Concord Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2020, and May 31, 2021. The income from operations for the fiscal year ended May 31, 2020, was $1,738,000 and income from operations for the fiscal year ended May 31, 2021, was $2,443,000. In both years, the company incurred a 9% interest expense on $2,381,000 of debt, an obligation that requires interest-only payments for 5 years. The company experienced a loss from discontinued operations of $570,000 on February 2021. The company uses a 20% effective tax rate for income taxes. The capital structure of Concord Corporation on June 1, 2019, consisted of 986,000 shares of common stock outstanding and 19,500 shares of $50 par value, 6%, cumulative preferred stock. There were no preferred dividends in arrears, and the company had not issued any convertible securities, options, or warrants. On October 1, 2019, Concord sold an additional 501,000 shares of the common stock at $20 per share. Concord distributed a 20% stock dividend on the common shares outstanding on January 1, 2020. On December 1, 2020, Concord was able to sell an additional 805,000 shares of the common stock at $22 per share. These were the only common stock transactions that occurred during the two fiscal years. (a) Your answer is correct. Identify whether the capital structure at Concord Corporation is a simple or complex capital structure. Simple Capital Structure

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Please help. I have tried four times (after 5 attempts, I lose all points) to determine the weighted average number of shares that Concord would use in calculating earnings per share for the fiscal year ended:

May 31, 2020

May 31, 2021

 

The answers I have tried  but were incorrect were as follows:

2020 $1,262,200

2021 $1,429,467

 

2020 $1,408,000

2021 $2,153,500

 

2020 $1,249,733

2021 $1,376,800

 

2020 $1,320,000

2021 $1,889,500

 

Current Attempt in Progress
Concord Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended
May 31, 2020, and May 31, 2021. The income from operations for the fiscal year ended May 31, 2020, was $1,738,000 and income
from operations for the fiscal year ended May 31, 2021, was $2,443,000. In both years, the company incurred a 9% interest expense
on $2,381,000 of debt, an obligation that requires interest-only payments for 5 years. The company experienced a loss from
discontinued operations of $570,000 on February 2021. The company uses a 20% effective tax rate for income taxes.
The capital structure of Concord Corporation on June 1, 2019, consisted of 986,000 shares of common stock outstanding
and 19,500 shares of $50 par value, 6%, cumulative preferred stock. There were no preferred dividends in arrears, and the company
had not issued any convertible securities, options, or warrants.
On October 1, 2019, Concord sold an additional 501,000 shares of the common stock at $20 per share. Concord distributed a 20%
stock dividend on the common shares outstanding on January 1, 2020. On December 1, 2020, Concord was able to sell an
additional 805,000 shares of the common stock at $22 per share. These were the only common stock transactions that occurred
during the two fiscal years.
(a)
Your answer is correct.
Identify whether the capital structure at Concord Corporation is a simple or complex capital structure.
Simple Capital Structure
Transcribed Image Text:Current Attempt in Progress Concord Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2020, and May 31, 2021. The income from operations for the fiscal year ended May 31, 2020, was $1,738,000 and income from operations for the fiscal year ended May 31, 2021, was $2,443,000. In both years, the company incurred a 9% interest expense on $2,381,000 of debt, an obligation that requires interest-only payments for 5 years. The company experienced a loss from discontinued operations of $570,000 on February 2021. The company uses a 20% effective tax rate for income taxes. The capital structure of Concord Corporation on June 1, 2019, consisted of 986,000 shares of common stock outstanding and 19,500 shares of $50 par value, 6%, cumulative preferred stock. There were no preferred dividends in arrears, and the company had not issued any convertible securities, options, or warrants. On October 1, 2019, Concord sold an additional 501,000 shares of the common stock at $20 per share. Concord distributed a 20% stock dividend on the common shares outstanding on January 1, 2020. On December 1, 2020, Concord was able to sell an additional 805,000 shares of the common stock at $22 per share. These were the only common stock transactions that occurred during the two fiscal years. (a) Your answer is correct. Identify whether the capital structure at Concord Corporation is a simple or complex capital structure. Simple Capital Structure
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