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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1. The following information was taken from the accounts of JT Corp at year end:Total income since incorporation P900,000Total cash dividends paid P260,000Proceeds from sale of donated shares P 90,000Total value of share dividends distributed P60,000Excess of proceeds over cost of treasury stocks sold P140,000What should be the current balance of retained earnings? a. P780,000b. P520,000c. P720,000d. P580,0002. see imagechoices: a. 176,000b. 263,000c. 204,000d. 321,000
Total assets Notes payable (6% interest) Common stock Preferred 2.5% stock, $100 par (no change during year) Retained earnings 20Y7 $5,200,000 2,500,000 250,000 Return on total assets December 31 20Y6 $5,000,000 2,500,000 250,000 500,000 1,222,000 500,000 1,574,000 < The 20Y7 net income was $411,000, and the 20Y6 net income was $462,500. No dividends on common stock were declared between 201 and 20Y7. Preferred dividends were declared and paid in full in 20Y6 and 20Y7. 20Y7 a. Determine the return on total assets, the return on stockholders' equity, and the return on common stockholders' equity for the years 20Y6 and 20Y7. Round percentages to one decimal place. 19.13 % X % 20Y5 $4,800,000 2,500,000 250,000 Return on stockholders' equity Return on common stockholders' equity h The profitability ratios indicate that the company's profitability has deteriorated % 500,000 750,000 20Y6 94.0 X % % % ✓. Because the return on common
pp. Subject :- Accounting
GL1302 - Based on Problem 13-4A Atticus Group LO C3, P2, P3 The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders’ Equity January 1 Common stock—$4 par value, 100,000 sharesauthorized, 40,000 shares issued and outstanding $ 160,000 Paid-in capital in excess of par value, common stock 120,000 Retained earnings 320,000 Total stockholders’ equity $ 600,000 Stockholders’ Equity (December 31) Common stock—$4 par value, 100,000 sharesauthorized, 47,400 shares issued, 3,000 shares in treasury $ 189,600 Paid-in capital in excess of par value, common stock 179,200 Retained earnings ($30,000 restricted by treasury stock) 400,000 768,800 Less cost of treasury stock (30,000 ) Total stockholders’ equity $ 738,800 The following transactions and events affected its equity during the year. Jan. 5 Declared a $0.50 per share cash…
The table below shows a partial view of Webster Corporation's balancesheet. Webster CorporationBalance Sheet (partial)At December 31, 2021 Long-term debt Notes payable 10% $2,000,00010% convertible bonds payable 2,500,00012% convertible bonds payable 3,000,000Total long-term debt $7,500,000 Stockholders' equity 6% cumulative, convertiblepreferred stock, $100 par, 50,000shares outstanding. 5,000,000 Common stock, $1 par, 600,000shares outstanding. 600,000Additional paid-in capital 2,500,000 Retained earnings 8,500,000Total stockholders' equity $16,600,000 Notes and Assumptions December 31, 20211. Options were granted in December 2020 to purchase 25,000 shares of common stock at $25 per share. The average market price of common stock during 2021 was $35 per share. All options are still outstanding atthe end of 2021 2. Both the 10 percent and 12 percent convertible bonds were issued in2020 at face value. Each convertible bond is convertible into 50 shares of common stock.…