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Mini-Exercise 10.2 LO 9 Calculate originally reported EPS before stock split During the fiscal year ended...
Calculate EPS reported before stock split and stock dividend - During the fiscal year ended September...
Calculate EPS reported before stock split and stock dividend - During the fiscal year ended September 30, 2017, Worrell, Inc., had a 2-for-1 stock split and a 5% stock dividend. In its annual report for 2017, the company reported earnings per share for the year ended September 30, 2016, on a restated basis, of $1.20 Required: Calculate the originally reported earnings per share for the year ended September 30, 2016.
During the year ended December 31, 2020, Gluco Inc. split its stock on a 4-for-1 basis....
During the year ended December 31, 2020, Gluco Inc. split its stock on a 4-for-1 basis. In its annual report for 2019, the firm reported net income of $930,200 for 2019, with an average 217,300 shares of common stock outstanding for that year. There was no preferred stock. Required: a. What amount of net income for 2019 will be reported in Gluco's 2020 annual report? b. Calculate Gluco's earnings per share for 2019 that would have been reported in the...
For the year ended December 31, 2019, Anyco Inc. reported earnings per share of $3.12. During...
For the year ended December 31, 2019, Anyco Inc. reported earnings per share of $3.12. During 2020, the company had a 3-for-1 stock split. Calculate the 2019 earnings per share that will be reported in Anyco’s 2020 annual report for comparative purposes. During 2021, Anyco had an additional 2-for-1 stock split. Calculate the 2019 earnings per share that will be reported in Anyco’s 2021 annual report for comparative purposes. Assume that Anyco had issued a 10% stock dividend in 2020...
E11-17 Determining the Effect of a Stock Repurchase on EPS and ROE [LO 11-2, LO 11-5]...
E11-17 Determining the Effect of a Stock Repurchase on EPS and ROE [LO 11-2, LO 11-5] Swimtech Pools Inc. (SPI) reported the following in its financial statements for the quarter ended March 31, 2018 December March 31, 31, 2017 52,000 31,200 20,800 2018 Common Stock, $1 par, 52,000 shares outstanding Additional Paid-In Capital Retained Earnings 52,000 31,200 20,800 Total Stockho lders' Equity $104,000 $104,000 During the quarter ended March 31, SPI reported Net Income of $6,240 and declared and paid...
Thrifty Co. reported net income of $767.000 for its fiscal year ended January 31, 2020. At...
Thrifty Co. reported net income of $767.000 for its fiscal year ended January 31, 2020. At the beginning of that fiscal year, 253,000 shares of common stock were outstanding. On October 31, 2019, an additional 43,000 shares were issued. No other changes in common shares outstanding occurred during the year. Also during the year, the company paid the annual dividend on the 35,000 shares of 6%, $20 par value preferred stock that were outstanding the entire year. Required: a. Calculate...
For the year ended December 31, 2018, Finco Inc. reported earnings per share of $3.60. Answer...
For the year ended December 31, 2018, Finco Inc. reported earnings per share of $3.60. Answer the following questions: Required: a. During 2019, the company had a 5-for-1 stock split. Calculate the 2018 earnings per share that will be reported in Finco's 2019 annual report for comparative purposes. b. During 2020, Finco had an additional 3-for-1 stock split. Calculate the 2018 earnings per share that will be reported in Finco's 2020 annual report for comparative purposes. C. Assume that Finco...
P16.5 (LO 5) Groupwork (EPS with Complex Capital Structure) Amy Dyken, controller at Fitzgerald Pharmaceutical Industries,...
P16.5 (LO 5) Groupwork (EPS with Complex Capital Structure) Amy Dyken, controller at Fitzgerald Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and diluted earnings per share and the related disclosure for Fitzgerald's financial statements. Below is selected financial information for the fiscal year ended June 30, 2020. Fitzgerald Pharmaceutical Industries Selected Balance Sheet Information June 30, 2020 $ 1,000,000 5,000,000 6,000,000 $12,000,000 Long-term debt Notes payable, 10% 8% convertible bonds payable 10% bonds payable Total...
Income statements of A Limited: Year ended June 30, 2019 Year ended June 30, 2020 S...
Income statements of A Limited: Year ended June 30, 2019 Year ended June 30, 2020 S Profit before tax and interest $ 39,000 (1,200) 19,000 Profit before tax and interest Finance costs-Interest on Convertible loan stock (4,750) Income tax (25%) 14,250 Profit after tax Income tax (25%) Profit after tax (9,450) 28,350 Capital structure Date No. of $1 ordinary shares 1.7.2018 1.1.2019 8,000 Balance Rights issue- 1 for 5 @ $1.25 (market value on last day of quotation with rights...
