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

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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…
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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?
Qualls Corporation reported 2020 earnings per share of $7.21. In 2021, Qualls reported earnings per share as follows. On income from continuing operations $6.40 On discontinued operations 1.88 On net income $8.28 Is the increase in earnings per share from $7.21 to $8.28 a favorable trend?
The Esposito Import Company had 1 million shares of common stock outstanding during 2024. Its income statement reported the following items: income from continuing operations, $5 million; loss from discontinued operations, $1.8 million. All of these amounts are net of tax. Required: Prepare the 2024 EPS presentation for the Esposito Import Company. Note: Amounts to be deducted should be indicated with a minus sign. Round your answers to 2 decimal places. Earnings per share: Income from continuing operations Loss from discontinued operations Net income
Income Statement Bullseye, Incorporated's 2021 income statement lists the following income and expenses: EBIT = $701,000, Interest expense = has no preferred stock outstanding and 310, 000 shares of common stock outstanding. What are the 2021 earnings per share? $51, 500, and Taxes = $218,000. Bullseye's
Based on the given data, what is the returns for Company JFC? Company Dec. 30, 2020 Dec. 29, 2019 Dividends Returns (%) AC 395.00 301.00 5.00 JFC 88.90 55.00 2.50 O a. 66.18% Ob. 19.19% Oc. 32.89% d. 26.80%
On October 25, Illinois Company had a market price per share of common stock of $33. For the previous year, it paid an annual dividend of $2.31. What is the dividend yield for Illinois Company? a. 14% b. 7% C. 2% d. None of these choices are correct.
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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
Based on the earnings per share in the period from 2005 to 2012 indicated in the following table, determine the annual dividend per share in accordance with each of the policies described in items a) to d). Year Earnings per share2012 $ 1.402011 1.562010 1.202009 0.852008 1.052007 0.602006 1.002005 0.44 a) Pay 40% of earnings in all years with positive earnings.b) Pay $ 0.60 per share and increase to $ 0.70 when earnings per share rise above $ 0.90 for two consecutive years.c) Pay $ 0.60 per share except when earnings exceed $ 1.00 per share; in that case, an extraordinary dividend of 70% of earnings would be paid in excess of $ 1.00 per share.d) Combine the policies described in sections b) and c). When the dividend increases (in part b), increase the excess basis of the dividend (in part c) from $ 1.00 to $ 1.10 per share.e) Compare the dividend policies described in items a) to d).

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