16.2 #1 PLEASE SHOW ALL WORKHomework Answers
The earnings per share indicates how much the company is making money for single share. This is expressed in dollar terms per share.
Restatement in the given column indicates the impact of share split which is 2 that means 2 shares were issued for every share held. Although this happened on Oct 1, the impact needs to be taken from the beginning.
|
a |
b |
c |
a X b X c |
||
|
Dates |
Shares |
Restatement |
Fraction of |
Weighted |
|
|
Beginning balance |
Jan 1- May 1 |
712800 |
2 |
0.33 (4/12) |
475,200 |
|
Issue shares |
May 1 - Aug 1 |
985200 |
2 |
0.25 (3/12) |
492,600 |
|
treasury shares bought |
Aug 1- Oct 1 |
836400 |
2 |
0.16667 (2/12) |
278,800 |
|
Split |
Oct 1- Dec 31 |
1672800 |
1 |
0.25000 (3/12) |
418,200 |
|
Weighted Average Shares Outstanding |
1246,600 |
||||
|
Net income |
$ 2,670,000 |
|
Preferred stock dividend |
$ (432,000) |
|
Adjusted net income |
$ 2,238,000 |
|
Net income attributable to common stock (A) |
$ 2,238,000 |
|
Weighted Average Shares Outstanding (B) |
1,246,600 |
|
EPS (1.795 rounded to 1.8) |
$ 1.8 |
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16.2 #1 PLEASE SHOW ALL WORK
Stellar Inc. presented the following data. Net income Preferred stock:...
X Your answer is incorrect. Try again. Sage Inc. presented the following data. $2,540,000 Net income...
X Your answer is incorrect. Try again. Sage Inc. presented the following data. $2,540,000 Net income Preferred stock: 54,000 shares outstanding, $100 par, 8% cumulative, not convertible Common stock: Shares outstanding 1/1 Issued for cash, 5/1 Acquired treasury stock for cash, 8/1 2-for-1 stock split, 10/1 5,400,000 718,800 328,800 165,600 compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share 0.82
Novak Inc. presented the following data. Net income $2,740,000 Preferred stock: 45,000 shares outstanding, $100 par,...
Novak Inc. presented the following data. Net income $2,740,000 Preferred stock: 45,000 shares outstanding, $100 par, 8% cumulative, not convertible 4,500,000 Common stock: Shares outstanding 1/1 714,000 Issued for cash, 5/1 291,600 Acquired treasury stock for cash, 8/1 135,600 2-for-1 stock split, 10/1 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $
Tamarisk Inc. presented the following data. Net income Preferred stock: 51,000 shares outstanding, $100 par, 8%...
Tamarisk Inc. presented the following data. Net income Preferred stock: 51,000 shares outstanding, $100 par, 8% cumulative, not convertible Common stock: Shares outstanding 1/1 Issued for cash, 5/1 Acquired treasury stock for cash, 8/1 2-for-1 stock split, 10/1 $2,550,000 5,100,000 816,000 318,000 162,000 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $
Kingbird Inc. presented the following data. Net income Preferred stock: 53,000 shares outstanding, $100 par, 8%...
Kingbird Inc. presented the following data. Net income Preferred stock: 53,000 shares outstanding, $100 par, 8% cumulative, not convertible Common stock: Shares outstanding 1/1 Issued for cash, 5/1 Acquired treasury stock for cash, 8/1 2-for-1 stock split, 10/1 $2,340,000 5,300,000 692,400 321,600 160,800 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $
Pronghorn Inc. presented the following data. Net income $2,470,000 Preferred stock: 52,000 shares outstanding, $100 par,...
Pronghorn Inc. presented the following data. Net income $2,470,000 Preferred stock: 52,000 shares outstanding, $100 par, 8% cumulative, not convertible 5,200,000 Common stock: Shares outstanding 1/1 736,800 Issued for cash, 5/1 315,600 Acquired treasury stock for cash, 8/1 134,400 2-for-1 stock split, 10/1 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $
Current Attempt in Progress Monty Inc. presented the following data. $2,540,000 Net income Preferred stock: 53,000...
Current Attempt in Progress Monty Inc. presented the following data. $2,540,000 Net income Preferred stock: 53,000 shares outstanding, $100 par, 8% cumulative, not convertible Common stock: Shares outstanding 1/1 Issued for cash, 5/1 Acquired treasury stock for cash, 8/1 2-for-1 stock split, 10/1 5,300,000 686,400 308,400 160,800 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $
Martinez Inc. presented the following data. Net income $2,550,000 Preferred stock: 51,000 shares outstanding, $100 par,...
Martinez Inc. presented the following data. Net income $2,550,000 Preferred stock: 51,000 shares outstanding, $100 par, 8% cumulative, not convertible 5,100,000 Common stock: Shares outstanding 1/1 816,000 Issued for cash, 5/1 318,000 Acquired treasury stock for cash, 8/1 162,000 2-for-1 stock split, 10/1 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $enter earnings per share rounded to 2 decimal places
Exercise 16-18 Swifty Inc. presented the following data. Net income $2,340,000 Preferred stock: 53,000 shares outstanding,...
