Hansaben Pharoah Corporation reported net income of $359,700 in 2020 and had 54,800 shares of common stock outstanding throughout theyear. Also outstanding all year were 5,300 shares of cumulative preferred stock, each convertible into 2 shares of common. Thepreferred stock pays an annual dividend of $5 per share. Pharoah's tax rate is 40%.Compute Pharoah's 2020 diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.)Diluted earnings per shareeTextbook and MediaSave for Later$5.09Assistance UsedAttempts: unlimitedSubmit Answer

To Compute diluted earnings per share (EPS), we need to consider the impact of the convertible…

Answered: Pharoah Corporation reported net income…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 21EA: James Corporation earned net income of $90,000 this year. The company began the year with 600 shares...

See similar textbooks

Similar questions

Longmont Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the numerator of the EPS calculation for Longmont?
Errol Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is the numerator of the EPS calculation for Errol?
Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Also, assume that the dividends paid to common stockholders for last year were 2,600,000 and that the market price per share of common stock is 51.50. Required: 1. Compute the dividends per share. 2. Compute the dividend yield. (Note: Round to two decimal places.) 3. Compute the dividend payout ratio. (Note: Round to two decimal places.)
Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.
James Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the EPS for the year for James (rounded to the nearest dollar)?
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 $
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 $
Culver Corporation reported net income of $338,240 in 2020 and had 50,400 shares of common stock outstanding throughout the year. Also outstanding all year were 5,000 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.)
Swifty Corporation earned net income of $348,400 in 2020 and had 113,000 shares of common stock outstanding throughout the year. Also outstanding all year was $850,000 of 5% bonds, which are convertible into 15,000 shares of common. Swifty's tax rate is 20 percent. Compute Swifty's 2020 diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.) Diluted earnings per share $ LA
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 $
Sunland Corporation earned net income of $363,460 in 2025 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $800,000 of 5% bonds, which are convertible into 17,000 shares of common. Sunland's tax rate is 20 percent. Compute Sunland's 2025 diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.) Diluted earnings per share $
Windsor Corporation reported net income of $197,880 in 2025 and had 48,200 shares of common stock outstanding throughout the year. Also outstanding all year were 5,000 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Windsor's tax rate is 40%. Compute Windsor's 2025 diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.) Diluted earnings per share $

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS