Problem
Shareholders' Equity of National Beverage Corp.
National Beverage Corp. is an American beverage developer, manufacturer, and distributor based in Fort Lauderdale, Florida, focused on flavored soft drinks such as La Croix. Using the attached excerpts from the company's 2020 Annual Report answer the following questions. Note:
• All numbers, except share data, are presented in $ thousands.
• Provide calculations when necessary.
I. Shares Issued and Outstanding
i. How many shares of common stock were authorized at fiscal year-end 2020? How many had been issued as of fiscal year-end 2020?
ii. National Beverage has repurchased some of its own common shares that had been previously issued (Treasury Stock). How many common shares did National Beverage hold as treasury stock at the end of 2020?
iii. How many total shares were outstanding at fiscal year-end 2020?
II. Common Stock
i. What is the par value of each share of common stock issued?
ii. How much money in excess of the par value of the stock had been contributed by common shareholders by the end of 2020?
iii. How much did National Beverage pay for Treasury Stock of all common shares it held at fiscal year-end 2020?
III. Transactions related to Shareholders' Equity For each activity below, provide the accounting entry made by National Beverage (with amounts):
i. Record the declaration and payment of dividends for the fiscal year ended April 27, 2019.
ii. Record the purchase of common shares for the fiscal year ended May 2, 2020.
IV. Preferred Stock
i. What is the par value of each share of preferred stock issued?
ii. How much did National Beverage pay for Treasury Stock of preferred shares it held at fiscal year-end 2020?
V. Earnings per Share
i. What is Basic Earnings per Share for 2020?
ii. What is Diluted Earnings per Share for 2020?