Prepare a condensed multiple-step income statement for Brisky Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Q: Loving Company provided the following information on December 31, 2020: Share premium - 9,000,000;…
A: Total share holder equity means the amount which belongs to the shareholder of the company. It…
Q: Bedard Corporation reported net income of $300,000 in 2020 and had 200,000 shares of common stock…
A: Formula to calculate diluted earnings per share (DEPS): DEPS = Net income attributable to common…
Q: Flava Corporation reported a net income of $300,000 in 2020 and had 200,000 shares of common stock…
A: Diluted earnings per share: It can be defined as the company’s earnings per share, assuming all the…
Q: Rockland Corporation earned net income of $300,000 in 2017 and had 100,000 shares of common stock…
A: Earnings per share on common stock: It is a financial ratio. It is calculating by divides net…
Q: AUBURN Corporation had 120,000 of ordinary shares issued and outstanding at January 1, 2021. On…
A: Formula: Basic earnings per share = Net income available to Ordinary shareholders / No. of Ordinary…
Q: Moroccan Marble Company, a public company, produces custom marble furniture. On January 1, 2020, it…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: At the beginning of 2019, Cookie Corporation had retained earnings of P 3,000,000. Throughout the…
A: Treasury stock: Shares which are bought back by the company from the open market but not retired…
Q: During 2021, R Co. had the following two classes of stock issued and outstanding for the entire…
A:
Q: Use the following information for the next two items: Sheeva Corp. had P600,000 net income in 2020,…
A: Basic EPS is the earnings per share calculated by dividing Net Income attributable or available to…
Q: At December 31, 2020 and 2021, Funk & Noble Corporation had outstanding 840 million shares of…
A: Earnings per Share: Earnings per share help to measure the profitability of a company. Earnings per…
Q: At December 31, 2020, Sager Co. had 1,200,000 shares of common stock outstanding. In addition, Sager…
A: Diluted earnings per share = Net Income /(Weighted average number of ordinary and dilutive…
Q: At December 31, 2020 and 2021, Funk & Noble Corporation had outstanding 820 million shares of…
A: Preferred Dividend = No. of share x Par value per share x rate of dividend…
Q: Specific Motor Inc., makes and sells commercial vehicles. By December 31, 2018, the company reported…
A: Financial StatementFinancial Statement is the combination of the three major reports on a business.…
Q: Lucas Company reports net income of $5,125 for the year ended December 31, 2019, its first year of…
A: Earnings per share (EPS): The amount of net income available to each shareholder per common share…
Q: On December 31, 2020, Alexander Company had $1,200,000 of short-term debt in the form of notes…
A: Definition: Liability: Liability is an agreement made by a company to pay a certain amount for the…
Q: During 2021, its first year of operations, McCollum Tool Works entered into the following…
A: Weighted average no. of outstanding common shares = 35,000,000 + 4,000,000*9/12…
Q: Specific Motor Inc., makes and sells commercial vehicles. By December 31, 2018, the company reported…
A: Effect of given transactions on balance sheet:
Q: During 2019 Sasha Corporation reported a net income of $1,529,500. On January 1, 2020, Sasha had…
A: Part of shares issued on oct 1=210,000×312=52,500
Q: Diamond Corp. earned net income of $550,000 in 2021 and had 120,000 shares of common stock…
A: Diluted earnings per share = (Net income + interest expense net of tax) / (No. of shares of common…
Q: Fisafolia Corporation has gross income from operations of $426,600 and operating expenses of…
A: Dividend Dividend is considered to be one of the important part in the investment of assets to the…
Q: On December 31, 2020 and 2019, Bucks Corporation had 105,000 Ordinary Shares issued, 5,000 shares in…
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…
Q: Phelps, Incorporated had assets of $67,646, llabilities of $15,466, and 10,718 shares of outstanding…
A: Ratio Analysis :— Ratio analysis is the process of Determination and interpreting numerical…
