income:

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FX Services granted 15 million of its $1 par common shares to executives, subject to forfeiture if employment is terminated within three years. The common shares have a market price of $8 per share on the grant date. Ignoring taxes, what is the effect on earnings in the year after the shares are granted to executives?

...

The compensation associated with restricted stock under a stock award plan is:

...

The compensation associated with a share of restricted stock under a stock award plan is:

...

On January 1, 2013, M Company granted 90,000 stock options to certain executives. The options are exercisable no sooner than December 31, 2015, and expire on January 1, 2019. Each option can be exercised to acquire one share of $1 par common stock for $12. An option-pricing model estimates the fair value of the options to be $5 on the date of grant.
What amount should M recognize as compensation expense for 2013?

...

If unexpected turnover in 2014 caused the company to estimate that 10% of the options would be forfeited, what amount should M recognize as compensation expense for 2014?

...

Under its executive stock option plan, N Corporation granted options on January 1, 2013, that permit executives to purchase 15 million of the company's $1 par common shares within the next eight years, but not before December 31, 2015 (the vesting date). The exercise price is the market price of the shares on the date of grant, $18 per share. The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures are anticipated. Ignoring taxes, what is the effect on earnings in the year after the options are granted to executives?

...

The compensation associated with executive stock option plans is:

...

The most important accounting objective for executive stock options is:

...

Executive stock options should be reported as compensation expense:

...

On January 1, 2013, Red Inc. issued stock options for 200,000 shares to a division manager. The options have an estimated fair value of $6 each. To provide additional incentive for managerial achievement, the options are not exercisable unless divisional revenue increases by 6% in three years. Red initially estimates that it is probable the goal will be achieved. Ignoring taxes, what is compensation expense for 2013?

...

On January 1, 2013, Oliver Foods issued stock options for 40,000 shares to a division manager. The options have an estimated fair value of $5 each. To provide additional incentive for managerial achievement, the options are not exercisable unless Oliver Foods' stock price increases by 5% in four years. Oliver Foods initially estimates that it is not probable the goal will be achieved. How much compensation will be recorded in each of the next four years?

...

On January 1, 2013, G Corp. granted stock options to key employees for the purchase of 80,000 shares of the company's common stock at $25 per share. The options are intended to compensate employees for the next two years. The options are exercisable within a four-year period beginning January 1, 2015, by the grantees still in the employ of the company. No options were terminated during 2013, but the company does have an experience of 4% forfeitures over the life of the stock options. The market price of the common stock was $31 per share at the date of the grant. G Corp. used the Binomial pricing model and estimated the fair value of each of the options at $10. What amount should G charge to compensation expense for the year ended December 31, 2013?

...

Under its executive stock option plan, W Corporation granted options on January 1, 2013, that permit executives to purchase 15 million of the company's $1 par common shares within the next eight years, but not before December 31, 2015 (the vesting date). The exercise price is the market price of the shares on the date of grant, $18 per share. The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures are anticipated. The options are exercised on April 2, 2016, when the market price is $21 per share. By what amount will W's shareholder's equity be increased when the options are exercised?

...

On January 1, 2013, D Corp. granted an employee an option to purchase 6,000 shares of D's $5 par common stock at $20 per share. The options became exercisable on December 31, 2014, after the employee completed two years of service. The option was exercised on January 10, 2015. The market prices of D's stock were as follows: January 1, 2013, $30; December 31, 2014, $50; and January 10, 2015, $45. An option pricing model estimated the value of the options at $8 each on the grant date. For 2013, D should recognize compensation expense of:

...

Under its executive stock option plan, M Corporation granted options on January 1, 2013, that permit executives to purchase 15 million of the company's $1 par common shares within the next eight years, but not before December 31, 2015 (the vesting date). The exercise price is the market price of the shares on the date of grant, $18 per share. The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures were anticipated; however, unexpected turnover during 2014 caused the forfeiture of 5% of the stock options. Ignoring taxes, what is the effect on earnings in 2014?

...

