Give me correct answer with explanation.sDon't upload any image please Current Attempt in Progress* Your answer is incorrect.On June 1, 2023, Skysong Company and Concord Company merged to form Marigold Inc. A total of 769,000 shares were issued tocomplete the merger. The new corporation reports on a calendar-year basis.On April 1, 2025, the company issued an additional 599,000 shares of stock for cash. All 1,368,000 shares were outstanding onDecember 31, 2025.Marigold Inc. also issued $600,000 of 20-year, 8% convertible bonds at par on July 1, 2025. Each $1,000 bond converts to 36 shares ofcommon at any interest date. None of the bonds have been converted to date.Marigold Inc. is preparing its annual report for the fiscal year ending December 31, 2025. The annual report will show earnings pershare figures based upon a reported after-tax net income of $1,688,000. (The tax rate is 20%.)Determine the following for 2025.a. The number of shares to be used for calculating: (Round answers to O decimal places, e.g. 2,500.)1. Basic earnings per share2. Diluted earnings per share3.95shares3.95sharesb. The earnings figures to be used for calculating: (Round answers to 0 decimal places, e.g. 2,500.)1. Basic earnings per share$3.952.Diluted earnings per share$3.57

Shares-Shares are defined as the company’s holdings that are provided to the investors or any person…

a. The number of shares to be used for calculating: (Round answers to 0 decimal places, e.g. 2,500.) 1. Basic earnings per share 2. Diluted earnings per share 3.95 shares 3.95 shares b. The earnings figures to be used for calculating: (Round answers to 0 decimal places, e.g. 2,500.) 1. Basic earnings per share $ 3.95 2. Diluted earnings per share $ 3.57

a. The number of shares to be used for calculating: (Round answers to 0 decimal places, e.g. 2,500.) 1. Basic earnings per share 2. Diluted earnings per share 3.95 shares 3.95 shares b. The earnings figures to be used for calculating: (Round answers to 0 decimal places, e.g. 2,500.) 1. Basic earnings per share $ 3.95 2. Diluted earnings per share $ 3.57

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On June 1, 2023, Sheffield Company and Tamarisk Company merged to form Vaughn Inc. A total of 764,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis. On April 1, 2025, the company issued an additional 579,000 shares of stock for cash. All 1,343,000 shares were outstanding on December 31, 2025. Vaughn Inc. also issued $600,000 of 20-year, 8% convertible bonds at par on July 1, 2025. Each $1,000 bond converts to 40 shares of common at any interest date. None of the bonds have been converted to date. Vaughn Inc. is preparing its annual report for the fiscal year ending December 31, 2025. The annual report will show earnings per share figures based upon a reported after-tax net income of $1,408,000. (The tax rate is 20%.) Determine the following for 2025. a. The number of shares to be used for calculating: (Round answers to O decimal places, e.g. 2,500.) 1. 2. 1. Basic earnings per share 2. Diluted earnings per share b. The earnings figures…
On June 1, 2023, Novak Company and Splish Company merged to form Blossom Inc. A total of 877,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis. On April 1, 2025, the company issued an additional 652,000 shares of stock for cash. All 1,529,000 shares were outstanding on December 31, 2025. Blossom Inc. also issued $600,000 of 20-year, 8% convertible bonds at par on July 1, 2025. Each $1,000 bond converts to 44 shares of common at any interest date. None of the bonds have been converted to date. Blossom Inc. is preparing its annual report for the fiscal year ending December 31, 2025. The annual report will show earnings per share figures based upon a reported after-tax net income of $1,444,000. (The tax rate is 20%.) Determine the following for 2025. a. The number of shares to be used for calculating: (Round answers to O decimal places, e.g. 2,500.) 1. 2. 1. Basic earnings per share 2. Diluted earnings per share Basic earnings per share b.…
On June 1, 2023, Swifty Company and Nash Company merged to form Crane Inc. A total of 826,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis. On April 1, 2025, the company issued an additional 653,000 shares of stock for cash. All 1,479,000 shares were outstanding on December 31, 2025. Crane Inc. also issued $600,000 of 20-year, 9% convertible bonds at par on July 1, 2025. Each $1,000 bond converts to 38 shares of common at any interest date. None of the bonds have been converted to date. Crane Inc. is preparing its annual report for the fiscal year ending December 31, 2025. The annual report will show earnings per share figures based upon a reported after-tax net income of $1,407,000. (The tax rate is 20%.) Determine the following for 2025. a. The number of shares to be used for calculating: (Round answers to O decimal places, e.g. 2,500.) 1. 2. 1. Basic earnings per share 2. Diluted earnings per share b. The earnings figures to be used…
