INTERMEDIATE ACCOUNTING 17E - UNC CHARL
17th Edition
ISBN: 9781119631828
Author: Kieso
Publisher: WILEY
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Accounting
For the Year ended December 2019. Alaska company , reported net income of $ 4,200 on revenues of $ 56,000 . Interest expense totaled $ 400 , while preferred stock dividends totaled $ 200 . Average total assets for 2019 were $ 17,500 , and average total liabilities for 2019 were $ 9,000 . Average preferred shareholders ' equity totaled $ 2,000 . The income tax rate is 20 % .
4 The ROCE for Alaska company is
A. 32.54 %
B. 40.00 %
C. 64.61 %
D.61.63 %
The Dec. 31, 2021 balance sheet of Jasmine Corp. showed
shareholders' equity of P448,700. Transactions during 2021 which
affected the shareholders' equity were: (1) an adjustment to Retained
Earnings for an overstatement of depreciation in 2020 P10,000; (2)
gain on the sale of treasury shares, P9,000; (3) declared dividends of
P60,000 of which P40,000 were paid during the year; and (4) net
income after tax of P75,500. The share capital balance of P300,000
remain unchanged during the year.
The retained earnings balance on Jan. 1, 2020 was
a. P134,200
b. P132,300
c. P123,200
d. P114,200
Lyon Company shows the following condensed income statement information for the year ended December 31, 2019:
Income before discontinued operations
$29,936
Less: Loss from discontinued operations loss (net of income tax)
(2,176)
Net income
$27,760
Lyon declared dividends of $6,000 on preferred stock and $17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible.
Required:
1. Compute the 2019 basic earnings per share. If required, round your answer to two decimal places.
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