N entity with both cumulative and noncumulative preferred stock is calculating basic earnings per...
n entity with both cumulative and noncumulative preferred stock is calculating basic earnings per share data and is trying to determine how to account for preferred dividends. Identify the location in professional standards that indicates how to account for preferred dividends in the calculation of basic earnings per share.
1. Which title of Professional Standards addresses this issue & will be helpful in understanding the documentation requirements for matters communicated with governance?
2. Enter the exact section and paragraph with helpful information.
Type the topic here.
Correctly formatted FASB ASC topics are 3 digits.
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Some examples of correctly formatted FASB ASC responses are 205-10-05-1, 323-740-S25-1, 260-10-60-1A, 715-30-35-95, 820-10-35-16BB and 810-10-55-205AE.
Homework Answers
FASB ASC 260 dealt with earning per share,the location in professional standards that indicates treatment for preferred dividend in the calculation of basic earnings per share is under the heading Other Presentation Matters sub heading Basic EPS sub sub heading Income Available to Common Stockholders and Preferred Dividends 260-10-45-11
NO documentation requirments are mentioned
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N entity with both cumulative and noncumulative preferred stock is calculating basic earnings per...
ABC Corp. expects that a significant portion of its deferred tax assets will not be realized. Whi...
ABC Corp. expects that a significant portion of its deferred tax
assets will not be realized. Which section of the Accounting
Standard Codification should ABC consult to determine whether a
valuation allowance should be established for this asset? Enter
your response in the answer fields below. Guidance on correctly
structuring your response appears above and below the answer
fields. Unless specifically requested, your response should not
cite implementation guidance.
Type the topic here. Correctly formatted FASB ASC topics are 3...
In determining basic earnings per share for a year, dividends in arrears on cumulative preferred stock...
In determining basic earnings per share for a year, dividends in arrears on cumulative preferred stock should be Select one: O a. added back to net income whether declared or not. ОО b. disregarded. C. deducted from net income whether declared or not. d. deducted from net income only if declared.
In determining basic earnings per share, dividends on convertible cumulative preferred stock should be Select one:...
In determining basic earnings per share, dividends on convertible cumulative preferred stock should be Select one: O a. disregarded. O b. deducted from net income whether declared or not. O c. added back to net income whether declared or not. O d. deducted from net income only if declared.
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Bruin Corporation has been authorized to issue 5,000 shares of 12 percent noncumulative, nonparticipating preferred stock...
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Convertible Securities and Earnings per Share Percy Company has 15,000 shares of common stock outstanding during all of 2016. It also has 2 convertible securities outstanding at the end of 2016. These are: 1. Convertible preferred stock: 1,000 shares of 9%, $100 par, preferred stock were issued in 2015 for $140 per share. Each share of preferred stock is convertible into 3.5 shares of common stock. The current dividends have been paid. To date, no preferred stock has been converted....
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Bruin Corporation has been authorized to issue 5,000 shares of 12 percent noncumulative, nonparticipating preferred stock...
Bruin Corporation has been authorized to issue 5,000 shares of 12 percent noncumulative, nonparticipating preferred stock with a par value of $100 per share and 200,000 shares of common stock with a par value of $10 per share. As of December 31, 2019, 2,500 shares of preferred stock and 20,000 shares of common stock had been issued. A condensed trial balance as of December 31, 2019 is provided below. Dots Bruin Corporation Trial Balance (Condensed) December 31, 2019 Account Name...
ABC Corp. expects that a significant portion of its deferred tax
assets will not be realized. Which section of the Accounting
Standard Codification should ABC consult to determine whether a
valuation allowance should be established for this asset? Enter
your response in the answer fields below. Guidance on correctly
structuring your response appears above and below the answer
fields. Unless specifically requested, your response should not
cite implementation guidance.
Type the topic here. Correctly formatted FASB ASC topics are 3...
In determining basic earnings per share for a year, dividends in arrears on cumulative preferred stock should be Select one: O a. added back to net income whether declared or not. ОО b. disregarded. C. deducted from net income whether declared or not. d. deducted from net income only if declared.
In determining basic earnings per share, dividends on convertible cumulative preferred stock should be Select one: O a. disregarded. O b. deducted from net income whether declared or not. O c. added back to net income whether declared or not. O d. deducted from net income only if declared.
E10-16 Effect of Convertible Preferred Stock on Earnings per Share LO 10.4 Pagle Corporation holds 80 percent of Standard Company's common shares. The companies report the following balance sheet data for December 31, 20X1: Pagle Corporation Standard Company $ $ 58,000 86,000 128,000 740,000 (285,000) 128,000 $ 855,000 48,eee 66,000 78,000 300,000 (145,000) $ 347,000 Assets Cash Accounts Receivable Inventory Buildings and Equipment Less: Accumulated Depreciation Investment in Standard Company Stock Total Assets Liabilities and Owners' Equity Accounts Payable Taxes...
E10-16 Effect of Convertible Preferred Stock on Earnings per Share LO 10-4 Pagle Corporation holds 80 percent of Standard Company's common shares. The companies report the following balance sheet data for December 31, 20X1: Pagle Corporation Standard Company Assets $ 58,0ee ৪6,000 128,eee 740,000 (285,e00) 128,000 $ 855,e0e Cash $ 48,e0e 66,e00 78,eee 300,eee Accounts Receivable Inventory Buildings and Equipment Less: Accumulated Depreciation Investment in Standard Company Stock (145,000) $ 347,000 Total Assets Liabilities and Owners' Equity Accounts Payable Taxes...
Convertible Securities and Earnings per Share Percy Company has 15,000 shares of common stock outstanding during all of 2016. It also has 2 convertible securities outstanding at the end of 2016. These are: 1. Convertible preferred stock: 1,000 shares of 9%, $100 par, preferred stock were issued in 2015 for $140 per share. Each share of preferred stock is convertible into 3.5 shares of common stock. The current dividends have been paid. To date, no preferred stock has been converted....
Accounting 327 – In-class activity, April 7, 2020 – Diluted Earnings Per Share Grassland Company had 200,000 shares of common stock outstanding on January 1, 2018. On September 30, 2018, Grassland sold 80,000 shares of common stock for cash. Grassland also had 40,000 shares of $10 par, 10%, noncumulative, convertible preferred stock outstanding throughout 2018. Each share is convertible into one share of common stock. Grassland also had $500,000 of 8% bonds outstanding throughout 2018. Each $1,000 bond is convertible...
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...
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