On June 1, 2023, Andre Company and Agassi Company merged to form Lancaster Inc. A total of 800,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis. On April 1, 2025, the company issued an additional 400,000 shares of stock for cash. All 1,200,000 shares were outstanding on December 31, 2025. Lancaster Inc. also issued $600,000 of 20-year, 8% convertible bonds at par on July 1, 2025. Each $1,000 bond converts to 40 shares of common at any interest date. None of the bonds have been converted to date. Lancaster Inc. is preparing its annual report for the fiscal year ending December 31, 2025. The annual report will show earnings per share figures based upon a reported after-tax net income of $1,540,000. (The tax rate is 20%.) Determine the following for 2025. a. The number of shares to be used for calculating: (Round answers to O decimal places, e.g. 2,500.) 1. 2. Basic earnings per share N Diluted earnings per share 1. Basic earnings per…
On June 1, 2023, Andre Company and Agassi Company merged to form Lancaster Inc. A total of 800,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis. On April 1, 2025, the company issued an additional 400,000 shares of stock for cash. All 1,200,000 shares were outstanding on December 31, 2025. Lancaster Inc. also issued $600,000 of 20-year, 8% convertible bonds at par on July 1, 2025. Each $1,000 bond converts to 40 shares of common at any interest date. None of the bonds have been converted to date. Lancaster Inc. is preparing its annual report for the fiscal year ending December 31, 2025. The annual report will show earnings per share figures based upon a reported after-tax net income of $1,540,000. (The tax rate is 20%.) Determine the following for 2025. a. The number of shares to be used for calculating: (Round answers to 0 decimal places, e.g. 2,500.) 1. 2. Basic earnings per share 1. Diluted earnings per share 1100000 Basic earnings…
On June 1, 2023, Oriole Company and Waterway Company merged to form Wildhorse Inc. A total of 725,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis. On April 1, 2025, the company issued an additional 616,000 shares of stock for cash. All 1,341,000 shares were outstanding on December 31, 2025. Wildhorse Inc. also issued $600,000 of 20-year, 8% convertible bonds at par on July 1, 2025. Each $1,000 bond converts to 40 shares of common at any interest date. None of the bonds have been converted to date. Wildhorse Inc. is preparing its annual report for the fiscal year ending December 31, 2025. The annual report will show earnings per share figures based upon a reported after-tax net income of $1,592,000. (The tax rate is 20%.) Determine the following for 2025. a. The number of shares to be used for calculating: (Round answers to O decimal places, e.g. 2,500.) 1. 2. 1. Basic earnings per share 2. Diluted earnings per share b. The earnings…
On June 1, 2023, Blossom Company and Blue Company merged to form Kingbird Inc. A total of 808,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis. On April 1, 2025, the company issued an additional 568,000 shares of stock for cash. All 1,376,000 shares were outstanding on December 31, 2025. Kingbird Inc. also issued $600,000 of 20-year, 7% convertible bonds at par on July 1, 2025. Each $1,000 bond converts to 44 shares of common at any interest date. None of the bonds have been converted to date. Kingbird Inc. is preparing its annual report for the fiscal year ending December 31, 2025. The annual report will show earnings per share figures based upon a reported after-tax net income of $1,547,000. (The tax rate is 20%.) Determine the following for 2025. a. The number of shares to be used for calculating: (Round answers to 0 decimal places, e.g. 2,500.) 1. 2. 1. Basic earnings per share 2. Diluted earnings per share b. The earnings figures…
