Homework Answers
Ans:
|
Earnings Per Share |
|
|
Income from Continuing Operations |
|
|
(26000,000+13,140,000-450,000)/10 MILLIONS |
38690,000/10000,000 |
|
3.87 |
|
|
Discontinuing Operations EPS |
|
|
(13,140,000/10 Millions) |
-1.31 |
|
Net Income (Loss) EPS |
|
|
26,000,000-450,000/10 millions |
2.56 |
|
Working: |
|
|
Discontinued Operations |
|
|
Loss before taxes |
18,000,000 |
|
Less:Applicable Income Tax (27%) |
-4,860,000 |
|
13,140,000 |
|
|
Net Income |
26,000,000 |
|
Preferred Dividends |
|
|
4500,000*10% |
450,000 |
|
Weighted Average Common Shares Outstanding |
10 Millions |
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Exercise 4-17 The shareholders' equity section of Sheffield Corporation as at December 31, 2020, follows: 10%...
Question 2 The shareholders' equity section of Culver Corporation as at December 31, 2020, follows: 8%...
Question 2 The shareholders' equity section of Culver Corporation as at December 31, 2020, follows: 8% cumulative preferred shares, 100,000 shares authorized, 74,000 shares outstanding Common shares, 10 million shares authorized and issued Contributed surplus $4,500,000 10,000,000 10,800,000 25,300,000 172,000,000 $197,300,000 Retained earnings Net income of $23 million for 2020 reflects a total effective tax rate of 24%. Included in the net income figure is a loss of $12 million (before tax) relating to the operations of a business segment...
The shareholders’ equity section of Concord Corporation as at December 31, 2020, follows: 10% cumulative preferred...
The shareholders’ equity section of Concord Corporation as at December 31, 2020, follows: 10% cumulative preferred shares, 100,000 shares authorized, 86,000 shares outstanding $4,400,000 Common shares, 10 million shares authorized and issued 10,000,000 Contributed surplus 10,800,000 25,200,000 Retained earnings 177,000,000 $202,200,000 Net income of $25 million for 2020 reflects a total effective tax rate of 26%. Included in the net income figure is a loss of $18 million (before tax) relating to the operations of a business segment that is...
x Your answer is incorrect. Try again. The shareholders' equity section of Swifty Corporation as at...
x Your answer is incorrect. Try again. The shareholders' equity section of Swifty Corporation as at December 31, 2020, follows: 10% cumulative preferred shares, 100,000 shares authorized, 81,000 shares outstanding Common shares, 10 million shares authorized and issued Contributed surplus $4,500,000 10,000,000 10,700,000 25,200,000 181,000,000 $206,200,000 Retained earnings Net income of $25 million for 2020 reflects a total effective tax rate of 26%. Included in the net income figure is a loss of $16 million (before tax) relating to the...
The shareholders' equity section of Novak Corporation as at December 31, 2020, follows: 10% cumulative preferred...
The shareholders' equity section of Novak Corporation as at December 31, 2020, follows: 10% cumulative preferred shares, 100,000 shares authorized, 69,000 shares outstanding Common shares, 10 million shares authorized and issued Contributed surplus $4.700,000 10,000,000 11,000,000 25,700,000 170,000,000 $195,700,000 Retained earnings Net income of $24 million for 2020 reflects a total effective tax rate of 25%. Included in the net income figure is a loss of $ 17 million (before tax) relating to the operations of a business segment that...
do not need it Question 7 (5 marks) The shareholders' equity section of Riverbed Corporation as...
do
not need it
Question 7 (5 marks) The shareholders' equity section of Riverbed Corporation as at December 31, 2020, follows: 10% cumulative preferred shares, 100,000 shares authorized, 65,000 shares outstanding $4,300,000 Common shares, 10 million shares authorized and issued 10,000,000 Contributed surplus 11,000,000 25,300,000 Retained earnings 176,000,000 $201,300,00 et income of $25 million for 2020 reflects a total effective tax rate of 26%. Included in the ne ome figure is a loss of $16 million (before tax) relating to...
10,000 shares Presented below are selected ledger accounts of Bramble Corporation as of December 31, 2020....
10,000 shares
Presented below are selected ledger accounts of Bramble Corporation as of December 31, 2020. Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash dividends paid (2020) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2019 Retained earnings, December 31, 2019 Effective tax rate 20% $53,000 106,000 84,800 572,400 222,600 21,200 15,900 42,400 31,800 95,400 Compute net income for 2020. Net income Prepare a partial income statement beginning with...
Presented below are selected ledger accounts of Marigold Corporation as of December 31, 2020. Cash Administrative...
