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Income statements of A Limited: Year ended June 30, 2019 Year ended June 30, 2020 S...
2. Watson had 2 million ordinary shares in issue throughout 2019. On 1 January 2019 the...
2. Watson had 2 million ordinary shares in issue throughout 2019. On 1 January 2019 the company issued 500,000 $1 units of 6% convertible loan stock. Each unit of stock is convertible into 2 ordinary shares on 1 January 2022 at the option of the holder. The following is an extract from Watson's statement of profit or loss for the year ended 31 December 2019. $'000 Profit before interest and tax 1,000 Interest payable on 6% convertible loan stock (30)...
For the year ending 30 June 2019, Sandon Ltd reports net profit after tax of $2000...
For the year ending 30 June 2019, Sandon Ltd reports net profit after tax of $2000 000. At the beginning of the year, Sandon Ltd had 1600 000 fully paid ordinary shares. It also had 200 000 $1.00, 20 per cent, cumulative preference shares outstanding. The preference shares were classified as equity. On 1 September 2018 the company issued another 400 000 fully paid ordinary shares by way of a rights issue. The right provided an additional share for each...
1. On 1 January 2019 Holmes had 1,200,000 ordinary shares in issue. On 31 March 2019,...
1. On 1 January 2019 Holmes had 1,200,000 ordinary shares in issue. On 31 March 2019, the company made a rights issue of 1 for 3 shares at $2. The market price of the share at the moment was $2.4. On 30 August 2019, the company made an issue at full market price of 50,000 shares. On 30 November 2019, Holmes made a 1 for 5 bonus issue. Profit for the year was $624,000. The reported EPS for year ended...
COMPARATIVE BALANCE SHEETS AS AT JUNE 30 2020 2019 $'000's $'000's 146 134 Current Assets Cash...
COMPARATIVE BALANCE SHEETS AS AT JUNE 30 2020 2019 $'000's $'000's 146 134 Current Assets Cash at Bank Accounts Receivable Prepaid Insurance Inventory 52 45 10 6 58 46 250 170 Non-Current Assets Machinery less Accum. Depr Machinery Investments Total Assets 90 160 60 110 50 20 476 361 42 58 Current Liabilities Accounts Payable Wages Payable Income Tax Payable 3 8 10 5 Non-Current Liabilities Loan 130 100 185 171 Total Liabilities Net Assets 291 190 Shareholders' Equity Share...
For the year ending 30 June 2016, XYZ Ltd earns a profit after tax of $1.05...
For the year ending 30 June 2016, XYZ Ltd earns a profit after tax of $1.05 million. Dividends on 400 000 convertible, cumulative preference shares amount to $200 000. The preference dividends are not treated as expenses in the accounts of Lennox Ltd (the preference shares have been disclosed as equity in the statement of financial position). As at 1 July 2015 there were 500 000 fully paid ordinary shares. There were no additional share issues during the year. As...
Accounting 3021-Fall 2020 Homework 4 Due Date: September 16, 2020. + Information for Legoria Co: 12/31/2020...
Accounting 3021-Fall 2020 Homework 4 Due Date: September 16, 2020. + Information for Legoria Co: 12/31/2020 12/31/2019 Common shares Outstanding 100,000 100,000 Convertible preferred stock [$10 Par $120,000 $120,000 Value per share; convertible into 32,000 shares of common stock] 10% Convertible bonds (convertible into 30,000 shares of common stock) $1.000.000 $1,000,000 Legoria's net income for the year ended 12/31/20 is $600,000. The income tax rate is 20%. The preferred stock is cumulative and pays dividends of $8 per share. However,...
For the year ended December 31, 2020, Joey Co. reported Net Income of $1,600,000. At January...
For the year ended December 31, 2020, Joey Co. reported Net Income of $1,600,000. At January 1, 2020 the company had 900,000 shares of common stock outstanding. Joey Co. also had $1,000,000 of 6% cumulative preferred stock. No preferred dividends were paid in 2020 and the preferred stock is non-convertible. The following changes in the number of shares occurred during 2020: April 1: Sold 60,000 shares of common stock. May 31: Declared and Distributed a 20% Stock Dividend July 1:...
