7. At December 31, 2024, DEF Corporation had outstanding 200,000 shares of common stock. Also outstanding were 80,000 shares of preferred stock convertible into 64,000 common shares and $2,000,000 of 10% bonds convertible into 30,000 common shares. DEF's net income for the year ended December 31, 2024, is $1,140,000. The income tax rate is 25%. DEF paid dividends of $3 per share on its preferred stock during 2024. Required: Compute basic and diluted earnings per share for the year ended December 31, 2024, considering possible antidilutive effects.

7. At December 31, 2024, DEF Corporation had outstanding 200,000 shares of common stock. Also outstanding were 80,000 shares of preferred stock convertible into 64,000 common shares and $2,000,000 of 10% bonds convertible into 30,000 common shares. DEF's net income for the year ended December 31, 2024, is $1,140,000. The income tax rate is 25%. DEF paid dividends of $3 per share on its preferred stock during 2024. Required: Compute basic and diluted earnings per share for the year ended December 31, 2024, considering possible antidilutive effects.

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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Lark had net income for 2024 of $106,000. Lark had 35.000 shares of common stock outstanding at the beginning of the year and 43,000 shares of common stock outstanding at the end of the year. There were 7,000 shares of preferred stock outstanding all year. During 2024, Lark declared and paid preferred dividends of $30,000. On December 31, 2024, the market price of Lark's common stock is $28 per share and the market price of its preferred stock is $60 per share. What is Lark's pricelearnings ratio at December 31, 2024? (Round any intermediate calculations and your final answer to two decimal places) OA. 103 OB. 11.36 OC. 14.36 OD. 30.77 CED
At December 31, 2024, Oriole Co. had 1150000 shares of common stock outstanding. In addition, Oriole had 449000 shares of preferred stock which were convertible into 755000 shares of common stock. During 2025, Oriole paid $1120000 cash dividends on the common stock and $802000 cash dividends on the preferred stock. Net income for 2025 was $6877050 and the company's income tax rate was 20%. Diluted earnings per share for 2025 was O $2.60. O $5.98. O $3.61. O $5.00.
Culver Corporation reported net income of $338,240 in 2020 and had 50,400 shares of common stock outstanding throughout the year. Also outstanding all year were 5,000 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Culver’s tax rate is 50%.Compute Culver’s 2020 diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.)
Subject: acounting
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