Net income was $240,000 for the year. Throughout the year the company had outstanding 12,000 shares of 6%, $50 par value...
Net income was $240,000 for the year. Throughout the year the company had outstanding 12,000 shares of 6%, $50 par value preferred stock and 75,000 shares of common stock. Basic earnings per share of common stock for the year were:
a) $2.72
b) $3.68
c) $2.34
d) $3.20
Homework Answers
Earnings per share
= (Net income - Preferred dividends)/outstanding common shares
= [240,000 - (12,000*6%*50)]/75,000
= (240,000 - 36,000)/75,000
= 2.72
Add Answer to:
Net income was $240,000 for the year. Throughout the year the company had outstanding 12,000 shares of 6%, $50 par value...
9.3 Net income was $659,250 for the year. Throughout the year the company had outstanding 18,00...
9.3 Net income was $659,250 for the year. Throughout the year the company had outstanding 18,00 shares of $2.50, $50 par value preferred stock and 105,000 shares of common stock. Calculate basic earnings per share of common stock for the year.
B’s net income for 2016 was $1,385,000. Throughout 2016, B had 575,000 shares of $1 par...
B’s net income for 2016 was $1,385,000. Throughout 2016, B had 575,000 shares of $1 par value common stock outstanding and 30,000 shares of 3%, $100 par value, cumulative preferred stock outstanding. During 2016, B distributed $180,000 of dividends on its preferred stock and $115,000 of dividends on its common stock. Compute B’s basic earnings per share. ROUND TO NEAREST PENNY.
Problem 19-187 Paul Company had 100,000 shares of common stock outstanding on January 1, 2018. On...
Problem 19-187 Paul Company had 100,000 shares of common stock outstanding on January 1, 2018. On September 30, 2018, Paul sold 55,000 shares of common stock for cash. Paul also had 13,500 shares of convertible preferred stock outstanding throughout 2018. The preferred stock is $100 par, 7%, and is convertible Into 3 shares of common for each share of preferred. Paul also had 570,9%, convertible bonds outstanding throughout 2018. Each $1,000 bond is convertible Into 30 shares of common stock....
At December 31, 2024 and 2023, Markle Company had 111,000 shares of common stock and 6,100 shares of 3%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2024 or 2023. Net income
At December 31, 2024 and 2023, Markle Company had 111,000 shares of common stock and 6,100 shares of 3%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2024 or 2023. Net income for 2024 was $610,000. For 2024, basic earnings per share was:
Big Apple Cabins has net income of $725,000. Throughout the year, the company had 150,000 shares...
Big Apple Cabins has net income of $725,000. Throughout the year, the company had 150,000 shares of common stock outstanding. Also, the company has 25,000 shares of preferred stock that pay a dividend of $5.00 per share that is convertible into 5 shares of common stock for each share of preferred. The preferred stock is considered to be dilutive. The tax rate for Big Apple Cabins is 40%. What are the diluted earnings per share for Big Apple Cabins? Select...
A company had 2 million common shares outstanding throughout the last year. Total dividends of $1...
A company had 2 million common shares outstanding throughout the last year. Total dividends of $1 million were paid to common stockholders and dividends of $400,000 were paid to preferred stockholders. Net income was $6 million and the tax rate was 40%. The company also had 100,000 options on common stock outstanding throughout the period; the exercise price is $20.00. The average share price over the year was $27.00 and the end year price was $35.00. The diluted earnings per...
On January 1, 2021, Tonge Industries had outstanding 580,000 common shares ($1 par) that originally sold...
On January 1, 2021, Tonge Industries had outstanding 580,000 common shares ($1 par) that originally sold for $25 per share, and 5,000 shares of 10% cumulative preferred stock ($100 par), convertible into 50,000 common shares. On October 1, 2021, Tonge sold and issued an additional 12,000 shares of common stock at $34. At December 31, 2021, there were 21,000 incentive stock options outstanding, issued in 2020, and exercisable after one year for 21,000 shares of common stock at an exercise...
Sage Corporation reported net income of $231,840 in 2020 and had 186,000 shares of common stock...
