Calculate the basic EPS
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Question 4
Calculate the basic EPS
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- Problem 2 The shareholders' equity of Tony Corporation revealed the following on June 30, 2018: Preference share, P100 par vale Preference share premium Ordinary share, P15 par value Ordinary share premium Ordinary share subscribed Retained earnings Notes payable Subscriptions receivable - ordinary P230,000 80,500 525,000 275,000 5,000 190,000 400,000 40,000 28. How much is the legal capital? 29. Using the data in problem #2, how much is the additional paid in capital? 30. Using the data in problem #2, how much is the total shareholders' equity? Problem 3 A corporation declared a 40% share dividend on its 60,000 shares of P20 par ordinary shares on a day when the market price is P50. 31. How much was debited to retained earnings on the date of declaration? 32. Using information in problem #3, what is the peso dividend per ordinary share? 33. Using information if problem #3 and assuming the share capital dividend declared is 4/40, what is the share premium from stock dividends?Que 4 Company P’s net profit for Year 1 is 4 600 000. capital structure of P comprising 3 000 000 ordinary shares and 500 000 equity-classified preference shares in issue throughout Year 1. Each preference share provides for a cumulative discretionary dividend each year of R1.20; and preference shares have no further rights to participate in dividends with ordinary shares. There are no tax effects on payment of preference dividends.Calculate the basic EPSQuestion 28, P1-9 (similar to) Part 1 of 5 Interest versus dividend income Last year, Shering Corporation had pretax earnings of $480,000. In addition, during the year it received $21,000 in income from interest on bonds it held in Zig Manufacturing and received $21,000 in income from dividends on its 6% common stock holding in Tank Industries, Inc. Shering faces a flat 21% tax rate and is eligible for a 50% dividend exclusion on its Tank Industries stock. a. Calculate the firm's tax on its operating earnings only. b. Find the tax and the after-tax amount attributable to the interest income from Zig Manufacturing bonds. c. Find the tax and the after-tax amount attributable to the dividend income from the Tank Industries, Inc., common stock. d. Compare, contrast, and discuss the after-tax amounts resulting from the interest income and dividend income calculated in parts b. and c. e. What is the firm's total tax liability for the year? a. The tax on operating earnings is $ (Round to the…
- quity Problem 4: Legal and Contributed Capital Aquinde Corporation has the following accounts in its shareholders equity on February 1, 20x1: Preference share, P100 par Ordinary share, P50 par Subscribed preference share Subscription receivable - preference Subscribed ordinary share Subscription receivable - ordinary Share premium - preference Share premium - ordinary Retained earnings Treasury share 5,000 ordinary share at cost 2,500,000 5,500,000 1,500,000 800,000 2,000,000 600,000 200,000 400,000 2,000,000 400,000 Required: Compute the following Contributed capital b. Legal capital Total shareholders' equity a. C.Question 6 Melay company had 150,000 equity shares in issue on January 1, 20B. On July 1, 20B it issued 30,000 new shares by way of a 1 for 5 bonus. On October 1, 20B, the entity issued 42,000 new shares for cash at full market price. When calculating basic earnings per share, how many shares should be divided into the profit after tax? CHOICES: 150,000 175,500 222,000 190,500Question no 3The market price of the ordinary shares at 31 December 2020 was Rs1.60. The dividend yield on ordinary shares was 2.5 per cent. The creditor for taxation at 31 December 2019 was Rs25 000. Taxation paid in the year ended 31 December 2020 amounted to Rs22 000. The liability for taxation on the profit of the year ended 31 December 2020 is Rs31 000 and is carried forward on the Taxation account. The retained profit for the year ended 31 December 2020 was Rs60 000. The debentures were issued in 2016. The preference shares were issued at par. The summarized Balance Sheet at 31 December 2020 of Iqra Ltd was as: Fixed assets 2550000, Net current assets 950000, 6% debentures 2019/2020 150000, Ordinary shares of Rs1, 2500000, 10% redeemable preference shares of Rs1, 300000, Share Premium account 200000 Profit and Loss Account 350000. REQUIRED Prepare Iqra Ltd’s Profit and Loss Account for the year ended 31 December 2020 in as much detail as possible. The Profit and Loss Account…