Q: Here is the income statement for Windsor, Inc. WINDSOR, INC. Income Statement For the Year Ended…
A: The income statement for Windsor, Inc is given Required Compute the following measures for 20201.…
Q: At the beginning of 2021, Hamilton Company had retained earnings of $320,000. During the year…
A: Retained earnings represent the accumulated funds available to the company out of which the dividend…
Q: Headland Corporation had 2020 net income of $1,028,000. During 2020, Headland paid a dividend of $2…
A:
Q: Specific Motor Inc., makes and sells commercial vehicles. By December 31, 2018, the company reported…
A: Required journal entries:
Q: Specific Motor Inc., makes and sells commercial vehicles. By December 31, 2018, the company reported…
A: The income statement is a financial statement that represents the financial performance of the…
Q: Sendee Company's retained earnings on December 31, 2020 was $2,150,000 and its shareholders' equity…
A: NET INCOME = $250,000 LESS : CASH DIVIDEND = $75,000 1. BALANCE INCOME TRANSFERRED TO RETAINED…
Q: Loving Company provided the following information on December 31 , 2020 : Share premium - 9,000,000…
A: The shareholders' equity section represents the contribution made by the owners of the company. It…
Q: Culver Corporation reported net income of $338,240 in 2020 and had 50,400 shares of common stock…
A:
Q: At December 31, 2021, MedX Corporation had outstanding 200,000 shares of common stock. Also…
A: Basic earnings per share = (Net income - preferred dividend)/Weighted average outstanding common…
Q: On January 1, 2020, a company issued 10-year, $330,000 face value, 7% bonds, at par. Each $1,000…
A: Potential common stock = (Face value of bonds / par value per bond) x convertible ratio = ($330,000…
Q: Here is the income statement for Tamarisk, Inc. TAMARISK, INC. Income Statement For the Year Ended…
A: a. Compute earnings per share for 2020 as shown below:
Q: Rockland Corporation earned net income of $300,000 in 2020 and had 100,000 shares of common stock…
A: Saving in income tax net of tax = Interest expense *(1-tax rate) = ($800,000*9%)*(1-0.20) = $57,500
Q: Lucas Company reports net income of $5,125 for the year ended December 31, 2019, its first year of…
A: Earnings per share (EPS): The amount of net income available to each shareholder per common share…
Q: Sheridan Company had 219,600 shares of common stock outstanding on December 31, 2021. During the…
A: Earnings per shares refers to the profit earned by each shareholder after paying all the expenses of…
Q: The total shareholders' equity on December
A: Given that: Share premium - 9,000,000; Accounts payable - 1,000,000; Sales - 10,000,000; Treasury…
Q: Ale Corporation had net income of $2,040,000 and paid dividends to common stockholders of $400,000…
A: Earnings per share = Net income/Weighted average of shares outstanding Price-earnings ratio = Market…
Q: On December 31, 2020, Berclair Inc. had 280 million shares of common stock and 3 million shares of…
A: working notes: Basic EPS: Weighted average shares of common stock outstanding. Basic EPS = Net…
Q: Marutzky Corporation had a net income of $2,200,000 for the year 2018. On January 1, 2018, the…
A: Earning per share is calculated to know the earnings share, every shareholder would get for the…
Q: DiCenta Corporation reported net income of $270,000 in 2020 and had 50,000 shares of common stock…
A: Formula to calculate diluted earnings per share; Diluted EPS = Net income / weighted average number…
Q: The total shareholders' equity on December 31, 2020 is __________.
A: Given information is: Share premium - 9,000,000; Accounts payable - 1,000,000; Sales - 10,000,000;…
Q: Carla Corporation reported net income of $315,350 in 2020 and had 50,500 shares of common stock…
A: Computation of the Carla's 2020 diluted earnings per share as follows:
Q: At the beginning of 2020, Tucker Corporation had assets of $350,000 and liabilities of $175,000. At…
A: Shareholders' funds included the value of the common stock, the value of preferred stock retained…
Q: On December 31, 2020, Berclair Inc. had 200 million shares of common stock and 3 million shares of…
A: Earnings per share represents the net earnings of the company held in hands of each shareholder.
