Please help, thanks! I can't seem to figure it out!
On December 31, 2020, Dow Steel Corporation had 750,000 shares of common stock and 315,000 shares of 7%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 4% common stock dividend on May 15 and paid cash dividends of $550,000 and $84,000 to common and preferred shareholders, respectively, on December 15, 2021.
On February 28, 2021, Dow sold 60,000 common shares. In keeping with its long-term share repurchase plan, 2,000 shares were retired on July 1. Dow's net income for the year ended December 31, 2021, was $2,850,000. The income tax rate is 25%. Also, as a part of a 2020 agreement for the acquisition of Merrill Cable Company, another 27,000 shares (already adjusted for the stock dividend) are to be issued to former Merrill shareholders on December 31, 2022, if Merrill's 2022 net income is at least $650,000. In 2021, Merrill's net income was $780,000.
As part of an incentive compensation plan, Dow granted incentive stock options to division managers at December 31 of the current and each of the previous two years. Each option permits its holder to buy one share of common stock at an exercise price equal to market value at the date of grant and can be exercised one year from that date. Information concerning the number of options granted and common share prices follows:
| Options Granted | ||||||
| Date Granted | (adjusted for the stock dividend) | Share Price | ||||
| December 31, 2019 | 22,000 | $ | 36 | |||
| December 31, 2020 | 17,000 | $ | 45 | |||
| December 31, 2021 | 20,500 | $ | 44 | |||
The market price of the common stock averaged $44 per share during 2021.
On July 12, 2019, Dow issued $700,000 of convertible 8% bonds at face value. Each $1,000 bond is convertible into 40 common shares (adjusted for the stock dividend).
Required:
Compute Dow's basic and diluted earnings per share for the year ended December 31, 2021. (Enter your answers in thousands. Round "Earnings per share" answers to 2 decimal places. Do not round intermediate calculations)
Homework Answers
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...
On December 31, 2017, Dow Steel Corporation had 790,000 shares of common stock and 49,000 shares...
On December 31, 2017, Dow Steel Corporation had 790,000 shares of common stock and 49,000 shares of 7%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 4% common stock dividend on May 15 and paid cash dividends of $590,000 and $88,000 to common and preferred shareholders, respectively, on December 15, 2018. On February 28, 2018, Dow sold 72,000 common shares. Also, as a part of a 2017 agreement for the acquisition of Merrill Cable Company, another 19,000 shares...
On December 31, 2017, Dow Steel Corporation had 790,000 shares of common stock and 49,000 shares...
On December 31, 2017, Dow Steel Corporation had 790,000 shares of common stock and 49,000 shares of 7%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 4% common stock dividend on May 15 and paid cash dividends of $590,000 and $88,000 to common and preferred shareholders, respectively, on December 15, 2018. On February 28, 2018, Dow sold 72,000 common shares. Also, as a part of a 2017 agreement for the acquisition of Merrill Cable Company, another 19,000 shares...
show steps please, thank you. On December 31, 2017, Dow Steel Corporation had 600,000 shares of...
show steps please, thank you.
On December 31, 2017, Dow Steel Corporation had 600,000 shares of common stock and 300,000 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 $400,000 and $75,000 to common and preferred shareholders, respectively, on December 15, 2018. On February 28, 2018, Dow sold 60,000 common shares. Also, as a part of a 2017 agreement for the acquisition of Merrill...
For BEPS, i got CSO is 712,000; NI is 2,300,000. But how do i get Preferred...
For BEPS, i got CSO is 712,000; NI is 2,300,000.
But how do i get Preferred Dividend to be 73,000?
Where does it show?
Thank you,
On December 31, 2015, Dow Steel Corporation had 640,000 shares of common stock and 34,000 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, 2016. On...
On December 31, 2015, Dow Steel Corporation had 770,000 shares of common stock and 47,000 shares...