Schaefer Co. reported net income of $191,150 for its fiscal year ended January 31, 2019. At...
Schaefer Co. reported net income of $191,150 for its fiscal year ended January 31, 2019. At the beginning of that fiscal year, 50,000 shares of common stock were outstanding. On October 31, 2018, an additional 15,000 shares were issued. No other changes in common shares outstanding occurred during the year. Also during the year, the company paid the annual dividend on the 20,000 shares of 6%, $50 par value preferred stock that were outstanding the entire year. Calculate basic earnings...
P16.6 (LO 4) (Basic EPS: Two-Year Presentation) Melton Corporation is preparing the comparative financial statements for...
P16.6 (LO 4) (Basic EPS: Two-Year Presentation) Melton Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2020, and May 31, 2021. The income from operations for the fiscal year ended May 31, 2020, was $1,800,000 and income from continuing operations for the fiscal year ended May 31, 2021, was $2,500,000. In both years, the company incurred a 10% interest expense on $2,400,000 of debt, an obligation that requires...
During the year ended December 31, 2020, Gluco Inc. split its stock on a 4-for-1 basis. In its annual report for 2019, the firm reported net income of $930,200 for 2019, with an average 217,300 shares of common stock outstanding for that year. There was no preferred stock. Required: a. What amount of net income for 2019 will be reported in Gluco's 2020 annual report? b. Calculate Gluco's earnings per share for 2019 that would have been reported in the...
E11-17 Determining the Effect of a Stock Repurchase on EPS and ROE [LO 11-2, LO 11-5] Swimtech Pools Inc. (SPI) reported the following in its financial statements for the quarter ended March 31, 2018 December March 31, 31, 2017 52,000 31,200 20,800 2018 Common Stock, $1 par, 52,000 shares outstanding Additional Paid-In Capital Retained Earnings 52,000 31,200 20,800 Total Stockho lders' Equity $104,000 $104,000 During the quarter ended March 31, SPI reported Net Income of $6,240 and declared and paid...
Thrifty Co. reported net income of $767.000 for its fiscal year ended January 31, 2020. At the beginning of that fiscal year, 253,000 shares of common stock were outstanding. On October 31, 2019, an additional 43,000 shares were issued. No other changes in common shares outstanding occurred during the year. Also during the year, the company paid the annual dividend on the 35,000 shares of 6%, $20 par value preferred stock that were outstanding the entire year. Required: a. Calculate...
For the year ended December 31, 2018, Finco Inc. reported earnings per share of $3.60. Answer the following questions: Required: a. During 2019, the company had a 5-for-1 stock split. Calculate the 2018 earnings per share that will be reported in Finco's 2019 annual report for comparative purposes. b. During 2020, Finco had an additional 3-for-1 stock split. Calculate the 2018 earnings per share that will be reported in Finco's 2020 annual report for comparative purposes. C. Assume that Finco...
P16.5 (LO 5) Groupwork (EPS with Complex Capital Structure) Amy Dyken, controller at Fitzgerald Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and diluted earnings per share and the related disclosure for Fitzgerald's financial statements. Below is selected financial information for the fiscal year ended June 30, 2020. Fitzgerald Pharmaceutical Industries Selected Balance Sheet Information June 30, 2020 $ 1,000,000 5,000,000 6,000,000 $12,000,000 Long-term debt Notes payable, 10% 8% convertible bonds payable 10% bonds payable Total...
Income statements of A Limited: Year ended June 30, 2019 Year ended June 30, 2020 S Profit before tax and interest $ 39,000 (1,200) 19,000 Profit before tax and interest Finance costs-Interest on Convertible loan stock (4,750) Income tax (25%) 14,250 Profit after tax Income tax (25%) Profit after tax (9,450) 28,350 Capital structure Date No. of $1 ordinary shares 1.7.2018 1.1.2019 8,000 Balance Rights issue- 1 for 5 @ $1.25 (market value on last day of quotation with rights...
P16.6 (LO 4) (Basic EPS: Two-Year Presentation) Melton Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2020, and May 31, 2021. The income from operations for the fiscal year ended May 31, 2020, was $1,800,000 and income from continuing operations for the fiscal year ended May 31, 2021, was $2,500,000. In both years, the company incurred a 10% interest expense on $2,400,000 of debt, an obligation that requires...
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