Under its executive stock option plan, Z Corporation granted options on January 1, 2013, that permit executives to purchase 15 million of the company's $1 par common shares within the next eight years, but not before December 31, 2015 (the vesting date). The exercise price is the market price of the shares on the date of grant, $18 per share. The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures are anticipated. The options expired in 2019 without being exercised. By what amount will Z's shareholder's equity be increased?

...

If restricted stock is forfeited because an employee leaves the company, the appropriate accounting procedure is to:

...

When recognizing compensation under a stock option plan, unanticipated forfeitures are treated as:

...

Under its executive stock option plan, Q Corporation granted options on January 1, 2013, that permit executives to purchase 15 million of the company's $1 par common shares within the next eight years, but not before December 31, 2015 (the vesting date). The exercise price is the market price of the shares on the date of grant, $18 per share. The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures were anticipated; however, unexpected turnover during 2014 caused the forfeiture of 5% of the stock options. Ignoring taxes, what is the effect on earnings in 2015?

...

On January 1, 2013, Black Inc. issued stock options for 200,000 shares to a division manager. The options have an estimated fair value of $6 each. To provide additional incentive for managerial achievement, the options are not exercisable unless divisional revenue increases by 6% in three years. Black initially estimates that it is probable the goal will be achieved. In 2014, after one year, Black estimates that it is not probable that divisional revenue will increase by 6% in three years. Ignoring taxes, what is the effect on earnings in 2014?

...

On January 1, 2013, Blue Inc. issued stock options for 200,000 shares to a division manager. The options have an estimated fair value of $6 each. To provide additional incentive for managerial achievement, the options are not exercisable unless divisional revenue increases by 6% in three years. Blue initially estimates that it is not probable the goal will be achieved, but in 2014, after one year, Blue estimates that it is probable that divisional revenue will increase by 6% by the end of 2015. Ignoring taxes, what is the effect on earnings in 2014?

...

Wilson Inc. developed a business strategy that uses stock options as a major compensation incentive for its top executives. On January 1, 2013, 20 million options were granted, each giving the executive owning them the right to acquire five $1 par common shares. The exercise price is the market price on the grant date—$10 per share. Options vest on January 1, 2017. They cannot be exercised before that date and will expire on December 31, 2019. The fair value of the 20 million options, estimated by an appropriate option pricing model, is $40 per option. Ignore income tax.
Wilson's compensation expense in 2013 for these stock options was:

...

On March 1, 2017, when the market price of Wilson's stock was $14 per share, 3 million of the options were exercised. The journal entry to record this would include:

...

Assume that all compensation expense from the stock options granted by Wilson already has been recorded. Further assume that 200,000 options expire in 2018 without being exercised. The journal entry to record this would include:

...

Pastore Inc. granted options for 1 million shares of its $1 par common stock at the beginning of the current year. The exercise price is $35 per share, which was also the market value of the stock on the grant date. The fair value of the options was estimated at $8 per option.
What would be the total compensation indicated by these options?

...

If the options have a vesting period of five years, what would be the balance in "Paid-in Capital—Stock Options" three years after the grant date?

...

Wall Drugs offered an incentive stock option plan to its employees. On January 1, 2013, options were granted for 60,000 $1 par common shares. The exercise price equals the $5 market price of the common stock on the grant date. The options cannot be exercised before January 1, 2016, and expire December 31, 2017. Each option has a fair value of $1 based on an option pricing model.
What is the total compensation cost for this plan?

...

Which is the correct entry to record compensation expense for the year 2013?

...

Which is the correct entry to record the exercise of 90% the options on April 15, 2016, when the market price of the stock was $8?

...

What is the entry to record the expiration of 10% of the options on December 31, 2017?

...

Under U.S. GAAP, a deferred tax asset for stock options:

...

On December 31, 2012, Albacore Company had 300,000 shares of common stock issued and outstanding. Albacore issued a 10% stock dividend on June 30, 2013. On September 30, 2013, 12,000 shares of common stock were reacquired as treasury stock. What is the appropriate number of shares to be used in the basic earnings per share computation for 2013?

