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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A9
a. 1,280,800b. 1,340,800c. 1,385,800d. 1,445,800e. answer not given
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Balance sheet and income statement data indicate the following: Bonds payable, 8% (due in 15 years) $1,082,526 Preferred 8% stock, $100 par (no change during the year) 200,000 Common stock, $50 par (no change during the year) 1,000,000 Income before income tax for year 414,083 Income tax for year 124,225 Common dividends paid 60,000 Preferred dividends paid 16,000 Based on the data presented, what is the times interest earned ratio (round to two decimal places)? Oa. 2.35 Оb. 3.35 Oc. 4.78 Od. 5.78
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Balance sheet and income statement data indicate the following: Bonds payable, 7% (due in 15 years) $850,550 Preferred 8% stock, $100 par (no change during the year) 200,000 Common stock, $50 par (no change during the year) 1,000,000 Income before income tax for year 379,777 Income tax for year 113,933 Common dividends paid 60,000 Preferred dividends paid 16,000 Based on the data presented, what is the times interest earned ratio (round to two decimal places)?
Financial data for Joel de Paris, Incorporated, for last year follow: Joel de Paris, Incorporated Balance Sheet Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) Total assets Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity Joel de Paris, Incorporated Income Statement $ 386,000 978,000 1,192,000 Total liabilities and stockholders' equity $ 2,556,000 Sales Operating expenses Net operating income. Interest and taxes: Interest expense Tax expense Net income Beginning Balance. $ 112,000 197,000 $ 130,000 346,000 563,000 871,000 400,000 246,000 $ 2,556,000 $ 3,860,000 3,242,400 617,600 309,000 $ 308,600 $ Ending Balance $ 139,000 477,000 486,000 848,000 431,000 253,000 2,634,000 $ 341,000 978,000 1,315,000 $ 2,634,000 The company paid dividends of $185,600 last year. The "Investment in Buisson, S.A.," on the balance sheet represents an investment in the stock of another company. The…
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Reporting Paid-In Capital The following accounts and their balances were selected from the adjusted trial balance of Block Ayala Group Inc., a freight forwarder, at October 31, the end of the current fiscal year: Common Stock, no par, $14 stated value $700,000 Paid-In Capital from Sale of Treasury Stock 404,900 Paid-In Capital in Excess of Par-Preferred Stock 106,560 Paid-In Capital in Excess of Stated Value-Common Stock 1,680,000 Preferred 2% Stock, $120 par 888,000 Retained Earnings 4,989,000 Prepare the Paid-In Capital portion of the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. There are 160,000 shares of common stock authorized and 20,000 shares of preferred stock authorized. Block Ayala Group Inc., Stockholders' Equity October 31 Paid-In Capital: Total Paid-In Capital
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