The financial information is available for Plummer Corporation.

The weighted-average number of shares of common stock outstanding was 80,000 for 2019 and 100,000 for 2020.

Instruction

Calculate earnings per share and return on common stockholders' equity for 2020 and 2019.

Solution

Calculation for earnings per share and return on common stockholders' equity for 2020 and 2019

Problems: Corporations: Dividends, Retained Earnings, and income Reporting

Problem-01: Corporations: Dividends, Retained Earnings, and Income Reporting

On January 1, 2020, Geffrey Corporation had the following stockholders equity accounts. Common Stock ($20 par value, 60,000 shares issued and outstanding)1,200,000 Paid-in Capital in Excess par-Common Stock200,000 Retained Earnings600,000...

Problem-02: Corporations: Dividends, Retained Earnings, and Income Reporting

The stockholders equity accounts of Kerp Company at January 1, 2020, are as follows Preferred Stock, 6%, $50 par$600,000 Common Stock, 6%, $5 par800,000 Paid-in Capital in Excess par-Preferred Stock200,000...

Problem-03: Corporations: Dividends, Retained Earnings, and Income Reporting

The post-closing trial balance of Storey Corporation at December 31, 2020, contains the following stockholders equity accounts Preferred Stock (15,000 shares issued)$750,000 Common Stock (250,000 shares issued)2,500,000 Paid-in Capital in...

Problem-04: Corporations: Dividends, Retained Earnings, and Income Reporting

On January 1, 2020, Ven Corporation had the following stockholders equity accounts Common Stock (no par value, 90,000 shares issued and outstanding)$1,600,000 Retained Earnings500,000 During the year, the following transactions...

Problem-05: Corporations: Dividends, Retained Earnings, and Income Reporting

On January 1, 2020, Shellenburger Inc. had the following stockholders' equity account balances. Common Stock, no par value (500,000 shares issued)$1,500,000 Common Stock Dividends Distributable200,000 Retained Earnings600,000 During 2020, the...

Problem-06: Corporations: Dividends, Retained Earnings, and Income Reporting

On January 1, Guillen Corporation, had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following...

Problem-07: Corporations: Dividends, Retained Earnings, and Income Reporting

Knudsen Corporation was organized on January 1, 2019. during its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 100,000 shares of $10 par value...

Problem-08: Corporations: Dividends, Retained Earnings, and Income Reporting

On January 1, 2019, Frontier Corporation had $1,000,000 of common stock outstanding that was issued at par: It also had retained earnings of $780,000. The company issued 40,000 shares of...

Problem-09: Corporations: Dividends, Retained Earnings, and Income Reporting

On October 31, the stockholders equity section of Heins Company consists of common stock $500,000 and retained earnings $900,000. Heins is considering the following two courses of action. (1) declaring...

Problem-10: Corporations: Dividends, Retained Earnings, and Income Reporting

On October 1, Little Bobby Corporation's stockholders equity is as follows. On October 1, Little Bobby declares and distributes a 10% stock dividend when the market price of the stock...

Problem-11: Corporations: Dividends, Retained Earnings, and Income Reporting

During 2019, Roblez Corporation had the following transactions and events Declared a cash dividend. Issued par value common stock for cash at par value. Completed a 2-for-1 stock split in...

Problem-12: Corporations: Dividends, Retained Earnings, and Income Reporting

Before preparing financial statements for the current year, the chief accountant for Toso Company discovered the following errors in the accounts. The declaration and payment of $50,000 cash dividend was...

Problem-13: Corporations: Dividends, Retained Earnings, and Income Reporting

On January 1, 2020, Eddy Corporation had retained earnings of $650,000. During the year, Eddy had the following selected transactions. Declared cash dividends $120,000. Corrected overstatement of 2019 net income...

Problem-14: Corporations: Dividends, Retained Earnings, and Income Reporting

Newland Company reported retained earnings at December 31, 2019, of $310,000. Newland had 200,000 shares of common stock outstanding at the beginning of 2020. The following transactions occurred during 2020....

Problem-15: Corporations: Dividends, Retained Earnings, and Income Reporting

Dirk Company reported the following balances at December 31, 2020; common stock $500,000, paid-in-capital in excess of par value-common stock $100,00, and retained earnings $250,000. During 2021, the following transactions...

Problem-16: Corporations: Dividends, Retained Earnings, and income Reporting

The following accounts appear in the ledger of Horner Inc. after the books are closed at December 31. Instructions Prepare the stockholders' equity section at December 31, assuming retained earnings...

Problem-17: Corporations: Dividends, Retained Earnings, and Income Reporting

The following information is available for Norman Corporation for the year ended December 31, 2020; sales revenue $700,000, other revenues and gains $92,000, operating expenses $110,000, cost of goods sold...

Problem-18: Corporations: Dividends, Retained Earnings, and Income Reporting

In 2020, Pennington Corporation had net sales of $600,000 and cost of goods sold of $360,000, Operating expenses were $153,000, and interest expense was $7,500. The corporation's tax rate is...

Problem-19: Corporations: Dividends, Retained Earnings, and Income Reporting

Ringold Corporation has outstanding at December 31, 2019, 50,000 shares of $20 par value, cumulative, 6% preferred stock and 200,000 shares of $5 par value common stock. All shares were...

Problem-20: Corporations: Dividends, Retained Earnings, and Income Reporting

The financial information is available for Plummer Corporation. The weighted-average number of shares of common stock outstanding was 80,000 for 2019 and 100,000 for 2020. Instruction Calculate earnings per share...

Problem-21: Corporations: Dividends, Retained Earnings, and Income Reporting

The financial information is available for Klinger Corporation The weighted-average number of shares of common stock outstanding was 180,000 for 2019 and 150,000 for 2020. Instruction Calculate earnings per share...

Problem-22: Corporations: Dividends, Retained Earnings, and Income Reporting

At December 31, 2020, Millwood Corporation has 2,000 shares of $100 par value, 8%, preferred stock outstanding and 100,000 shares of $10 par value common stock issued. Millwood's net income...

Corporations: Dividends, Retained Earnings, and income Reporting

Problem-20: Corporations: Dividends, Retained Earnings, and Income Reporting

Instruction

Solution

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