On June 1,2023 , Oriole Company and Waterway Company merged to form Wildhorse Inc. A total of 725,000 shares we complete the merger. The new corporation reports on a calendar-year basis. On April 1, 2025, the company issued an additional 616,000 shares of stock for cash. All 1,341,000 shares were outstanc December 31, 2025. Wildhorse Inc. also issued $600,000 of 20 -year, 8% convertible bonds at par on July 1,2025 . Each $1,000 bond converts of common at any interest date. None of the bonds have been converted to date. Wildhorse Inc. is preparing its annual report for the fiscal year ending December 31, 2025. The annual report will show share figures based upon a reported after-tax net income of $1,592,000. (The tax rate is 20%.) Determine the following for 2025. a. The number of shares to be used for calculating: (Round answers to 0 decimal places, e.g. 2,500.) Basic earnings per share shares Diluted earnings per share shares b. The earnings figures to be used for calculating: (Round…
On June 1,2023 , Oriole Company and Waterway Company merged to form Wildhorse Inc. A total of 725,000 shares we complete the merger. The new corporation reports on a calendar-year basis. On April 1, 2025, the company issued an additional 616,000 shares of stock for cash. All 1,341,000 shares were outstanc December 31, 2025. Wildhorse Inc. also issued $600,000 of 20 -year, 8% convertible bonds at par on July 1,2025 . Each $1,000 bond converts of common at any interest date. None of the bonds have been converted to date. Wildhorse Inc. is preparing its annual report for the fiscal year ending December 31, 2025. The annual report will show share figures based upon a reported after-tax net income of $1,592,000. (The tax rate is 20%.) Determine the following for 2025. a. The number of shares to be used for calculating: (Round answers to 0 decimal places, e.g. 2,500.) Basic earnings per share shares Diluted earnings per share shares b. The earnings figures to be used for calculating: (Round…
On June 1, 2018, Vaughn Company and Bramble Company merged to form Sunland Inc. A total of 808,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis.On April 1, 2020, the company issued an additional 568,000 shares of stock for cash. All 1,376,000 shares were outstanding on December 31, 2020.Sunland Inc. also issued $600,000 of 20-year, 7% convertible bonds at par on July 1, 2020. Each $1,000 bond converts to 44 shares of common at any interest date. None of the bonds have been converted to date.Sunland Inc. is preparing its annual report for the fiscal year ending December 31, 2020. The annual report will show earnings per share figures based upon a reported after-tax net income of $1,547,000. (The tax rate is 20%.)Determine the following for 2020.(a) The number of shares to be used for calculating: (Round answers to 0 decimal places, e.g. $2,500.) (1) Basic earnings per share enter a number of shares rounded to 0 decimal places…
On June 1, 2018, Coronado Company and Whispering Company merged to form Metlock Inc. A total of 877,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis. On April 1, 2020, the company issued an additional 652,000 shares of stock for cash. All 1,529,000 shares were outstanding on December 31, 2020. Metlock Inc. also issued $600,000 of 20-year, 8% convertible bonds at par on July 1, 2020. Each $1.000 bond converts to 44 shares of common at any interest date. None of the bonds have been converted to date. Metlock Inc. is preparing its annual report for the fiscal year ending December 31, 2020. The annual report will show earnings per share figures based upon a reported after-tax net income of $1,444,000. (The tax rate is 20%.) Determine the following for 2020. (a) The number of shares to be used for calculating: (Round answers to 0 decimal places, eg. $2,500.) (1) Basic earnings per share 1366000 shares (2) Diluted earnings per share 1379200…
On June 1, 2018, Sunland Company and Coronado Company merged to form Whispering Inc. A total of 870,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis.On April 1, 2020, the company issued an additional 577,000 shares of stock for cash. All 1,447,000 shares were outstanding on December 31, 2020.Whispering Inc. also issued $600,000 of 20-year, 9% convertible bonds at par on July 1, 2020. Each $1,000 bond converts to 40 shares of common at any interest date. None of the bonds have been converted to date.Whispering Inc. is preparing its annual report for the fiscal year ending December 31, 2020. The annual report will show earnings per share figures based upon a reported after-tax net income of $1,564,000. (The tax rate is 20%.)Determine the following for 2020.(a) The number of shares to be used for calculating: (Round answers to 0 decimal places, e.g. $2,500.) (1) Basic earnings per share enter a number of shares rounded to 0…