National Beverage Corp. is an American beverage developer, manufacturer, and distributor based in Fort Lauderdale, Florida,...

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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. Please note: - All numbers, except share data, are presented in S thousands. - Provide calculations when necessary. 1. Shares Issued and Outstanding (a) How many shares of common stock were authorized at fiscal year-end 2020? How many had been issued as of fiscal year-end 2020? (b) 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? (c) How many total shares were outstanding at fiscal year-end 2020? 2. Common Stock (a) What is the par value of each share of common stock issued? (b) How much money in excess of the par value of the stock had been contributed by common shareholders by the end of 2020? (c) How much did National Beverage pay for Treasury Stock of all common shares it held at fiscal year-end 2020? 3. Transactions related to Shareholders' Equity For each activity below, provide the accounting entry made by National Beverage (with amounts): (a) Record the declaration and payment of dividends for the fiscal year ended April 27, 2019. (b) Record the purchase of common shares for the fiscal year ended May 2, 2020. 4. Preferred Stock (a) What is the par value of each share of preferred stock issued? (b) How much did National Beverage pay for Treasury Stock of preferred shares it held at fiscal year-end 2020? 5. Earnings per Share (a) What is Basic Earnings per Share for 2020? (b) What is Diluted Earnings per Share for 2020? NATIONAL BEVERAGE CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS in thousands, except share data) ASSETS Current assets: Cash and equivalents Trade receivables - net Inventories Prepaid and other assets Total current assets Property, plant and equipment - net Right of use assets-net Goodwill Intangible assets Other assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable Accrued liabilities Operating lease liabilities Income taxes payable Total current liabilities Deferred income taxes-net Operating lease liabilities- non current Other liabilities Total liabilities Shareholders' equity: Preferred stock, $1 par value - 1,000,000 shares authorized Series C-150,000 shares issued Common stock, $.01 par value - 200,000,000 shares authorized: 50,803,184 shares (2020) and 50,678,084 shares (2019) issued Additional paid-in capital Retained earnings Accumulated other comprehensive (oss) Treasury stock - at cost: Series C preferred stock - 150,000 shares Common stock -4,187,056 shares (2020) and 4,032,544 shares (2019) Total shareholders' equity Total liabilities and shareholders' equity S 304,518 $ 84,921 63,482 7,791 $ $ May 2, 2020 $ 460,712 120,627 47,884 13,145 1,615 4,663 648,646 $ 74,369 $ 42,476 16,980 7,863 141,688 14,823 32,159 7,639 196,309 150 508 37,930 443,402 (5,420) (5,100) (19,133) 452,337 648,646 $ April 27, 2019 156,200 84,841 70,702 9,714 321,457 111,316 13,145 1,615 4,660 452,193 66,202 30,433 402 97,037 15,987 7,560 120,584 150 507 37,065 313,430 (1,543) (5,100) (12,900) 331,609 452,193 NATIONAL BEVERAGE CORP. CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) Net sales Cost of sales Gross profit Selling, general and administrative expenses Operating income Other income, net Income before income taxes Provision for income taxes Net income Earnings per common share: Basic Diluted Weighted average common shares outstanding: Basic Diluted S May 2, 2020 ss $ 1,000,394 $ 1,014,105 $ 975,734 630,254 629,755 584,599 370,140 384,350 391,135 204,394 186,947 165,746 (3,709) Fiscal Year Ended April 27, 2019 169,455 183,877 39,483 43,024 129,972 $ 140,853 S 2.79 $ 2.78 $ 46,628 46,828 204,415 179,935 (3,942) 3.02 $ 3.00 $ April 28, 2018 46,633 46,917 204,188 (1,301) 205,489 55,715 149,774 3.21 3.19 46,598 46,921 NATIONAL BEVERAGE CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In thousands) SERIES C PREFERRED STOCK Beginning and end of year COMMON STOCK Beginning of year Stock options exercised End of year ADDITIONAL PAID-IN CAPITAL Beginning of year Stock options exercised Stock-based compensation End of year RETAINED EARNINGS Beginning of year Net income Common stock cash dividend End of year ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Beginning of year Cash flow hedges Other End of year TREASURY STOCK-SERIES C PREFERRED Beginning and end of year TREASURY STOCK-COMMON Beginning of year Repurchase of common stock End of year TOTAL SHAREHOLDERS' EQUITY May 2, 2020 Shares Amount 150 S 50,678 125 50,803 150 4,033 154 4,187 150 37,065 740 125 37,930 507 1 508 50,678 313,430 129,972 443,402 (1,543) (3,673) (204) (5,420) (5,100) Fiscal Year Ended April 27, 2019 Shares Amount 150 $ $ 452,337 50,651 27 150 . 