on the preference shares. The net income for the current 1. What amount should be reported as basic earnings per issued 500,000 preference shares which were convertible into 2,000,000 ordinary shares outstanding. On July 1, the entity Problem 20-14 (IAA) During the year, the entity declared and paid P1,000,000 cash dividend on the ordinary shares and P800,000 cash dividend A the beginning of current year, Frown Company had S000,000 ordinary shares outstanding. On July 1, the entity 300,000 ordinary shares. Year was P6,500,000. share? a. 2.85 b. 3.25 С. 2.35 d. 2.25 per share? а. 2.85 b. 3.02 с. 2.83 d. 1.75 633

on the preference shares. The net income for the current 1. What amount should be reported as basic earnings per issued 500,000 preference shares which were convertible into 2,000,000 ordinary shares outstanding. On July 1, the entity Problem 20-14 (IAA) During the year, the entity declared and paid P1,000,000 cash dividend on the ordinary shares and P800,000 cash dividend A the beginning of current year, Frown Company had S000,000 ordinary shares outstanding. On July 1, the entity 300,000 ordinary shares. Year was P6,500,000. share? a. 2.85 b. 3.25 С. 2.35 d. 2.25 per share? а. 2.85 b. 3.02 с. 2.83 d. 1.75 633

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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Can I ask for a solution to this problem? In good accounting form. Thank you. What amount should be reported as unappropriated retained earnings at year-end?
As auditor for Chrisley and Dale Associates, you have been assigned to check McKessonCorporation’s computation of earnings per share for the current year. The financial controller has supplied you with the following computations. Net Income $6,800,000Ordinary shares issued and outstanding:Beginning of year 650,000End of year 4,000,000Average 2,325,000Earnings per share calculation:$6,800,000 = $2.922,325,000You have gathered the following information:On January 1, 2020, McKesson Corp. issued 650,000 shares. Additional issues of shares for the year were as follows:April 1 150,000 shares.May 1 A 20% share dividendAugust 1 700,000 shares.September 1 340,000 shares.November 1 A 2 for 1 share splitAll 4,000,000 shares were outstanding at December 31, 2020.On January 1, 10% convertible debentures, $60,000,000 face value, were issued at par. Each $1,000 debenture is convertible into 40 ordinary shares. The interest expense for the current year related to the liability component of the…
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