Exercise 16-18
Swifty Inc. presented the following data.
Net income
$2,340,000
Preferred stock: 53,000 shares outstanding, $100 par, 8%
cumulative, not convertible
5,300,000
Common stock: Shares outstanding 1/1
692,400
Issued for cash, 5/1
321,600
Acquired treasury stock for cash, 8/1
160,800
2-for-1 stock split, 10/1
Compute earnings per share. (Round answer to 2 decimal
places, e.g. $2.55.)
Earnings per share
$
so Decrease No Effect Meyers, Inc. presented the following data: $2,500 2014 Net income Preferred stock:...
so Decrease No Effect Meyers, Inc. presented the following data: $2,500 2014 Net income Preferred stock: 10% cumulative, not convertible $3.000 Common stock: 1/1: 1,000 shares outstanding nem 9/1: 1,000 shares issued in a 2-for-1 stock split 10/1: 200 shares treasury stock acquired 11/1: 240 shares issued for cash No preferred dividends were declared or paid in 2014, the first year of the company. The denominator to be used in Basic EPS is: a. 1.910 1,657 2,090 1,990 menn L....
The information below pertains to Stellar Company for 2021. Net income for the year $1,250,000 7%...
The information below pertains to Stellar Company for
2021.
Net income for the year
$1,250,000
7% convertible bonds issued at par ($1,000 per bond); each bond
is convertible into
30 shares of common stock
2,080,000
6% convertible, cumulative preferred stock, $100 par value;
each share is convertible
into 3 shares of common stock
3,800,000
Common stock, $10 par value
5,770,000
Tax rate for 2021
20%
Average market price of common stock
$25 per share
There were no changes during...
X Your answer is incorrect. Try again. Sage Inc. presented the following data. $2,540,000 Net income Preferred stock: 54,000 shares outstanding, $100 par, 8% cumulative, not convertible Common stock: Shares outstanding 1/1 Issued for cash, 5/1 Acquired treasury stock for cash, 8/1 2-for-1 stock split, 10/1 5,400,000 718,800 328,800 165,600 compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share 0.82
Tamarisk Inc. presented the following data. Net income Preferred stock: 51,000 shares outstanding, $100 par, 8% cumulative, not convertible Common stock: Shares outstanding 1/1 Issued for cash, 5/1 Acquired treasury stock for cash, 8/1 2-for-1 stock split, 10/1 $2,550,000 5,100,000 816,000 318,000 162,000 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $
Kingbird Inc. presented the following data. Net income Preferred stock: 53,000 shares outstanding, $100 par, 8% cumulative, not convertible Common stock: Shares outstanding 1/1 Issued for cash, 5/1 Acquired treasury stock for cash, 8/1 2-for-1 stock split, 10/1 $2,340,000 5,300,000 692,400 321,600 160,800 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $
Current Attempt in Progress Monty Inc. presented the following data. $2,540,000 Net income Preferred stock: 53,000 shares outstanding, $100 par, 8% cumulative, not convertible Common stock: Shares outstanding 1/1 Issued for cash, 5/1 Acquired treasury stock for cash, 8/1 2-for-1 stock split, 10/1 5,300,000 686,400 308,400 160,800 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $
Exercise 16-18
Swifty Inc. presented the following data.
Net income
$2,340,000
Preferred stock: 53,000 shares outstanding, $100 par, 8%
cumulative, not convertible
5,300,000
Common stock: Shares outstanding 1/1
692,400
Issued for cash, 5/1
321,600
Acquired treasury stock for cash, 8/1
160,800
2-for-1 stock split, 10/1
Compute earnings per share. (Round answer to 2 decimal
places, e.g. $2.55.)
Earnings per share
$
so Decrease No Effect Meyers, Inc. presented the following data: $2,500 2014 Net income Preferred stock: 10% cumulative, not convertible $3.000 Common stock: 1/1: 1,000 shares outstanding nem 9/1: 1,000 shares issued in a 2-for-1 stock split 10/1: 200 shares treasury stock acquired 11/1: 240 shares issued for cash No preferred dividends were declared or paid in 2014, the first year of the company. The denominator to be used in Basic EPS is: a. 1.910 1,657 2,090 1,990 menn L....
The information below pertains to Stellar Company for
2021.
Net income for the year
$1,250,000
7% convertible bonds issued at par ($1,000 per bond); each bond
is convertible into
30 shares of common stock
2,080,000
6% convertible, cumulative preferred stock, $100 par value;
each share is convertible
into 3 shares of common stock
3,800,000
Common stock, $10 par value
5,770,000
Tax rate for 2021
20%
Average market price of common stock
$25 per share
There were no changes during...
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