On December 31, 2015, Dow Steel Corporation had 770,000 shares of common stock and 47,000 shares of 9%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 5% common stock dividend on May 15 and paid cash dividends of $570,000 and $86,000 to common and preferred shareholders, respectively, on December 15, 2016. On February 28, 2016, Dow sold 68,000 common shares. Also, as a part of a 2015 agreement for the acquisition of Merrill Cable Company, another 35,000 shares...
On December 31, 2017, Dow Steel Corporation had 730,000 shares of common stock and 43,000 shares...
On December 31, 2017, Dow Steel Corporation had 730,000 shares of common stock and 43,000 shares of 9%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 5% common stock dividend on May 15 and paid cash dividends of $530,000 and $82,000 to common and preferred shareholders, respectively, on December 15, 2018. On February 28, 2018, Dow sold 60,000 common shares. Also, as a part of a 2017 agreement for the acquisition of Merrill Cable Company, another 24,000 shares...
On December 31, 2017, Dow Steel Corporation had 640,000 shares of common stock and 34,000 shares...
On December 31, 2017, Dow Steel Corporation had 640,000 shares of common stock and 34,000 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, 2018. On February 28, 2018, Dow sold 57,000 common shares. Also, as a part of a 2017 agreement for the acquisition of Merrill Cable Company, another 27,000 shares...
Check my work 3 On December 31, 2017, Dow Steel Corporation had 600,000 shares of common stock and 300,000 shares of 8% noncumulative, nonconvertible preferred stock issued and outstanding. Dow issue...
Check my work 3 On December 31, 2017, Dow Steel Corporation had 600,000 shares of common stock and 300,000 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 $400,000 and $75,000 to common and preferred shareholders, respectively, on December 15, 2018 33.34 oints On February 28, 2018, Dow sold 60,000 common shares. Also, as a part of a 2017 agreement for the acquisition of...
On December 31, 2017, Dow Steel Corporation had 650,000 shares of common stock and 35,000 shares...
On December 31, 2017, Dow Steel Corporation had 650,000 shares
of common stock and 35,000 shares of 9%, noncumulative,
nonconvertible preferred stock issued and outstanding. Dow issued a
5% common stock dividend on May 15 and paid cash dividends of
$450,000 and $74,000 to common and preferred shareholders,
respectively, on December 15, 2018.
On February 28, 2018, Dow sold 64,000 common shares. Also, as a
part of a 2017 agreement for the acquisition of Merrill Cable
Company, another 26,000 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...
show steps please, thank you.
On December 31, 2017, Dow Steel Corporation had 600,000 shares of common stock and 300,000 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 $400,000 and $75,000 to common and preferred shareholders, respectively, on December 15, 2018. On February 28, 2018, Dow sold 60,000 common shares. Also, as a part of a 2017 agreement for the acquisition of Merrill...
For BEPS, i got CSO is 712,000; NI is 2,300,000.
But how do i get Preferred Dividend to be 73,000?
Where does it show?
Thank you,
On December 31, 2015, Dow Steel Corporation had 640,000 shares of common stock and 34,000 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, 2016. On...
Check my work 3 On December 31, 2017, Dow Steel Corporation had 600,000 shares of common stock and 300,000 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 $400,000 and $75,000 to common and preferred shareholders, respectively, on December 15, 2018 33.34 oints On February 28, 2018, Dow sold 60,000 common shares. Also, as a part of a 2017 agreement for the acquisition of...
On December 31, 2017, Dow Steel Corporation had 650,000 shares
of common stock and 35,000 shares of 9%, noncumulative,
nonconvertible preferred stock issued and outstanding. Dow issued a
5% common stock dividend on May 15 and paid cash dividends of
$450,000 and $74,000 to common and preferred shareholders,
respectively, on December 15, 2018.
On February 28, 2018, Dow sold 64,000 common shares. Also, as a
part of a 2017 agreement for the acquisition of Merrill Cable
Company, another 26,000 shares...
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