Information from the financial statements of Henderson-Niles Industries included the following at December 31, 2018: Common shares outstanding throughout the year Convertible preferred shares (convertible into 40 million shares of common) Convertible 10% bonds (convertible into 14.5 million shares of common) Henderson-Niles's net income for the year ended December 31, 2018, is $620 million. The income tax rate is 40%. Henderson- Niles paid dividends of $2 per share on its preferred stock during 2018. 100 milli 70 milli $ 1,100 milli

Information from the financial statements of Henderson-Niles Industries included the following at December 31, 2018: Common shares outstanding throughout the year Convertible preferred shares (convertible into 40 million shares of common) Convertible 10% bonds (convertible into 14.5 million shares of common) Henderson-Niles's net income for the year ended December 31, 2018, is $620 million. The income tax rate is 40%. Henderson- Niles paid dividends of $2 per share on its preferred stock during 2018. 100 milli 70 milli $ 1,100 milli

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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During 2016, Oddie Corp. had net income of $300,000. Included in net income was after-tax interest expense of $20,000 on convertible bonds. The $200,000 face value of convertible bonds can be converted into common stock at the rate of 200 shares per $1,000 bond. Prior to the conversion, there were 400,000 shares of common stock outstanding. What is the amount of fully diluted earnings per share? $0.750 $0.636 $0.727 not determinable because the bonds are not dilutive
Ale Corporation had net income of $2,040,000 and paid dividends to common stockholders of $400,000 in 2020. The weighted average number of shares outstanding in 2020 was 600,000 shares. Ale Corporation's common stock is selling for $82 per share on the New York Stock Exchange. Ale Corporation's price-earnings ratio is a. 3.2 times. b. 16.0 times. C. 19 times. d. 12.7 times.
In 2017 Pedroni Corporation reported net income of $1,000,000. It declared and paid preferred stock a dividend of $250,000. During 2017, Pedroni had a weighted average of 190,000 shares outstanding. Compute Pedroni's Earnings Per Share.
At year-end, Gaze Company had 100,000 ordinary shares and 20,000 convertible preference shares outstanding in addítion tó 10% convertible bonds payable in the face amount of P2,000,000. During the current year, the entity paid dividends of P5 per share on the preference share, The preference share is convertible into 40,000 ordinary shares. The 9% ,bonds are convertible into 30,000 ordinary 'shares. The net income for the current year was P2,410,000 and the income tax rate is 30%. Required: 1. Basic earnings per share 2. Diluted earnings per share
Information from the financial statemets of Henderson-Niles Industries included the following at December 31, 2021: 12 Comnon shares outstanding throughout the year Convertible preferred shares (convertible into 32 million shares of common) Convertible 8% bonds (convertible into 13.5 million shares of common) 100 million 60 million $900 million Henderson-Niles's net income for the year ended December 31, 2021, is $520 million. The income tax rate is 25%. Henderson-Niles paid dividends of $2 per share on its preferred stock during 2021. 01:54:48 Required: Compute basic and diluted earnings per share for the year ended December 31, 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Round "Earnings per share" answers to 2 decimal places.) Numerator Denominator Earnings per share Basic Diluted I ||| |
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On January 1, 2010, Deweese Corporation had $1,000,000 of common stock outstanding that was issued at par. It also had retained earnings of $750,000.The company issued 40,000 shares of common stock at par on July 1 and earned net income of $400,000 for the year. Instructions: Journalize the declaration of a 15% stock dividend on December 10, 2010, for the following independent assumptions. Par value is $10, and market value is $18. Par value is $5, and market value is $20
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Carla Corporation reported net income of $315,350 in 2020 and had 50,500 shares of common stock outstanding throughout the year. Also outstanding all year were 4,500 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Carla’s tax rate is 30%.Compute Carla’s 2020 diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.) Diluted earnings per share $
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Beckham Pet Food Suppliers reported $7,300,000 net income for the current year. The company indicated that it has $6,600,000, 6% convertible debt issued at par and $550,000 par value, 8% nonconvertible, cumulative preferred shares outstanding. The firm did not declare dividends for the current year. It issued the bonds on May 31, and the preferred shares were outstanding for the entire year. Based on this information, determine the numerator of the earnings per share fraction for both basic earnings per share and diluted earnings per share. Assume that all financial instruments described are dilutive. The tax rate is 35%.