For the year ended December 31, 2020, Joey Co. reported Net Income of $1,600,000. At January...
For the year ended December 31, 2020, Joey Co. reported Net Income of $1,600,000. At January 1, 2020 the company had 900,000 shares of common stock outstanding. Joey Co. also had $1,000,000 of 6% cumulative preferred stock. No preferred dividends were paid in 2020 and the preferred stock is non-convertible. The following changes in the number of shares occurred during 2020: April 1: Sold 60,000 shares of common stock. May 31: Declared and Distributed a 20% Stock Dividend July 1: ...
Sunland Corporation had net income of $50,500 for the year ended December 31, 2020, and a...
Sunland Corporation had net income of $50,500 for the year ended December 31, 2020, and a weighted average number of common shares outstanding of 12,400. The following information is provided regarding the capital structure: 1. 8% convertible debt, 260 bonds each convertible into 42 common shares. The bonds were outstanding for the entire year. The income tax rate is 40%. The bonds were issued at par ($1,150 per bond). No bonds were converted during the year. 2. 3% convertible, cumulative...
Mini-Exercise 10.2 LO 9 Calculate originally reported EPS before stock split During the fiscal year ended...
Mini-Exercise 10.2 LO 9 Calculate originally reported EPS before stock split During the fiscal year ended June 30, 2020, Jones Co. had a 3-for-1 stock split. In its annual report for 2020, the company reported earnings per share for the year ended June 30, 2019, on a restated basis, of $1.05. Required: Calculate the originally reported earnings per share by Jones Co, for the vil June 30, 2019.
2. Watson had 2 million ordinary shares in issue throughout 2019. On 1 January 2019 the company issued 500,000 $1 units of 6% convertible loan stock. Each unit of stock is convertible into 2 ordinary shares on 1 January 2022 at the option of the holder. The following is an extract from Watson's statement of profit or loss for the year ended 31 December 2019. $'000 Profit before interest and tax 1,000 Interest payable on 6% convertible loan stock (30)...
1. On 1 January 2019 Holmes had 1,200,000 ordinary shares in issue. On 31 March 2019, the company made a rights issue of 1 for 3 shares at $2. The market price of the share at the moment was $2.4. On 30 August 2019, the company made an issue at full market price of 50,000 shares. On 30 November 2019, Holmes made a 1 for 5 bonus issue. Profit for the year was $624,000. The reported EPS for year ended...
COMPARATIVE BALANCE SHEETS AS AT JUNE 30 2020 2019 $'000's $'000's 146 134 Current Assets Cash at Bank Accounts Receivable Prepaid Insurance Inventory 52 45 10 6 58 46 250 170 Non-Current Assets Machinery less Accum. Depr Machinery Investments Total Assets 90 160 60 110 50 20 476 361 42 58 Current Liabilities Accounts Payable Wages Payable Income Tax Payable 3 8 10 5 Non-Current Liabilities Loan 130 100 185 171 Total Liabilities Net Assets 291 190 Shareholders' Equity Share...
Accounting 3021-Fall 2020 Homework 4 Due Date: September 16, 2020. + Information for Legoria Co: 12/31/2020 12/31/2019 Common shares Outstanding 100,000 100,000 Convertible preferred stock [$10 Par $120,000 $120,000 Value per share; convertible into 32,000 shares of common stock] 10% Convertible bonds (convertible into 30,000 shares of common stock) $1.000.000 $1,000,000 Legoria's net income for the year ended 12/31/20 is $600,000. The income tax rate is 20%. The preferred stock is cumulative and pays dividends of $8 per share. However,...
Mini-Exercise 10.2 LO 9 Calculate originally reported EPS before stock split During the fiscal year ended June 30, 2020, Jones Co. had a 3-for-1 stock split. In its annual report for 2020, the company reported earnings per share for the year ended June 30, 2019, on a restated basis, of $1.05. Required: Calculate the originally reported earnings per share by Jones Co, for the vil June 30, 2019.
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