Q: At the beginning of 2020, tradewell Mktg. Corp. had retained earnings of P5,000,000. Throughout the…
A: Retained earnings balance at December 31, 2020=Retained earnings at the beginning +Reported Profit…
Q: Loving Company provided the following information on December 31, 2020: Share premium - 9,000,000;…
A: Stockholders’ equity: It refers to the residual amount of assets that are available to the company’s…
Q: On December 31, 2020 and 2021, Jimenez Corporation had 100,000 shares consisting of 90,000 shares…
A:
Q: On December 31, 2020, Berclair Inc. had 240 millton shares of common stock and 3 million shares of…
A: EPS means earnings per share. It represents the per share amount earned by the common stockholders.
Q: In 2020, Concord Corporation reported net income of $1,015,200. It declared and paid preferred stock…
A: Step 1 Earnings per share is the income attributed to each outstanding equity share commonly…
Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2020. Expenses for 2020 were cost of goods sold $1,450,000, administrative expenses $212,000, selling expenses $280,000, and interest expense $45,000. Brisky’s tax rate is 30%. The corporation had 100,000 shares of common stock authorized and 70,000 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Brisky Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, 100 par, nonconvertible preferred stock outstanding, on which the years dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of 17,000 had been paid during 2019. At the end of 2019, the market price per share of common stock was 17.50. Required: 1. Compute Mononas basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________The controller of Red Lake Corporation has requested assistance in determining income, basic earnings per share, and diluted earnings per share for presentation on the companys income statement for the year ended September 30, 2020. As currently calculated, Red Lakes net income is 540,000 for fiscal year 2019-2020. Your working papers disclose the following opening balances and transactions in the companys capital stock accounts during the year: 1. Common stock (at October 1, 2019, stated value 10, authorized 300,000 shares; effective December 1, 2019, stated value 5, authorized 600,000 shares): Balance, October 1, 2019issued and outstanding 60,000 shares December 1, 201960,000 shares issued in a 2-for-l stock split December 1, 2019280,000 shares (stated value 5) issued at 39 per share 2. Treasury stockcommon: March 3, 2020purchased 40,000 shares at 38 per share April 1, 2020sold 40,000 shares at 40 per share 3. Noncompensatory stock purchase warrants, Series A (initially, each warrant was exchangeable with 60 for 1 common share; effective December 1, 2019, each warrant became exchangeable for 2 common shares at 30 per share): October 1, 201925,000 warrants issued at 6 each 4. Noncompensatory stock purchase warrants, Series B (each warrant is exchangeable with 40 for 1 common share): April 1, 202020,000 warrants authorized and issued at 10 each 5. First mortgage bonds, 5%, due 2029 (nonconvertible; priced to yield 5% when issued): Balance October 1, 2019authorized, issued, and outstandingthe face value of 1,400,000 6. Convertible debentures, 7%, due 2036 (initially, each 1,000 bond was convertible at any time until maturity into 20 common shares; effective December 1, 2019, the conversion rate became 40 shares for each bond): October 1, 2019authorized and issued at their face value (no premium or discount) of 2,400,000 The following table shows the average market prices for the companys securities during 2019-2020: Adjusted for stock split Required: Prepare a schedule computing: 1. the basic earnings per share 2. the diluted earnings per share that should be presented on Red Lakes income statement for the year ended September 30, 2020 A supporting schedule computing the numbers of shares to be used in these computations should also be prepared. Assume an income tax rate of 30%.