- Required information ISSUHTICOC OL INCW SNICS Sovran Financial Corparation reported net income of $154 million for Year 1 (tax rate 25X Its capital structure included the following: Common Stock Jan. 1 60 milion common shares were outstanding Mar. 1 12 million new shares wee sold 60 million shares + 12 million new shares Jan. क. | Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 0:00 / 2:07 720p 1x C Knowledge Check 01 On December 31, Year 1, the Reba Company had 120,000 shares of common stock issued and outstanding. On July 1, Year 2, the company sold 23,000 additional shares for cash. Reba's net income for the year ended December 31, Year 2, was $568,000. What is the basic earnings per share? (Round your answer to 2 decimal places.) Basic earnings per share Prev of 18 Next > IMG-1894.jpg IMG-1895.jpgQuestion 5 Grocer Grocey Bhd has in issue 1,000,000 ordinary shares issued at RM3.50 per share and 500,000 redeemable preference shares issued at RM1.50 per share. The preference shares are redeemed at RM1.50 out of the capital. For the purpose of the redemption, Grocer Grocey Bhd also has sufficient retained profits but not revaluation reserves. Required: a) Calculate the total contributed capital immediately after the issuance of shares. b) Prepare the journal entry to record i) the issuance of shares. (Assume Grocer Grocey received cash). ii) the redemption of the preference sharesO Zero On July 1, 2020, ABC Corporation invested in the stocks of XYZ foreign corporation, by acquiring 10,000 shares at P12/share. On December 20, 2020, XYZ declared a 20% stock dividend payable on January 15, 2021. On January 2, 2021, ABC Corporation sold 10,000 shares for P13/share. Compute the net capital gain to be included in regular income. O30,000 O 15,000 O 10,000 O Zero
- 29-A company’s earnings available to equity shareholders are OMR 160,000 and it has it has 5% Bonds of OMR 200,000. What is the amount of net operating income under the Net Income Approach? Assume corporate tax rate is 50%. a. OMR 155,000 b. OMR 165,000 c. OMR 170,000 d. OMR 150,000QUESTION 2Naruto Bakery has a capital structure consisting of:42,000 issued and paid-up ordinary shares RM105,0005,000 issued and paid-up 10% Preference shares RM15,0008% Bonds (10-year maturity) RM30,000The balance of retained earning as at 1 January 2021 was RM75,000. The market priceper unit of the company’s financial instruments are as follows:Ordinary shares : RM2.50 (last dividend paid was RM0.50; growth rate is 5%Preference shares : RM3.008% Bonds : RM890.00 (par value RM1,000)The company is considering to invest in new project worth RM80,000. The floatationcost to sell more shares and bonds are 5%. The corporate tax rate 25%.You are required to calculate (show all workings):b. The company’s cost of debt, preference share, retained earnings and newissuance of ordinary shares.Problem 4 (Allocation of Cash Dividends to Preference and Ordinary Shareholders) The Company has the same capital structure (except for retained earnings) for the past five year, see details below: 6% Preference Share Capital, 80,000 shares issued and outstanding, P 50 par P4,000,000 Ordinary Share Capital, 200,000 shares issued and outstanding, P 30 par 6,000,000 Retained Earnings 5,000,000 No dividends were paid prior to 2020 for two years. On December 10, 2020, the Company declared P 1,500,000 as cash dividends to shareholders of record of December 21, 2020, payable on January 5, 2021. Requirements: Prepare all the necessary journal entries to record the dividend transactions. Allocate the dividends between ordinary shareholders and preference shareholders if: Case A. Preference share capital is NON-CUMULATIVE and…