Question 4 of 5View PoliciesShow Attempt HistoryCurrent Attempt in Progress<Your answer is partially correct.Net incomeA portion of the combined statement of income and retained earnings of Blossom Inc. for the current year follows.Income from continuing operationsLoss from discontinued operations, net of applicable income tax (Note 1)>Dividends declared:Retained earnings at the beginning of the yearOn preferred stock-$6.00 per shareOn common stock-$1.75 per shareRetained earnings at the end of the yearNet Income /(Loss)BLOSSOM INC.Income StatementFor the Year Ended December 31Income from Continuing OperationsLoss from Discontinued Operations$276,00014,850,000eTextbook and Media$Note 1. During the year, Blossom Inc. suffered a major loss from discontinued operations of $1,325,200 after applicable income taxreduction of $1,190,000.$15,018,850At the end of the current year, Blossom Inc. has outstanding 8,530,000 shares of $10 par common stock and 46,000 shares of 6%preferred. On April 1 of the current year, Blossom Inc. issued 990,000 shares of common stock for $33 per share to help finance theloss from discontinued operations.1.451,325,200Compute the earnings per share on common stock for the current year as it should be reported to stockholders. (Round answer to 2decimal places, e.g. 2.55.)0.1413,693,65084,640,0001.3198,333,65015,126,0002.86/5$83,207,650!!!***

Earnings per share are also referred to as EPS is computed by dividing the earnings attributable to…

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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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Compute number of shares outstanding after the stock dividend. Number of shares outstanding
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Financial Statements from the End-of-Period Spreadsheet Demo Consulting is a consulting firm owned and operated by Jesse Flatt. The following end-of-period spreadsheet was prepared for the year ended August 31, 20V9: Demo Consulting End-of-Period Spreadsheet For the Year Ended August 31, 20Y9 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,710 10,710 Accounts Receivable 25,500 25,500 Supplies 2,700 2,270 430 Land 22,190 22,190 Office Equipment 20,910 20,910 Accumulated Depreciation 2,830 1,350 4,180 Accounts Payable 6,890 6,890 Salaries Payable 330 330 Common Stock 8,600 8,600 Retained Earnings 17,410 17,410 Dividends 3,320 3,320 Fees Earned 70,770 70,770 Salary Expense 19,130 330 19,460 Supplies Expense 2,270 2,270 Depreciation Expense 1,350 1,350 Miscellaneous Expense 2,040 2,040 106,500 106,500 3,950 3,950 108,180 108,180 Based on the preceding spreadsheet, prepare an income statement for Demo Consulting. Demo Consulting…
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Compute the earnings per share on common stock for the current year as it should be reported to stockholders. (Round answer to 2 decimal places, e.g. 2.55.)