during fiscal year 2020, the average price per common share during fiscal year 2020 was $20 per share.Each bond was issued at face value. The 8% convertible bonds will convert into common stock at 50 shares per SThe bonds are exercisable after 5 years and were issued in fiscal year 2019.2.3.The preferred stock was issued in 2019.4.There are no preferred dividends in arrears; however, preferred dividends were not declared in fiscal year 20205.The 980,000 shares of common stock were outstanding for the entire 2020 fiscal year.6.Net income for fiscal year 2020 was $1,510,000, and the average income tax rate is 20%.For the fiscal year ended June 30, 2020, calculate the following for Teal Pharmaceutical Industries. (Round answers to 2 des. $245.)(a) Basic earnings per share.Basic earnings per share(b) Diluted earnings per share.Diluted earnings per shareeTextbook and MediaAttempts: 0 of 3 usedSave for Later%24 Current Attempt in ProgressAmy Dyken, controller at Teal Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and dilutedearnings per share and the related disclosure for Teal's financial statements. Below is selected financial information for the fiscal yearended June 30, 2020.Teal Pharmaceutical IndustriesSelected Balance Sheet InformationJune 30, 2020Long term debtNotes payable, 9%$980,0008% convertible bonds payable4,960,0009% bonds payable5.940,000Total long term debt$11.880,000Shareholders' equityPreferred stock, 6% cumulative. $50 par value, 105,000 shares authorized, 26.250 shares issued and outstanding$1,312.500Common stock, $1 par, 9,800,000 shares authorized, 980,000 shares issued and outstanding980,000Additional paid-in capital4,020,000Retained earnings5.930,000Total shareholders' equity$12.242.500The following transactions have also occurred at Teal.1.Options were granted on July 1, 2019, to purchase 220,000 shares at $16 per share. Although no options were exercisedduring fiscal year 2020, the average price per common share during fiscal year 2020 was $20 per share.Each bond was issued at face value. The 8% convertible bonds will convert into common stock at 50 shares per $1000 bond.The bonds are exercisable after 5 years and were issued in fiscal year 2019.2.3.The preferred stock was issued in 2019.4.There are no preferred dividends in arrears, however, preferred dividends were not declared in fiscal year 2020.5.The 980,000 shares of common stock were outstanding for the entire 2020 fiscal year.6.Net income for fiscal year 2020 was $1,510,000, and the average income tax rate is 20%.For the fiscal year ended June 30, 2020, calculate the following for Teal Pharmaceutical Industries. (Round answers to 2 decimal places,es $245)

Dividend per share is the amount of profits which are the paid on the outstanding shares of the…

Answered: 5. The 980,000 shares of common stock…

FINANCIAL ACCOUNTING

10th Edition

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Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Amy Dyken, controller at Novak Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and diluted earnings per share and the related disclosure for Novak’s financial statements. Below is selected financial information for the fiscal year ended June 30, 2020. Novak Pharmaceutical IndustriesSelected Balance Sheet InformationJune 30, 2020 Long-term debt Notes payable, 10% $980,000 7% convertible bonds payable 5,060,000 10% bonds payable 5,910,000 Total long-term debt $11,950,000 Shareholders’ equity Preferred stock, 6% cumulative, $50 par value, 90,000 shares authorized, 22,500 shares issued and outstanding $1,125,000 Common stock, $1 par, 10,100,000 shares authorized, 1,010,000 shares issued and outstanding 1,010,000 Additional paid-in capital 4,060,000 Retained earnings 6,120,000 Total shareholders’ equity $12,315,000 The following…
For the year ended December 31, Southern Supply had net sales of $7,320,000, costs and other expenses (including income tax) of $6,010,000, and a gain from discontinued operations (net of income tax) of $420,000. a. Prepare a condensed income statement (including earnings per share), assuming that 910,000 shares of common stock were outstanding throughout the year. b. Which earnings per share figure would you recommend be used to compute the price-earnings ratio for Southern Supply?
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Crane Jewelers management announced that the company had net earnings of $4,356,000 for this year. The company has 1,613,000 shares outstanding, and the year-end stock price is $68.91. What are Crane’s earnings per share and P/E ratio? (Round answers to 2 decimal places, e.g. 12.25)
199. Subject : - Accounting
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At year end, Sampson Company's balance sheet showed total assets of $80 million, total liabilities of $50 million, and 1,000,000 shares of common stock outstanding. Next year, Malta is projecting that it will have net income of $2.9 million. If the average P/E multiple in Malta's industry is 16, (and this is an average stock) what should be the price of Sampson's stock? O $50.43 O $46.40 O $44.57 O $41.60
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