FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- po In 2021, Logic Co. reported net income of $3,345,000. It also declared and paid $813,000 in dividends, $368,000 of which was to preferred stockholders. At the beginning of the year, the company reported common stock shares outstanding of 4,158,000. By the end of the year, their common stock shares outstanding had increased to 8,316,000. Based on this information, what will Logic Co. report as EPS for 2021? (AC 16) O $0.20 O $0.48 O $0.41 O $0.36arrow_forwardBlossom Inc., a publicly traded company, had 180,000 common shares outstanding on December 31, 2022. During 2023, the company issued 7,200 shares on May 1 and retired 12,000 shares on October 31. For 2023, the company reported net income of $228,500 after a loss from discontinued operations of $54,840 (net of tax). (a) Calculate the weighted average number of common shares. Weighted average number of common shares sharesarrow_forwardHansabenarrow_forward
- Gleneagles Corporation earned net income of $70,000 during the year ended December 31, 2020. On December 15, Gleneagles had declared the annual cash dividend on its $0.50 preferred shares (10,000 shares issued for $100,000) and a $0.60 per share cash dividend on its common shares (25,000 shares for $50,000). Gleneagles then paid the dividends on January 4, 2021. Journalize the following for Gleneagles Corporation: a. Declaring the cash dividends on December 15, 2020 b. Paying the cash dividends on January 4, 2021 Did Retained Earnings increase or decrease during 2020? By how much?arrow_forwardHeadland Corporation had 2020 net income of $1,028,000. During 2020, Headland paid a dividend of $2 per share on 115,650 shares of preferred stock. During 2020, Headland had outstanding 257,000 shares of common stock.Compute Headland’s 2020 earnings per share. (Round answer to 2 decimal places, e.g. 3.56.) Earnings per share $enter earnings per share in dollars rounded to 2 decimal places per sharearrow_forwardAt December 31, 2020, Carla Vista Company has $520,000 of $100 par value, 7%, cumulative preferred stock outstanding and $2,130,000 of $10 par value common stock issued. Carla Vista's net income for the year is $441,100. Compute earnings per share of common stock for 2020 under the following independent situations. (Round answers to 2 decimal places, eg. 1.50.) (a) (b) (a) (b) The dividend to preferred stockholders was declared, and there has been no change in the number of shares of common stock outstanding during the year. The dividend to preferred stockholders was not declared, and 10,500 shares of common treasury stock were held throughout the year. The preferred stock is cumulative. Earnings per share of common stock Earnings per share of common stock 50 S Sarrow_forward
- Culver Corporation reported net income of $282,540 in 2020 and had 45,000 shares of common stock outstanding throughout the year. Also outstanding all year were 5,200 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Culver's tax rate is 50%. Compute Culver's 2020 diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.) Diluted earnings per share $arrow_forwardStanko Company reported $752.4 million in net income in 2024. On January 1, 2024, the company had 400 million shares of common stock outstanding. On March 1, 2024, 24 million new shares of common stock were sold for cash. On June 1, 2024, the company's common stock split 2 for 1. On July 1, 2024, 8 million shares were reacquired as treasury stock. 1. Compute Stanko’s basic earnings per share for the year ended December 31, 2024.arrow_forwardDayton, Inc. had 100,000 shares of common stock outstanding at January 1, 2022. On March 31, 2022, an additional 24,000 shares were sold for cash. Dayton also had $8,000,000 of 6% convertible bonds outstanding throughout the year. The bonds are convertible into 80,000 shares of common stock. Net income for the year was $700,000. The tax rate is 25% Calculate both the basic and dilutive EPSarrow_forward
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