A20-16 Basic EPS (LO 20-2) The Duckworth Ltd. 20X5 financial statements Include the following: Statement of comprehensive income Year ended 31 December 20X5 Earnings from continuing operations Discontinued operations (net of tax) Net earnings and comprehensive income $3,176,000 512,000 $3,688,000 Statement of financial position 31 December 20X5 Bonds payable, 6%, nonconvertible Preferred shares, no-par value, $1.06, nonconvertible, noncumulative, outstanding during year, 660,000 shares Common shares, no-par value: Outstanding 1 Jan., 35,600,000 shares Sold and issued 1 April, 3,320,000 shares Issued 50% stock dividend, 30 Sept., 19,460,000 share Retained earnings $7,280,000 1,560,000 $11,600,000 11,600,000 1,650,000 10,490,000 7,926,000 The company declared and paid preferred dividends of $36,000 during the year and had an effective tax rate of 30%. Required: 1. Compute basic EPS. (Do not round Intermediate calculations. Round your answer to 2 decimal places.) Basic EPS 2. Repeat requirement 1, assuming that the preferred shares are cumulative. (Do not round Intermediate calculations. Rou answer to 2 decimal places.) Basic EPS

A20-16 Basic EPS (LO 20-2) The Duckworth Ltd. 20X5 financial statements Include the following: Statement of comprehensive income Year ended 31 December 20X5 Earnings from continuing operations Discontinued operations (net of tax) Net earnings and comprehensive income $3,176,000 512,000 $3,688,000 Statement of financial position 31 December 20X5 Bonds payable, 6%, nonconvertible Preferred shares, no-par value, $1.06, nonconvertible, noncumulative, outstanding during year, 660,000 shares Common shares, no-par value: Outstanding 1 Jan., 35,600,000 shares Sold and issued 1 April, 3,320,000 shares Issued 50% stock dividend, 30 Sept., 19,460,000 share Retained earnings $7,280,000 1,560,000 $11,600,000 11,600,000 1,650,000 10,490,000 7,926,000 The company declared and paid preferred dividends of $36,000 during the year and had an effective tax rate of 30%. Required: 1. Compute basic EPS. (Do not round Intermediate calculations. Round your answer to 2 decimal places.) Basic EPS 2. Repeat requirement 1, assuming that the preferred shares are cumulative. (Do not round Intermediate calculations. Rou answer to 2 decimal places.) Basic EPS

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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The financial data of Mammoth corporation for the year ended 31st December,2020 is as followsParticulars Variable expense as percentage of sales 66.67Interest Expense ($) 200DOL 5DFL 3Income tax rate 0.35Requirement:a) Prepare income statement for company.
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The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: Statements of Comprehensive Income Years Ended December 31 2024 2023 2022 Net income $ 900 $ 730 $ 585 Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $23, ($20), and $20 in 2024, 2023, and 2022, respectively 35 (28) 28 Other (1) (2) 1 Total comprehensive income $ 934 $ 700 $ 614 Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) 2024 2023 Shareholders’ equity: Common stock $ 350 $ 350 Additional paid-in capital 8,575 8,575 Retained earnings 7,655 7,099 Accumulated other comprehensive income 114 80 Total shareholders’ equity $ 16,694 $ 16,104 Required: 3. From the information provided, determine how Kaufman calculated the $114 million accumulated other comprehensive income in 2024.
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