Intermediate Accounting 16.25
On January 1, 2020, Cullumber Company issued 10-year, $1,890,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 16 shares of Cullumber common stock. Cullumber’s net income in 2020 was $470,000, and its tax rate was 20%. The company had 94,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020.
(a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, e.g. $2.55.)
(b) Compute diluted earnings per share for 2020, assuming the same facts as above, except that $940,000 of 6% convertible preferred stock was issued instead of the bonds. Each $100 preferred share is convertible into 5 shares of Cullumber common stock. (Round answer to 2 decimal places, e.g. $2.55.)
Homework Answers
On January 1, 2020, Cullumber Company issued 10-year, $1,810,000 face value, 6% bonds, at par. Each...
On January 1, 2020, Cullumber Company issued 10-year, $1,810,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Cullumber common stock. Cullumber's net income in 2020 was $403,200, and its tax rate was 20%. The company had 96,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020. (a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, e.g. $2.55.) Diluted earnings per share $...
On January 1, 2020, Cullumber Company issued 10-year, $1,810,000 face value, 6% bonds, at par. Each...
On January 1, 2020, Cullumber Company issued 10-year, $1,810,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Cullumber common stock. Cullumber's net income in 2020 was $403,200, and its tax rate was 20%. The company had 96,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020. (a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, e.g. $2.55.) Diluted earnings per share $...
On January 1, 2017, Cullumber Company issued 10-year, $1,840,000 face value, 6% bonds, at par. Each...
On January 1, 2017, Cullumber Company issued 10-year, $1,840,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 16 shares of Cullumber common stock. Cullumber's net income in 2017 was $273,000, and its tax rate was 40%. The company had 103,000 shares of common stock outstanding throughout 2017. None of the bonds were converted in 2017. (a) Compute diluted earnings per share for 2017. (Round answer to 2 decimal places, e.g. $2.55.) Diluted earnings per share (b)...
On January 1, 2020, Pina Company issued 10-year, $2,200,000 face value, 6% bonds, at par. Each...
On January 1, 2020, Pina Company issued 10-year, $2,200,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 14 shares of Pina common stock. Pina's net income in 2020 was $451,050, and its tax rate was 20%. The company had 97,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020. (a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, e.g. $2.55.) Diluted earnings per share &...
16.2 #2 PLEASE SHOW ALL WORK On January 1, 2020, Marigold Company issued 10-year, $2,060,000 face...
16.2 #2 PLEASE SHOW ALL WORK
On January 1, 2020, Marigold Company issued 10-year, $2,060,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Marigold common stock. Marigold's net income in 2020 was $535,600, and its tax rate was 20%. The company had 103,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020. (a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, e.g....
On January 1, 2020, Grouper Company issued 10-year, $1,980,000 face value, 6% bonds, at par. Each...
On January 1, 2020, Grouper Company issued 10-year, $1,980,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Grouper common stock. Grouper's net income in 2020 was $479,400, and its tax rate was 20%. The company had 102,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020. (a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, e.g. $2.55.) Diluted earnings per share $...
On January 1, 2020, Riverbed Company issued 10-year, $2,150,000 face value, 6% bonds, at par. Each...
On January 1, 2020, Riverbed Company issued 10-year, $2,150,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 16 shares of Riverbed common stock. Riverbed’s net income in 2020 was $518,950, and its tax rate was 20%. The company had 97,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020. (a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, e.g. $2.55.) Diluted earnings per share $enter...
The answers are not A. 3.35 B. 45,500 or A. 3.19 B. 2.83 Current Attempt in...
The answers are not A. 3.35 B. 45,500 or A. 3.19 B. 2.83
Current Attempt in Progress Your answer is incorrect. On January 1, 2020, Novak Company issued 10-year, $2,140,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 14 shares of Novak common stock. Novak's net income in 2020 was $482,300, and its tax rate was 20%. The company had 91,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020....
On January 1, 2020, Marigold Company issued 10-year $1,900,000 face value, 6% bonds, at par. Each...
On January 1, 2020, Marigold Company issued 10-year $1,900,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 14 shares of Marigold common stock, Marigold's net income in 2020 was $448,200, and its tax rate was 20%. The company had 108,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020. cess (a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, es $2.55.) Diluted earnings per share...
On January 1, 2020, Culver Company issued 10-year, $1,840,000 face value, 6% bonds, at par. Each...
On January 1, 2020, Culver Company issued 10-year, $1,840,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 16 shares of Culver common stock. Culver's net income in 2020 was $473,800, and its tax rate was 20%. The company had 103,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020. (a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, eg. $2.55.) Diluted earnings per share $...
On January 1, 2020, Cullumber Company issued 10-year, $1,810,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Cullumber common stock. Cullumber's net income in 2020 was $403,200, and its tax rate was 20%. The company had 96,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020. (a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, e.g. $2.55.) Diluted earnings per share $...
On January 1, 2020, Cullumber Company issued 10-year, $1,810,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Cullumber common stock. Cullumber's net income in 2020 was $403,200, and its tax rate was 20%. The company had 96,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020. (a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, e.g. $2.55.) Diluted earnings per share $...
On January 1, 2017, Cullumber Company issued 10-year, $1,840,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 16 shares of Cullumber common stock. Cullumber's net income in 2017 was $273,000, and its tax rate was 40%. The company had 103,000 shares of common stock outstanding throughout 2017. None of the bonds were converted in 2017. (a) Compute diluted earnings per share for 2017. (Round answer to 2 decimal places, e.g. $2.55.) Diluted earnings per share (b)...
On January 1, 2020, Pina Company issued 10-year, $2,200,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 14 shares of Pina common stock. Pina's net income in 2020 was $451,050, and its tax rate was 20%. The company had 97,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020. (a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, e.g. $2.55.) Diluted earnings per share &...
16.2 #2 PLEASE SHOW ALL WORK
On January 1, 2020, Marigold Company issued 10-year, $2,060,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Marigold common stock. Marigold's net income in 2020 was $535,600, and its tax rate was 20%. The company had 103,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020. (a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, e.g....
On January 1, 2020, Grouper Company issued 10-year, $1,980,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Grouper common stock. Grouper's net income in 2020 was $479,400, and its tax rate was 20%. The company had 102,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020. (a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, e.g. $2.55.) Diluted earnings per share $...
The answers are not A. 3.35 B. 45,500 or A. 3.19 B. 2.83
Current Attempt in Progress Your answer is incorrect. On January 1, 2020, Novak Company issued 10-year, $2,140,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 14 shares of Novak common stock. Novak's net income in 2020 was $482,300, and its tax rate was 20%. The company had 91,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020....
On January 1, 2020, Marigold Company issued 10-year $1,900,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 14 shares of Marigold common stock, Marigold's net income in 2020 was $448,200, and its tax rate was 20%. The company had 108,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020. cess (a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, es $2.55.) Diluted earnings per share...
On January 1, 2020, Culver Company issued 10-year, $1,840,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 16 shares of Culver common stock. Culver's net income in 2020 was $473,800, and its tax rate was 20%. The company had 103,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020. (a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, eg. $2.55.) Diluted earnings per share $...
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