507 50,616 35 507 50,651 36,358 456 251 37,065 307,824 140,853 (135,247) 313,430 4,601 (6.318) 174 (1.543) April 28, 2018 Shares Amount 150 $ (12,900) 4,033 (12,900) 4,033 (6,233) (19,133) 4,033 (12.900) 4,033 $ 331,609 150 506 1 507 35,638 559 161 36,358 227,928 149,774 (69,878) 307,824 (604) 5,227 (22) 150 (5,100) 150 (5,100) 4,601 (12,900) (12,900) $ 331,440 NATIONAL BEVERAGE CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS in thousands OPERATING ACTIVITIES: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Deferred income tax provision Loss on disposal of property, net Stock-based compensation Amortization of operating right of use assets Changes in assets and liabilities: Trade receivables Inventories Prepaid and other assets Accounts payable Accrued and other liabilities Net cash provided by operating activities INVESTING ACTIVITIES: Additions to property, plant and equipment Proceeds from sale of property, plant and equipment Net cash used in investing activities FINANCING ACTIVITIES: Dividends paid on common stock Proceeds from stock options exercised Repurchase of common stock Net cash used in financing activities NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS CASH AND EQUIVALENTS-BEGINNING OF YEAR CASH AND EQUIVALENTS - END OF YEAR OTHER CASH FLOW INFORMATION: Interest paid Income taxes paid $ May 2, 2020 55 $ 129,972 $ 140,853 $ 149,774 17,234 11 206 125 Fiscal Year Ended April 27, 2019 13,351 (80) 7,220 (5,633) 8,168 7,118 177,692 (23,890) 9 (23,881) 740 (6,233) (5,493) 148,318 156,200 304,518 $ 51 S 29,364 S 15,439 3,351 12 251 (481) (9,782) (2,806) (8,651) 1,256 139,442 (38,333) 18 (38,315) (135,247) 456 April 28, 2018 (134,791) (33,664) 189,864 156,200 $ 13,226 676 149 161 (13,041) (7,565) (5,437) 16,753 25 154,721 (31,974) 63 (31,911) (09,878) 560 (09,318) 53,492 136,372 189,864 51 $ 101 36,833 $ 56,737 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. Please note: - All numbers, except share data, are presented in S thousands. - Provide calculations when necessary. 1. Shares Issued and Outstanding (a) How many shares of common stock were authorized at fiscal year-end 2020? How many had been issued as of fiscal year-end 2020? (b) 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? (c) How many total shares were outstanding at fiscal year-end 2020? 2. Common Stock (a) What is the par value of each share of common stock issued? (b) How much money in excess of the par value of the stock had been contributed by common shareholders by the end of 2020? (c) How much did National Beverage pay for Treasury Stock of all common shares it held at fiscal year-end 2020? 3. Transactions related to Shareholders' Equity For each activity below, provide the accounting entry made by National Beverage (with amounts): (a) Record the declaration and payment of dividends for the fiscal year ended April 27, 2019. (b) Record the purchase of common shares for the fiscal year ended May 2, 2020. 4. Preferred Stock (a) What is the par value of each share of preferred stock issued? (b) How much did National Beverage pay for Treasury Stock of preferred shares it held at fiscal year-end 2020? 5. Earnings per Share (a) What is Basic Earnings per Share for 2020? (b) What is Diluted Earnings per Share for 2020? NATIONAL BEVERAGE CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS in thousands, except share data) ASSETS Current assets: Cash and equivalents Trade receivables - net Inventories Prepaid and other assets Total current assets Property, plant and equipment - net Right of use assets-net Goodwill Intangible assets Other assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable Accrued liabilities Operating lease liabilities Income taxes payable Total current liabilities Deferred income taxes-net Operating lease liabilities- non current Other liabilities Total liabilities Shareholders' equity: Preferred stock, $1 par value - 1,000,000 shares authorized Series C-150,000 shares issued Common stock, $.01 par value - 200,000,000 