Homework Help is Here – Start Your Trial Now!
Business
Accounting
Determine the following for 2025. a. The number of shares to be used for calculating: (Round answers to 0 decimal places, e.g. 2,500.) 1. 2. 1. Basic earnings per share 2. Diluted earnings per share Basic earnings per share D. The earnings figures to be used for calculating: (Round answers to 0 decimal places, e.g. 2,500.) Diluted earnings per share $ $ 1529000 A 1565818 shares shares

Determine the following for 2025. a. The number of shares to be used for calculating: (Round answers to 0 decimal places, e.g. 2,500.) 1. 2. 1. Basic earnings per share 2. Diluted earnings per share Basic earnings per share D. The earnings figures to be used for calculating: (Round answers to 0 decimal places, e.g. 2,500.) Diluted earnings per share $ $ 1529000 A 1565818 shares shares

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
On June 1, 2023, Novak Company and Splish Company merged to form Blossom Inc. A total of 877,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis. On April 1, 2025, the company issued an additional 652,000 shares of stock for cash. All 1,529,000 shares were outstanding on December 31, 2025. Blossom Inc. also issued $600,000 of 20-year, 8% convertible bonds at par on July 1, 2025. Each $1,000 bond converts to 44 shares of common at any interest date. None of the bonds have been converted to date. Blossom Inc. is preparing its annual report for the fiscal year ending December 31, 2025. The annual report will show earnings per share figures based upon a reported after-tax net income of $1,444,000. (The tax rate is 20%.) Determine the following for 2025. a. The number of shares to be used for calculating: (Round answers to O decimal places, e.g. 2,500.) 1. 2. 1. Basic earnings per share 2. Diluted earnings per share Basic earnings per share b. The earnings figures to be used for calculating: (Round answers to O decimal places, e.g. 2,500.) Diluted earnings per share $ 1529000 $ 1565818 shares shares
Transcribed Image Text:On June 1, 2023, Novak Company and Splish Company merged to form Blossom Inc. A total of 877,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis. On April 1, 2025, the company issued an additional 652,000 shares of stock for cash. All 1,529,000 shares were outstanding on December 31, 2025. Blossom Inc. also issued $600,000 of 20-year, 8% convertible bonds at par on July 1, 2025. Each $1,000 bond converts to 44 shares of common at any interest date. None of the bonds have been converted to date. Blossom Inc. is preparing its annual report for the fiscal year ending December 31, 2025. The annual report will show earnings per share figures based upon a reported after-tax net income of $1,444,000. (The tax rate is 20%.) Determine the following for 2025. a. The number of shares to be used for calculating: (Round answers to O decimal places, e.g. 2,500.) 1. 2. 1. Basic earnings per share 2. Diluted earnings per share Basic earnings per share b. The earnings figures to be used for calculating: (Round answers to O decimal places, e.g. 2,500.) Diluted earnings per share $ 1529000 $ 1565818 shares shares
Expert Solution
steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS