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Amy Dyken, controller at Teal Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and diluted earnings per share and the related disclosure for Teal's financial statements. Below is selected financial information for the fiscal year ended June 30, 2020. Teal Pharmaceutical Industries Selected Balance Sheet Information June 30, 2020 Long term debt Notes payable, 9% $980,000 8% convertible bonds payable 4,960,000 9% bonds payable 5,940.000 Total long term debt $11.880.000 Shareholders' equity Preferred stock, 6% cumulative, $50 par value, 105,000 shares authorized, 26.250 shares issued and outstanding $1.312.500 Common stock, $1 par, 9,800.000 shares authorized, 980.000 shares issued and outstanding 980,000 Additional paid in capital 4,020,000 Retained earnings 5,930,000 Total shareholders' equity $12.242.500 The following transactions have also occurred at Teal. Options were granted on July 1. 2019, to purchase 220,000 shares at $16 per share. Although no options were exercised during fiscal year 2020, the average price per common share during fiscal year 2020 was $20 per share. 1. Each bond was issued at face value. The 8% convertible bonds will convert into common stock at 50 shares per $1.000 bond. The bonds are exercisable after 5 years and were issued in fiscal year 2019. 2. 3. The preferred stock was issued in 2019. 4. There are no preferred dividends in arrears; however, preferred dividends were not declared in fiscal year 2020. 5. The 980,000 shares of common stock were outstanding for the entire 2020 fiscal year. 6. Net income for fiscal year 2020 was $1.510.000, and the average income taxrate is 20% For the fiscal year ended June 30, 2020, calculate the following for Teal Pharmaceutical Industries. (Round answers to 2 decimal places, es $245)

Amy Dyken, controller at Teal Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and diluted earnings per share and the related disclosure for Teal's financial statements. Below is selected financial information for the fiscal year ended June 30, 2020. Teal Pharmaceutical Industries Selected Balance Sheet Information June 30, 2020 Long term debt Notes payable, 9% $980,000 8% convertible bonds payable 4,960,000 9% bonds payable 5,940.000 Total long term debt $11.880.000 Shareholders' equity Preferred stock, 6% cumulative, $50 par value, 105,000 shares authorized, 26.250 shares issued and outstanding $1.312.500 Common stock, $1 par, 9,800.000 shares authorized, 980.000 shares issued and outstanding 980,000 Additional paid in capital 4,020,000 Retained earnings 5,930,000 Total shareholders' equity $12.242.500 The following transactions have also occurred at Teal. Options were granted on July 1. 2019, to purchase 220,000 shares at $16 per share. Although no options were exercised during fiscal year 2020, the average price per common share during fiscal year 2020 was $20 per share. 1. Each bond was issued at face value. The 8% convertible bonds will convert into common stock at 50 shares per $1.000 bond. The bonds are exercisable after 5 years and were issued in fiscal year 2019. 2. 3. The preferred stock was issued in 2019. 4. There are no preferred dividends in arrears; however, preferred dividends were not declared in fiscal year 2020. 5. The 980,000 shares of common stock were outstanding for the entire 2020 fiscal year. 6. Net income for fiscal year 2020 was $1.510.000, and the average income taxrate is 20% For the fiscal year ended June 30, 2020, calculate the following for Teal Pharmaceutical Industries. (Round answers to 2 decimal places, es $245)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Current Attempt in Progress Amy Dyken, controller at Teal Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and diluted earnings per share and the related disclosure for Teal's financial statements. Below is selected financial information for the fiscal year ended June 30, 2020. Teal Pharmaceutical Industries Selected Balance Sheet Information June 30, 2020 Long term debt Notes payable, 9% $980,000 8% convertible bonds payable 4,960,000 9% bonds payable 5.940,000 Total long term debt $11.880,000 Shareholders' equity Preferred stock, 6% cumulative. $50 par value, 105,000 shares authorized, 26.250 shares issued and outstanding $1,312.500 Common stock, $1 par, 9,800,000 shares authorized, 980,000 shares issued and outstanding 980,000 Additional paid-in capital 4,020,000 Retained earnings 5.930,000 Total shareholders' equity $12.242.500 The following transactions have also occurred at Teal. 1. Options were granted on July 1, 2019, to purchase 220,000 shares at $16 per share. Although no options were exercised during fiscal year 2020, the average price per common share during fiscal year 2020 was $20 per share. Each bond was issued at face value. The 8% convertible bonds will convert into common stock at 50 shares per $1000 bond. The bonds are exercisable after 5 years and were issued in fiscal year 2019. 2. 3. The preferred stock was issued in 2019. 4. There are no preferred dividends in arrears, however, preferred dividends were not declared in fiscal year 2020. 5. The 980,000 shares of common stock were outstanding for the entire 2020 fiscal year. 6. Net income for fiscal year 2020 was $1,510,000, and the average income tax rate is 20%. For the fiscal year ended June 30, 2020, calculate the following for Teal Pharmaceutical Industries. (Round answers to 2 decimal places, es $245)
Transcribed Image Text:Current Attempt in Progress Amy Dyken, controller at Teal Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and diluted earnings per share and the related disclosure for Teal's financial statements. Below is selected financial information for the fiscal year ended June 30, 2020. Teal Pharmaceutical Industries Selected Balance Sheet Information June 30, 2020 Long term debt Notes payable, 9% $980,000 8% convertible bonds payable 4,960,000 9% bonds payable 5.940,000 Total long term debt $11.880,000 Shareholders' equity Preferred stock, 6% cumulative. $50 par value, 105,000 shares authorized, 26.250 shares issued and outstanding $1,312.500 Common stock, $1 par, 9,800,000 shares authorized, 980,000 shares issued and outstanding 980,000 Additional paid-in capital 4,020,000 Retained earnings 5.930,000 Total shareholders' equity $12.242.500 The following transactions have also occurred at Teal. 1. Options were granted on July 1, 2019, to purchase 220,000 shares at $16 per share. Although no options were exercised during fiscal year 2020, the average price per common share during fiscal year 2020 was $20 per share. Each bond was issued at face value. The 8% convertible bonds will convert into common stock at 50 shares per $1000 bond. The bonds are exercisable after 5 years and were issued in fiscal year 2019. 2. 3. The preferred stock was issued in 2019. 4. There are no preferred dividends in arrears, however, preferred dividends were not declared in fiscal year 2020. 5. The 980,000 shares of common stock were outstanding for the entire 2020 fiscal year. 6. Net income for fiscal year 2020 was $1,510,000, and the average income tax rate is 20%. For the fiscal year ended June 30, 2020, calculate the following for Teal Pharmaceutical Industries. (Round answers to 2 decimal places, es $245)
during fiscal year 2020, the average price per common share during fiscal year 2020 was $20 per share. Each bond was issued at face value. The 8% convertible bonds will convert into common stock at 50 shares per S The bonds are exercisable after 5 years and were issued in fiscal year 2019. 2. 3. The preferred stock was issued in 2019. 4. There are no preferred dividends in arrears; however, preferred dividends were not declared in fiscal year 2020 5. The 980,000 shares of common stock were outstanding for the entire 2020 fiscal year. 6. Net income for fiscal year 2020 was $1,510,000, and the average income tax rate is 20%. For the fiscal year ended June 30, 2020, calculate the following for Teal Pharmaceutical Industries. (Round answers to 2 d es. $245.) (a) Basic earnings per share. Basic earnings per share (b) Diluted earnings per share. Diluted earnings per share eTextbook and Media Attempts: 0 of 3 used Save for Later %24
Transcribed Image Text:during fiscal year 2020, the average price per common share during fiscal year 2020 was $20 per share. Each bond was issued at face value. The 8% convertible bonds will convert into common stock at 50 shares per S The bonds are exercisable after 5 years and were issued in fiscal year 2019. 2. 3. The preferred stock was issued in 2019. 4. There are no preferred dividends in arrears; however, preferred dividends were not declared in fiscal year 2020 5. The 980,000 shares of common stock were outstanding for the entire 2020 fiscal year. 6. Net income for fiscal year 2020 was $1,510,000, and the average income tax rate is 20%. For the fiscal year ended June 30, 2020, calculate the following for Teal Pharmaceutical Industries. (Round answers to 2 d es. $245.) (a) Basic earnings per share. Basic earnings per share (b) Diluted earnings per share. Diluted earnings per share eTextbook and Media Attempts: 0 of 3 used Save for Later %24
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