At December 31, 2024, Oriole Corporation had the following stock outstanding.10% cumulative preferred stock, $100 par, 109,261 sharesCommon stock, $5 par, 4,099,840 sharesIncome from continuing operations before taxesDiscontinued operations (loss before taxes)Preferred dividends declaredCommon dividends declaredDuring 2025, Oriole did not issue any additional common stock. The following also occurred during 2025.Effective tax rate$10,926,10020,499,200Earnings Per Share$24,649,8003,399,1001,092,6102,322,90035%Compute earnings per share data as it should appear in the 2025 income statement of Oriole Corporation. (Round answers to 2 decimal places, e.g. 1.48.)

Earnings per share is computed by dividing net income by the weighted average number of shares. It…

Answered: At December 31, 2024, Oriole…

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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At December 31, 2024, Oriole Co. had 1150000 shares of common stock outstanding. In addition, Oriole had 449000 shares of preferred stock which were convertible into 755000 shares of common stock. During 2025, Oriole paid $1120000 cash dividends on the common stock and $802000 cash dividends on the preferred stock. Net income for 2025 was $6877050 and the company's income tax rate was 20%. Diluted earnings per share for 2025 was O $2.60. O $5.98. O $3.61. O $5.00.
In 2022, Santiago Castillo Limited reported a discontinued operations loss of $2,750,000, net of tax. It declared and paid preferred stock dividends of $265,700 and common stock dividends of $492,650. During 2022, had a weighted average of $500,000 common shares outstanding. As a result of the discontinued operations loss, net of tax, the earning per share would decrease by Question 44 Answer a. $4.51 b. $4.97 c. $3.98 d. $5.50 Clear my choice
Subject: acounting
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At December 31, 2017 and 2018, Funk and Noble corporation had outstanding 760 million shares of common stock and 7 million shares of 4%, 100 par value cumulative perferred stock. No dividentds were declared on either the preferred or common stock in 2017 or 2018. Net income for 2018 was 788 million. the income tax rate is 40 percent. Calculate earning per share for the year ended December 31, 2018?
Current Attempt in Progress At December 31, 2023, Bridgeport Corporation had the following shares outstanding: 10% cumulative preferred shares, 112,600 shares outstanding Common shares, 3,800,000 shares outstanding Income from continuing operations before tax Discontinued operations (loss before tax) Preferred dividends declared Common dividends declared Effective tax rate During 2023, the corporation's only share transaction was the issuance of 330,000 common shares on April 1. During 2023, the following also occurred: Income from Continuing Operations Discontinued Operations Net Income eTextbook and Media $ $24,490,000 $ 3,152,000 Calculate earnings per share information as it should appear in the financial statemer of idgeport for the year ended December 31, 2023. (Round per share answers to 2 decimal places, e.g. 52.75.) 1,126,000 2,160,000 32% $11,260,000 19,000,000 Earnings per Share
A portion of the combined statement of income and retained earnings of Blue Inc. for the current year follows. Income before extraordinary item $15,060,000 Loss from discontinued operations, net of applicable income tax (Note 1) 1,320,000 Net income 13,740,000 Retained earnings at the beginning of the year 84,220,000 97,960,000 Dividends declared: On preferred stock—$6.00 per share $300,000 On common stock—$1.75 per share 15,050,000 15,350,000 Retained earnings at the end of the year $82,610,000 Note 1. During the year, Blue Inc. suffered a major loss from discontinued operations of $1,320,000 after applicable income tax reduction of $1,220,000.At the end of the current year, Blue Inc. has outstanding 8,670,000 shares of $10 par common stock and 50,000 shares of 6% preferred. On April 1 of the current year, Blue Inc. issued 980,000 shares of common stock for $32 per share to help…
Assume TRI reported income from operations of $2,477,760 (inclusive of a loss from discontinued operations of $391,200) in 2021. It did not declare any common dividends during the year. However it did declare and pay preferred dividends of $600,000 on December 20, 2021. It began the year with 132,000 common shares outstanding and issued 720,000 common shares on April 1. On June 15 a 20% stock dividend was declared and distributed. On November 1, it repurchased 144,000 shares and cancelled them. Determine the company’s basic EPS from continuing operations for the year. Select one: a. $4.76. b. $2.90. c. $3.17. d. $2.84. e. $3.40.
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Selected information regarding the accounts of Infinity Minerals Corp. follows: Common shares, unlimited authorized, 51,000 shares issued and outstanding, December 31, 2022 Common dividends declared and paid during 2023 Cumulative effect of change in accounting estimate (net of $7,200 tax) Profit for the year ended December 31, 2023 Preferred dividends declared and paid during 2023 Preferred shares, $4.90 non-cumulative, 15,100 shares orized, issued, and outstanding, December 31, 2022 Retained earnings, December 31, 2022 (as originally reported) Balance, January 1 Balance, December 31 Next Prepare a statement of changes in equity for the year ended December 31, 2023, assuming 7,100 common shares were issued during 2023 at an average price of $21.94 per share and that no preferred shares were issued in 2023. (Negative answers should be indicated by a minus sign.) INFINITY MINERALS CORP. Statement of Changes in Equity For Year Ended December 31, 2023 Preferred Shares $ $1,075,000 121,000…
At January 1, 2023, Carla Vista Limited's outstanding shares included the following: 294,000 900,000 $50 par value, 8%, cumulative preferred shares common shares Net income for 2023 was $2,107,700. No cash dividends were declared or paid during 2023. On February 15, 2024, however, all preferred dividends in arrears were paid, together with a 10% stock dividend on common shares. There were no dividends in arrears before 2023. On April 1, 2023, 530,000 common shares were sold for $12 per share, and on October 1, 2023, 350.000 common shares were purchased for $24 per share. The financial statements for 2023 were issued in March 2024. (a) Your answer is incorrect. Calculate the weighted average number of common shares outstanding for the year ended December 31, 2023. Weighted average number of shares outstanding I
On December 31, 2019, Shoreline Hotel Inc.., reported its shareholders' equity as follows: Common shares, no par value, authorized 200,000 shares issued and outstanding 120,000 shares $1,350,000 Retained earnings 700,000 Total shareholders' equity $2,050,000 On January 1, 2020, it declared a 10% stock dividend on its common shares when the market value of the common shares was $22 per share before market adjustment (ie: prior to ex-dividend value). What was the effect on Shoreline’s retained earnings as a result of the above transaction? Select one: a. $264,000 decrease . b. $135,000 decrease . c. $400,000 increase. d. $240,000 increase. e. None of the above answers.

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