shares authorized: 50,803,184 shares (2020) and 50,678,084 shares (2019) issued Additional paid-in capital Retained earnings Accumulated other comprehensive (oss) Treasury stock - at cost: Series C preferred stock - 150,000 shares Common stock -4,187,056 shares (2020) and 4,032,544 shares (2019) Total shareholders' equity Total liabilities and shareholders' equity S 304,518 $ 84,921 63,482 7,791 $ $ May 2, 2020 $ 460,712 120,627 47,884 13,145 1,615 4,663 648,646 $ 74,369 $ 42,476 16,980 7,863 141,688 14,823 32,159 7,639 196,309 150 508 37,930 443,402 (5,420) (5,100) (19,133) 452,337 648,646 $ April 27, 2019 156,200 84,841 70,702 9,714 321,457 111,316 13,145 1,615 4,660 452,193 66,202 30,433 402 97,037 15,987 7,560 120,584 150 507 37,065 313,430 (1,543) (5,100) (12,900) 331,609 452,193 NATIONAL BEVERAGE CORP. CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) Net sales Cost of sales Gross profit Selling, general and administrative expenses Operating income Other income, net Income before income taxes Provision for income taxes Net income Earnings per common share: Basic Diluted Weighted average common shares outstanding: Basic Diluted S May 2, 2020 ss $ 1,000,394 $ 1,014,105 $ 975,734 630,254 629,755 584,599 370,140 384,350 391,135 204,394 186,947 165,746 (3,709) Fiscal Year Ended April 27, 2019 169,455 183,877 39,483 43,024 129,972 $ 140,853 S 2.79 $ 2.78 $ 46,628 46,828 204,415 179,935 (3,942) 3.02 $ 3.00 $ April 28, 2018 46,633 46,917 204,188 (1,301) 205,489 55,715 149,774 3.21 3.19 46,598 46,921 NATIONAL BEVERAGE CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In thousands) SERIES C PREFERRED STOCK Beginning and end of year COMMON STOCK Beginning of year Stock options exercised End of year ADDITIONAL PAID-IN CAPITAL Beginning of year Stock options exercised Stock-based compensation End of year RETAINED EARNINGS Beginning of year Net income Common stock cash dividend End of year ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Beginning of year Cash flow hedges Other End of year TREASURY STOCK-SERIES C PREFERRED Beginning and end of year TREASURY STOCK-COMMON Beginning of year Repurchase of common stock End of year TOTAL SHAREHOLDERS' EQUITY May 2, 2020 Shares Amount 150 S 50,678 125 50,803 150 4,033 154 4,187 150 37,065 740 125 37,930 507 1 508 50,678 313,430 129,972 443,402 (1,543) (3,673) (204) (5,420) (5,100) Fiscal Year Ended April 27, 2019 Shares Amount 150 $ $ 452,337 50,651 27 150 . 507 50,616 35 507 50,651 36,358 456 251 37,065 307,824 140,853 (135,247) 313,430 4,601 (6.318) 174 (1.543) April 28, 2018 Shares Amount 150 $ (12,900) 4,033 (12,900) 4,033 (6,233) (19,133) 4,033 (12.900) 4,033 $ 331,609 150 506 1 507 35,638 559 161 36,358 227,928 149,774 (69,878) 307,824 (604) 5,227 (22) 150 (5,100) 150 (5,100) 4,601 (12,900) (12,900) $ 331,440 NATIONAL BEVERAGE CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS in thousands OPERATING ACTIVITIES: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Deferred income tax provision Loss on disposal of property, net Stock-based compensation Amortization of operating right of use assets Changes in assets and liabilities: Trade receivables Inventories Prepaid and other assets Accounts payable Accrued and other liabilities Net cash provided by operating activities INVESTING ACTIVITIES: Additions to property, plant and equipment Proceeds from sale of property, plant and equipment Net cash used in investing activities FINANCING ACTIVITIES: Dividends paid on common stock Proceeds from stock options exercised Repurchase of common stock Net cash used in financing activities NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS CASH AND EQUIVALENTS-BEGINNING OF YEAR CASH AND EQUIVALENTS - END OF YEAR OTHER CASH FLOW INFORMATION: Interest paid Income taxes paid $ May 2, 2020 55 $ 129,972 $ 140,853 $ 149,774 17,234 11 206 125 Fiscal Year Ended April 27, 2019 13,351 (80) 7,220 (5,633) 8,168 7,118 177,692 (23,890) 9 (23,881) 740 (6,233) (5,493) 148,318 156,200 304,518 $ 51 S 29,364 S 15,439 3,351 12 251 (481) (9,782) (2,806) (8,651) 1,256 139,442 (38,333) 18 (38,315) (135,247) 456 April 28, 2018 (134,791) (33,664) 189,864 156,200 $ 13,226 676 149 161 (13,041) (7,565) (5,437) 16,753 25 154,721 (31,974) 63 (31,911) (09,878) 560 (09,318) 53,492 136,372 189,864 51 $ 101 36,833 $ 56,737

Answer rating: 100% (QA)

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