Presented below are selected ledger accounts of Marigold Corporation as of December 31, 2020. Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash dividends paid (2020) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2019 Retained earnings, December 31, 2019 Effective tax rate 20% $43,000 86,000 68,800 464,400 180,600 17,200 12,900 34,400 25,800 77,400 Compute net income for 2020. Net income $ Prepare a partial income statement beginning with income...
Presented below are selected ledger accounts of Skysong Corporation as of December 31, 2020. Cash Administrative...
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Presented below are selected ledger accounts of Whispering Corporation as of December 31, 2020. Cash Administrative...
Presented below are selected ledger accounts of Whispering Corporation as of December 31, 2020. Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash dividends paid (2020) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2019 Retained earnings, December 31, 2019 Effective tax rate 20% $65,000 130,000 104,000 702,000 273,000 26,000 19,500 52,000 39,000 117,000 * Your answer is incorrect. Compute net income for 2020. Net income $ 702000 Prepare a...
E4.10 (LO 3) (Earnings per Share) The stockholders' equity section of Hendly Corporation appears below as...
E4.10 (LO 3) (Earnings per Share) The stockholders' equity section of Hendly Corporation appears below as of December 31, 2020. 8% preferred stock, $50 par value, authorized 100,000 shares, outstanding 90,000 shares $ 4,500,000 Common stock, $1.00 par, authorized and issued 10 million shares 10,000,000 Additional paid-in capital 20,500,000 Retained earnings (includes 2020 net income of $33,000,000) 167,000,000 Net income $202,000,000 Net income for 2020 reflects a total effective tax rate of 20%. Included in the net income figure is...
Question 2 The shareholders' equity section of Culver Corporation as at December 31, 2020, follows: 8% cumulative preferred shares, 100,000 shares authorized, 74,000 shares outstanding Common shares, 10 million shares authorized and issued Contributed surplus $4,500,000 10,000,000 10,800,000 25,300,000 172,000,000 $197,300,000 Retained earnings Net income of $23 million for 2020 reflects a total effective tax rate of 24%. Included in the net income figure is a loss of $12 million (before tax) relating to the operations of a business segment...
x Your answer is incorrect. Try again. The shareholders' equity section of Swifty Corporation as at December 31, 2020, follows: 10% cumulative preferred shares, 100,000 shares authorized, 81,000 shares outstanding Common shares, 10 million shares authorized and issued Contributed surplus $4,500,000 10,000,000 10,700,000 25,200,000 181,000,000 $206,200,000 Retained earnings Net income of $25 million for 2020 reflects a total effective tax rate of 26%. Included in the net income figure is a loss of $16 million (before tax) relating to the...
The shareholders' equity section of Novak Corporation as at December 31, 2020, follows: 10% cumulative preferred shares, 100,000 shares authorized, 69,000 shares outstanding Common shares, 10 million shares authorized and issued Contributed surplus $4.700,000 10,000,000 11,000,000 25,700,000 170,000,000 $195,700,000 Retained earnings Net income of $24 million for 2020 reflects a total effective tax rate of 25%. Included in the net income figure is a loss of $ 17 million (before tax) relating to the operations of a business segment that...
do
not need it
Question 7 (5 marks) The shareholders' equity section of Riverbed Corporation as at December 31, 2020, follows: 10% cumulative preferred shares, 100,000 shares authorized, 65,000 shares outstanding $4,300,000 Common shares, 10 million shares authorized and issued 10,000,000 Contributed surplus 11,000,000 25,300,000 Retained earnings 176,000,000 $201,300,00 et income of $25 million for 2020 reflects a total effective tax rate of 26%. Included in the ne ome figure is a loss of $16 million (before tax) relating to...
10,000 shares
Presented below are selected ledger accounts of Bramble Corporation as of December 31, 2020. Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash dividends paid (2020) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2019 Retained earnings, December 31, 2019 Effective tax rate 20% $53,000 106,000 84,800 572,400 222,600 21,200 15,900 42,400 31,800 95,400 Compute net income for 2020. Net income Prepare a partial income statement beginning with...
Presented below are selected ledger accounts of Marigold Corporation as of December 31, 2020. Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash dividends paid (2020) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2019 Retained earnings, December 31, 2019 Effective tax rate 20% $43,000 86,000 68,800 464,400 180,600 17,200 12,900 34,400 25,800 77,400 Compute net income for 2020. Net income $ Prepare a partial income statement beginning with income...
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E4.10 (LO 3) (Earnings per Share) The stockholders' equity section of Hendly Corporation appears below as of December 31, 2020. 8% preferred stock, $50 par value, authorized 100,000 shares, outstanding 90,000 shares $ 4,500,000 Common stock, $1.00 par, authorized and issued 10 million shares 10,000,000 Additional paid-in capital 20,500,000 Retained earnings (includes 2020 net income of $33,000,000) 167,000,000 Net income $202,000,000 Net income for 2020 reflects a total effective tax rate of 20%. Included in the net income figure is...
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