Sage Corporation reported net income of $231,840 in 2020 and had 186,000 shares of common stock outstanding throughout the year. Also outstanding all year were 58,500 options to purchase common stock at $11 per share. The average market price of the stock during the year was $15. Compute diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.) Diluted earnings per share $ Pearl Corporation reported net income of $213,860 in 2020 and had 53,900 shares of common...
Paul Company had 100,000 shares of common stock outstanding on January 1,2018. On September 30, 2018,...
Paul Company had 100,000 shares of common stock outstanding on January 1,2018. On September 30, 2018, Paul sold 58,000 shares of common stock for cash. Paul also had 15,000 shares of convertible preferred stock outstanding throughout 2018. The preferred stock is $100 par, 7%, and is convertible into 3 shares of common for each share of preferred. Paul also had 600, 996, convertible bonds outstanding throughout 2018. Each $1,000 bond is convertible into 30 shares of common stock. The bonds...
Throughout 2014, H had 3,770,000 shares of common stock issued and outstanding and 100,000 shares of...
Throughout 2014, H had 3,770,000 shares of common stock issued and outstanding and 100,000 shares of 6%, $50 par value convertible preferred stock issued outstanding. Each share of preferred stock can be converted into 4 shares of B’s common stock. H’s net income for 2014 was $9,420,000. During 2014 H paid $300,000 of preferred dividends. H’s income tax rate is 20%. During the entire year ending 12-31-14, H had 400,000 outstanding and exercisable employee stock options that were granted to...
Problem 19-187 Paul Company had 100,000 shares of common stock outstanding on January 1, 2018. On September 30, 2018, Paul sold 55,000 shares of common stock for cash. Paul also had 13,500 shares of convertible preferred stock outstanding throughout 2018. The preferred stock is $100 par, 7%, and is convertible Into 3 shares of common for each share of preferred. Paul also had 570,9%, convertible bonds outstanding throughout 2018. Each $1,000 bond is convertible Into 30 shares of common stock....
Sage Corporation reported net income of $231,840 in 2020 and had 186,000 shares of common stock outstanding throughout the year. Also outstanding all year were 58,500 options to purchase common stock at $11 per share. The average market price of the stock during the year was $15. Compute diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.) Diluted earnings per share $ Pearl Corporation reported net income of $213,860 in 2020 and had 53,900 shares of common...
Paul Company had 100,000 shares of common stock outstanding on January 1,2018. On September 30, 2018, Paul sold 58,000 shares of common stock for cash. Paul also had 15,000 shares of convertible preferred stock outstanding throughout 2018. The preferred stock is $100 par, 7%, and is convertible into 3 shares of common for each share of preferred. Paul also had 600, 996, convertible bonds outstanding throughout 2018. Each $1,000 bond is convertible into 30 shares of common stock. The bonds...
Most questions answered within 3 hours.
-
Lowell Corp. sells $100,000 of bonds to private investors. The
bonds are due in five years,...
asked 40 minutes ago -
3) Do you believe that Disney’s
acquisition-based growth strategy is sustainable?
4) Which competencies support this...
asked 56 minutes ago -
Rank the following three stocks by their total risk level highest
to lowest night writer has...
asked 1 hour ago -
A local
electronic company primarily manufactures four highly technical
telecommunication products. Each product must be processed...
asked 2 hours ago -
•Describe the basic structure of collagen monomers •Explain how
amino acid composition of collagen contributes to...
asked 4 hours ago -
Compute the sample correlation coefficient
r for each of the following data sets.
(Use 3 decimal...
asked 4 hours ago -
5a. What are the advantages and disadvantages of Proxy ARP?
b. What is the TTL field...
asked 4 hours ago -
An ice cube (density = 900[kg/m3]) with a side length of
2.54[cm] is held by a...
asked 6 hours ago -
would you say that leaders in the international context are born
or made? That is, can...
asked 6 hours ago -
Instructions
Read the Digital Trends article "Solid state drives are speedier
than hard disk drives. Are...
asked 6 hours ago -
A multiple-choice test consists of 29 questions with possible
answers of a, b, c, d. Estimate...
asked 6 hours ago -
Question 1: Ethanol is the active ingredient of alcoholic
beverages. It is also s a possible...
asked 6 hours ago