At December 31, 2014, the records of NCIS Corporation provided the following sel

Question

At December 31, 2014, the records of NCIS Corporation provided the following selected and data Common stock (par $10; no changes during the year). Shares authorized, 220,000 Shares issued,?; issue price $20 per share; cash collected in full, $2,120,000. Shares held as treasury stock, 2,000 shares, cost $24 per share. Net income, $198,640 Dividends declared and paid, $107,120. Retained earnings balance, January 1,2014, $575,000. Required: 1. Complete the following tabulation: Shares authorized Shares issued Shares outstanding 2. Calculate the balance in the capital in excess of par? pital in excess of par 3. Calculate the earnings per share? (Round your answer to 2 decimal places.) arnings per share

Explanation / Answer

1)

2)

3) Earning per share = Net income / shares outstanding

                                  = $198,640 / $104,000

                                 = $1.91

4) Dividend per share = total dividends / net income

                                     = $107,120/$198,640

                                    = $.54

5) stokholder's equity section at cost $20,000

6) Par value per shares            $5

Shares outstanding             $208,000

7) No entry

8) 104,000 @10% = 10,400 shares

Shares Authorised 220,000 Shares issued 106,000 Shares outstanding 104,000

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