...

To encourage employee ownership of the company's common shares, KL Corp. permits any of its employees to buy shares directly from the company through payroll deduction. There are no brokerage fees and shares can be purchased at a 15% discount. During May, employees purchased 10,000 shares at a time when the market price of the shares on the New York Stock Exchange was $15 per share. KL will record compensation expense associated with the May purchases of:

...

Martin Corp. permits any of its employees to buy shares directly from the company through payroll deduction. There are no brokerage fees and shares can be purchased at a 10% discount. During 2013, employees purchased 8 million shares; during this same period, the shares had a market price of $15 per share at the end of the year. Martin's 2013 pretax earnings will be reduced by:

...

How many types of potential common shares must a corporation have in order to be said to have a complex capital structure?

...

Which of the following is not a potential common stock?

...

Basic earnings per share ignores:

...

A simple capital structure might include:

...

When several types of potential common shares exist, the one that enters the computation of diluted EPS first is the one with the:

...

Which of the following results in increasing basic earnings per share?

...

ABC declared and paid cash dividends to its common shareholders in January of the current year. The dividend:

...

Nonconvertible bonds affect the calculation of:

...

During 2013, Angel Corporation had 900,000 shares of common stock and 50,000 shares of 6% preferred stock outstanding. The preferred stock does not have cumulative or convertible features. Angel declared and paid cash dividends of $300,000 and $150,000 to common and preferred shareholders, respectively, during 2013.

On January 1, 2012, Angel issued $2,000,000 of convertible 5% bonds at face value. Each $1,000 bond is convertible into five common shares.

Angel's net income for the year ended December 31, 2013, was $6 million. The income tax rate is 20%.

What is Angel's basic earnings per share for 2013, rounded to the nearest cent?

...

What will Angel report as diluted earnings per share for 2013, rounded to the nearest cent?

...

Basic earnings per share is computed using:

...

When computing diluted earnings per share, which of the following will not be considered in the calculation?

...

When a company's only potential common shares are convertible bonds:

...

The adjustment to the weighted-average shares for retired shares is the same as for issuing new shares except:

...

On December 31, 2012, the Frisbee Company had 250,000 shares of common stock issued and outstanding. On March 31, 2013, the company sold 50,000 additional shares for cash. Frisbee's net income for the year ended December 31, 2013, was $700,000. During 2013, Frisbee declared and paid $80,000 in cash dividends on its nonconvertible preferred stock. What is the 2013 basic earnings per share (rounded)?

...

Flyaway Travel Company reported net income for 2013 in the amount of $90,000. During 2013, Flyaway declared and paid $2,125 in cash dividends on its nonconvertible preferred stock. Flyaway also paid $10,000 cash dividends on its common stock. Flyaway had 40,000 common shares outstanding from January 1 until 10,000 new shares were sold for cash on April 1, 2013. What is 2013 basic earnings per share?

...

The result of a stock split is:

...

If a stock split occurred, when calculating the current year's EPS, the shares are treated as issued:

...

Stock options, rights, and warrants are different from convertible securities in that they:

...

The calculation of diluted earnings per share assumes that stock options were exercised and that the proceeds were used to buy treasury stock at:

...

When we take into account the dilutive effect of stock options, rights, and warrants in the calculation of EPS, the method used is called the:

...

In computing diluted earnings per share, the treasury stock method is used for:

...

The following information pertains to J Company's outstanding stock for 2013:
Common stock, $1 par
Shares outstanding 1/1/2013 10,000
2 for 1 stock split 4/1/2013 10,000
Shares issued 7/1/2013
Preferred stock, $100 par, 7% cumulative
Shares outstanding 1/1/2013 4,000
What is the number of shares J should use to calculate 2013 basic earnings per share?

...

When calculating diluted earnings per share, stock options:

...

Which of the following will require a recalculation of weighted-average shares outstanding for all years presented?

...

All other things equal, what is the effect on earnings per share when a corporation acquires shares of its own stock on the open market?

...

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