Steven Limited's net income for the year ended December 31, 2023 was $650,250 and there were 92,000 common shares outstanding during the entire year. Steven has the following two convertible securities outstanding: 10% convertible bonds (each $1,000 bond is convertible into 20 common shares) $200,000 5% convertible $100 par value cumulative preferred shares (each share is convertible into two common shares) $125,000 Both convertible securities were issued at face value in 2020. There were no conversions during 2023, and Steven's income tax rate is 25%. (a) (b) Calculate basic earnings per share. (For simplicity, ignore the requirement to record the debt and equity portions of the convertible bond separately). (Round answer to 2 decimal places, e.g. 15.25.) Basic earnings per share. $

Steven Limited's net income for the year ended December 31, 2023 was $650,250 and there were 92,000 common shares outstanding during the entire year. Steven has the following two convertible securities outstanding: 10% convertible bonds (each $1,000 bond is convertible into 20 common shares) $200,000 5% convertible $100 par value cumulative preferred shares (each share is convertible into two common shares) $125,000 Both convertible securities were issued at face value in 2020. There were no conversions during 2023, and Steven's income tax rate is 25%. (a) (b) Calculate basic earnings per share. (For simplicity, ignore the requirement to record the debt and equity portions of the convertible bond separately). (Round answer to 2 decimal places, e.g. 15.25.) Basic earnings per share. $

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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Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 2021. At the beginning of May, Piper's ledger showed Cash $7,000; Accounts Receivable $1,900; Inventory $3,500; Common Shares $7,800; and Retained Earnings $4,600. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,340, terms 1/10, n/30, FOB shipping point. May 3 Freight charges of $137 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Yip Company for $3,500, terms n/30, FOB destination. The cost of the merchandise was $2,400. 7 Freight charges of $86 were paid by the appropriate party on the May 4 sale. 8. Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. 11 Purchased supplies for $390 cash. 14 Received payment in full from Yip Company for…
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