Homework Answers
| Net income | 390000 | |
| Less: Preferred Dividends | 46500 | =15500*3 |
| Net income for Common Stockholders | 343500 | |
| Divide by Common shares outstanding | 155000 | |
| Basic Earnings per share | 2.22 | |
| Option A $2.22 is correct |
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concerning the capital structure of Sheridan Company is as follows: December 31, 2021 2020 Common stock...
Information concerning the capital cature of Sheridan Company is as follows: December 31 2021 2020 Common...
Information concerning the capital cature of Sheridan Company is as follows: December 31 2021 2020 Common stock 155000 shares 15500 shares Convite preferred stock 1500 shares 15500 5. cowet ble bonds 200000 3230000 Dul 2021, Sheridana dividends 0.00 per share its common stock and be Contitet 5800 shares of chan T he income for the year Dec 1 2021. What should be the basic eshto the year ended December 2021, rounded to the next 01. that the income tax rate...
Information concerning the capital structure of the Petrock Corporation is as follows: Common stock Convertible preferred...
Information concerning the capital structure of the Petrock Corporation is as follows: Common stock Convertible preferred stock 8%, $1,000 par, convertible bonds December 31 2016 2017 90,000 shares 90,000 shares 10,000 shares 10,000 shares $1,000,000 $1,000,000 During 2017, Petrock paid dividends of $1 per share on its common stock and $2.40 per share on its preferred stock. The preferred stock is convertible into 20,000 shares of common stock. The 8% convertible bonds are convertible into 30,000 shares of common stock....
On December 31, 2020, the stockholders' equity section of Sheridan Company was follows: Common stock par...
On December 31, 2020, the stockholders' equity section of Sheridan Company was follows: Common stock par value $10; authorized 40000 Shares issued and outstanding 12000 shares Additional paid in capital Retained earnings Total stockholders' equity $ 120000 111000 On March 31, 2021, Sheridan dedared 10 stock dividend, and accordingly 100 were issued when the sustained a net loss of $40200. The balance of Sheridan's retained wings of March 31, 2021, should be value the the per har for the three...
On December 31, 2021, Sheridan Company had 1,310,000 shares of $7 par common stock issued and...
On December 31, 2021, Sheridan Company had 1,310,000 shares of $7 par common stock issued and outstanding. At December 31, 2021, stockholders' equity had the amounts listed here. Common Stock Additional Paid-in Capital Retained Earnings $9,170,000 1,860,000 1,120,000 Transactions during 2022 and other information related to stockholders' equity accounts were as follows. 1. On January 10, issued at $109 per share 114,000 shares of $100 par value, 9% cumulative preferred stock. 2. On February 8, reacquired 16,900 shares of its...
On December 31, 2020. Dow Steel Corporation had 640,000 shares of common stock and 304,000 shares...
On December 31, 2020. Dow Steel Corporation had 640,000 shares of common stock and 304,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 4% common stock dividend on May 15 and paid cash dividends of $440,000 and $73,000 to common and preferred shareholders, respectively, on December 15, 2021. On February 28, 2021. Dow sold 57,000 common shares. In keeping with its long-term share repurchase plan, 6,000 shares were retired on July 1. Dow's net income...
Information from the financial statements of Ames Fabricators, Inc., included the following: December 31 2021 2020...
Information from the financial statements of Ames Fabricators, Inc., included the following: December 31 2021 2020 100,000 100,000 Common shares Convertible preferred shares (convertible into 46,000 shares of common) 8% convertible bonds (convertible into 30,000 shares of common) 16,800 16,800 $1,000,000 $1,000,000 Ames's net income for the year ended December 31, 2021, is $580,000. The income tax rate is 25%. Ames paid dividends of $5 per share on its preferred stock during 2021. Required: Compute basic and diluted earnings per...
Information from the financial statements of Ames Fabricators, Inc., included the following: December 31 2021 2020...
Information from the financial statements of Ames Fabricators, Inc., included the following: December 31 2021 2020 Common shares 100,000 100,000 Convertible preferred shares (convertible into 78,000 shares of common) 30,000 30,000 8% convertible bonds (convertible into 30,000 shares of common) $1,000,000 $1,000,000 Ames's net income for the year ended December 31, 2021, is $800,000. The income tax rate is 25%. Ames paid dividends of $5 per share on its preferred stock during 2021. Required: Compute basic and diluted earnings per...
Sheridan Company has the following investments as of December 31, 2020: Investments in common stock of...
Sheridan Company has the following investments as of December 31, 2020: Investments in common stock of Laser Company Investment in debt securities of FourSquare Company $1,630,000 $3,240,000 In both investments, the carrying value and the fair value of these two investments are the same at December 31, 2020. Sheridan's stock investments does not result in significant influence on the operations of Laser Company. Sheridan's debt investment is considered held-to-maturity. At December 31, 2021, the shares in Laser Company are valued...
Information from the financial statements of Ames Fabricators, Inc., included the following: December 31 2021 2020...