- Roseau Company is preparing its annual earnings per share amounts to be disclosed on its 2019 income statement. It has collected the following information at the end of 2019: 1. Net income: 120,400. Included in the net income is income from continuing operations of 130,400 and a loss from discontinued operations (net of income taxes) of 10,000. Corporate income tax rate: 30%. 2. Common stock outstanding on January 1, 2019: 20,000 shares. 3. Common stock issuances during 2019: July 6, 4,000 shares; August 24, 3,000 shares. 4. Stock dividend: On October 19, 2019, the company declared a 10% stock dividend that resulted in 2,700 additional outstanding shares of common stock. 5. Common stock prices: 2019 average market price, 30 per share; 2019 ending market price, 27 per share. 6. 7% preferred stock outstanding on January 1, 2019: 1,000 shares. Terms: 100 par, nonconvertible. Current dividends have been paid. No preferred stock issued during 2019. 7. 8% convertible preferred stock outstanding on January 1, 2019: 800 shares. The stock was issued in 2018 at 130 per share. Each 100 par preferred stock is currently convertible into 1.7 shares of common stock. Current dividends have been paid. To date, no preferred stock has been converted. 8. Bonds payable outstanding on January 1, 2019: 100,000 face value. These bonds were issued several years ago at 97 and pay annual interest of 9.6%. The discount is being amortized in the amount of 300 per year. Each 1,000 bond is currently convertible into 22 shares of common stock. To date, no bonds have been converted. 9. Compensatory share options outstanding: Key executives may currently acquire 3,000 shares of common stock at 20 per share. The options were granted in 2018. To date, none have been exercised. The unrecognized compensation cost (net of tax) related to the options is 4 per share. Required: 1. Compute the basic earnings per share. Show supporting calculations. 2. Compute the diluted earnings per share. Show supporting calculations. 3. Show how Roseau would report these earnings per share figures on its 2019 income statement. Include an explanatory note to the financial statements.Vaughn Corporation had net sales of $2,413,000 and interest revenue of $34,000 during 2020. Expenses for 2020 were cost of goods sold $1,455,300, administrative expenses $212,700, selling expenses $294,600, and interest expense $53,200. Vaughn's tax rate is 30%. The corporation had 107,700 shares of common stock authorized and 73,230 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Vaughn Corporation. (Round eamings per share to 2 decimal places, eg 1.48)Nash Corporation had net sales of $2,401,300 and interest revenue of $36,200 during 2020. Expenses for 2020 were cost of goods sold $1,460,400, administrative expenses $214,900, selling expenses $287,300, and interest expense $50,800. Nash’s tax rate is 30%. The corporation had 103,300 shares of common stock authorized and 73,710 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Nash Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)
- Windsor Corporation had net sales of $2,404,900 and interest revenue of $38,100 during 2020. Expenses for 2020 were cost of goods sold $1,462,600, administrative expenses $214,000, selling expenses $294,200, and interest expense $51,600. Windsor’s tax rate is 30%. The corporation had 102,800 shares of common stock authorized and 73,160 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Windsor Corporation.Windsor Corporation had net sales of $2,404,900 and interest revenue of $38,100 during 2020. Expenses for 2020 were cost of goods sold $1,462,600, administrative expenses $214,000, selling expenses $294,200, and interest expense $51,600. Windsor’s tax rate is 30%. The corporation had 102,800 shares of common stock authorized and 73,160 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Windsor Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)Kingbird Corporation had net sales of $2,413,600 and interest revenue of $37,500 during 2020. Expenses for 2020 were cost of goods sold $1,469,200, administrative expenses $221,600, selling expenses $294,200, and interest expense $54,800. Kingbird's tax rate is 30%. The corporation had 107,700 shares of common stock authorized and 74,650 shares issued and outstanding during 2020. Prepare a single-step income statement for the year ended December 31, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.) KINGBIRD CORPORATION Income Statement
- Marigold Corporation had net sales of $2,400,900 and interest revenue of $37,400 during 2020. Expenses for 2020 were cost of goods sold $1,466,300, administrative expenses $221,700, selling expenses $298,700, and interest expense $45,300. Marigold’s tax rate is 30%. The corporation had 100,000 shares of common stock authorized and 74,370 shares issued and outstanding during 2020. Prepare a single-step income statement for the year ended December 31, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.)Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2020. Expenses for 2020 were cost of goods sold $1,450,000, administrative expenses $212,000, selling expenses $280,000, and interest expense $45,000. Brisky’s tax rate is 30%. The corporation had 100,000 shares of common stock authorized and 70,000 shares issued and outstanding during 2020. Prepare a single-step income statement for the year ended December 31, 2020.Nash Corporation had net sales of $2,416,400 and interest revenue of $33,800 during 2020. Expenses for 2020 were cost of goods sold $1,458,000, administrative expenses $215,200, selling expenses $291,000, and interest expense $52,500. Nash’s tax rate is 30%. The corporation had 103,000 shares of common stock authorized and 73,570 shares issued and outstanding during 2020. Prepare a single-step income statement for the year ended December 31, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.)