Information from the financial statements of Ames Fabricators, Inc., included the following: December 31 2021 2020 Common shares 100,000 100,000 Convertible preferred shares (convertible into 78,000 shares of common) 30,000 30,000 8% convertible bonds (convertible into 30,000 shares of common) $1,000,000 $1,000,000 Ames's net income for the year ended December 31, 2021, is $800,000. The income tax rate is 25%. Ames paid dividends of $5 per share on its preferred stock during 2021. Required: Compute basic and diluted earnings per...
On December 31, 2020, Berclair Inc. had 440 million shares of common stock and 3 million...
On December 31, 2020, Berclair Inc. had 440 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2021, Berclair purchased 24 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2021. Four million treasury shares were sold on October 1. Net income for the year ended December 31, 2021, was $650 million. The income tax rate...
Information concerning the capital cature of Sheridan Company is as follows: December 31 2021 2020 Common stock 155000 shares 15500 shares Convite preferred stock 1500 shares 15500 5. cowet ble bonds 200000 3230000 Dul 2021, Sheridana dividends 0.00 per share its common stock and be Contitet 5800 shares of chan T he income for the year Dec 1 2021. What should be the basic eshto the year ended December 2021, rounded to the next 01. that the income tax rate...
Information concerning the capital structure of the Petrock Corporation is as follows: Common stock Convertible preferred stock 8%, $1,000 par, convertible bonds December 31 2016 2017 90,000 shares 90,000 shares 10,000 shares 10,000 shares $1,000,000 $1,000,000 During 2017, Petrock paid dividends of $1 per share on its common stock and $2.40 per share on its preferred stock. The preferred stock is convertible into 20,000 shares of common stock. The 8% convertible bonds are convertible into 30,000 shares of common stock....
On December 31, 2020, the stockholders' equity section of Sheridan Company was follows: Common stock par value $10; authorized 40000 Shares issued and outstanding 12000 shares Additional paid in capital Retained earnings Total stockholders' equity $ 120000 111000 On March 31, 2021, Sheridan dedared 10 stock dividend, and accordingly 100 were issued when the sustained a net loss of $40200. The balance of Sheridan's retained wings of March 31, 2021, should be value the the per har for the three...
On December 31, 2021, Sheridan Company had 1,310,000 shares of $7 par common stock issued and outstanding. At December 31, 2021, stockholders' equity had the amounts listed here. Common Stock Additional Paid-in Capital Retained Earnings $9,170,000 1,860,000 1,120,000 Transactions during 2022 and other information related to stockholders' equity accounts were as follows. 1. On January 10, issued at $109 per share 114,000 shares of $100 par value, 9% cumulative preferred stock. 2. On February 8, reacquired 16,900 shares of its...
On December 31, 2020. Dow Steel Corporation had 640,000 shares of common stock and 304,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 4% common stock dividend on May 15 and paid cash dividends of $440,000 and $73,000 to common and preferred shareholders, respectively, on December 15, 2021. On February 28, 2021. Dow sold 57,000 common shares. In keeping with its long-term share repurchase plan, 6,000 shares were retired on July 1. Dow's net income...
Information from the financial statements of Ames Fabricators, Inc., included the following: December 31 2021 2020 100,000 100,000 Common shares Convertible preferred shares (convertible into 46,000 shares of common) 8% convertible bonds (convertible into 30,000 shares of common) 16,800 16,800 $1,000,000 $1,000,000 Ames's net income for the year ended December 31, 2021, is $580,000. The income tax rate is 25%. Ames paid dividends of $5 per share on its preferred stock during 2021. Required: Compute basic and diluted earnings per...
Information from the financial statements of Ames Fabricators, Inc., included the following: December 31 2021 2020 Common shares 100,000 100,000 Convertible preferred shares (convertible into 78,000 shares of common) 30,000 30,000 8% convertible bonds (convertible into 30,000 shares of common) $1,000,000 $1,000,000 Ames's net income for the year ended December 31, 2021, is $800,000. The income tax rate is 25%. Ames paid dividends of $5 per share on its preferred stock during 2021. Required: Compute basic and diluted earnings per...
Sheridan Company has the following investments as of December 31, 2020: Investments in common stock of Laser Company Investment in debt securities of FourSquare Company $1,630,000 $3,240,000 In both investments, the carrying value and the fair value of these two investments are the same at December 31, 2020. Sheridan's stock investments does not result in significant influence on the operations of Laser Company. Sheridan's debt investment is considered held-to-maturity. At December 31, 2021, the shares in Laser Company are valued...
Information from the financial statements of Ames Fabricators, Inc., included the following: December 31 2021 2020 Common shares 100,000 100,000 Convertible preferred shares (convertible into 78,000 shares of common) 30,000 30,000 8% convertible bonds (convertible into 30,000 shares of common) $1,000,000 $1,000,000 Ames's net income for the year ended December 31, 2021, is $800,000. The income tax rate is 25%. Ames paid dividends of $5 per share on its preferred stock during 2021. Required: Compute basic and diluted earnings per...
On December 31, 2020, Berclair Inc. had 440 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2021, Berclair purchased 24 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2021. Four million treasury shares were sold on October 1. Net income for the year ended December 31, 2021, was $650 million. The income tax rate...
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