The 2025 income statement of Crane Corporation showed net income of $476,000 and a loss from discontinued operations of$114,000. Crane had 100,000 shares of common stock outstanding all year.Prepare Crane's income statement presentation of earnings per share. (Round answers to 2 decimal places, e.g. 3.55.)CRANE CORPORATIONIncome StatementFor the Year Ended December 31, 2025Income from Continuing OperationsRevenuesTotal Expenses362000100000$3.62Earnings Per ShareSUP

EARNINGS PER SHAREEarnings per share refers to the profit earned by each shareholder after paying…

Answered: D The 2025 income statement of Crane…

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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Current Attempt in Progress Crane Co. had sales revenue of $549,202 in 2025. Other items recorded during the year were as follows. Cost of goods sold Salaries and wages expense Income tax expense Increase in value of company reputation Other operating expenses Unrealized gain on value of patents Save for Later $325,600 120,500 # Prepare a single-step income statement for Crane for 2025. Crane has 106.900 shares of stock outstanding (Round earnings per share to 2 decimal places, e.g. 1.48.) : # 29,130 17,330 # 11,970 23,730 CRANE CO. Income Statement $ 11 Attempts: 0 of 1 used Submit Answer
Coronado Ltd. had sales revenue of £ 550,800 in 2022. Other items recorded during the year were: Cost of goods sold £ 336,600 Selling expenses 122,400 Income tax 25,500 Increase in value of employees 15,300 Administrative expenses 10,200 Prepare an income statement for Coronado for 2022. Coronado has 100,000 shares outstanding. (Round earnings per share to 2 decimal places, e.g. 1.48.) CORONADO LTDIncome Statementchoose the accounting period enter an income statement item £ enter a pound amount enter an income statement item enter a pound amount select a summarizing line for the first part enter a total amount for the first part enter an income statement item £ enter a pound amount enter an income statement item enter a pound amount enter a subtotal of the two previous amounts select a summarizing line for the second part enter a total amount for two parts enter an…
Pronghorn Inc. began operations in January 2018 and reported the following results for each of its 3 years of operations. 2018 $236,000 net loss At December 31, 2020, Pronghorn Inc. capital accounts were as follows. 2019 $37,000 net loss 7% cumulative preferred stock, par value $100; authorized, issued, and outstanding 4,500 shares Common stock, par value $1.00; authorized 1,000,000 shares; issued and outstanding 774,000 shares Book value per share $ 2020 Book value per share $ $774,000 net income Pronghorn Inc. has never paid a cash or stock dividend. There has been no change in the capital accounts since Pronghorn began operations. The state law permits dividends only from retained earnings. (a) Compute the book value of the common stock at December 31, 2020. (Round answers to 2 decimal places, e.g. $38.50.) $450,000 $774,000 (b) Compute the book value of the common stock at December 31, 2020, assuming that the preferred stock has a liquidating value of $105 per share. (Round answers…
Income Statement and Earnings per Share for Discontinued Operations Apex Inc. reports the following for a recent year: Income from continuing operations before income tax expense $1,000,000 Loss from discontinued operations $240,000* Weighted average number of shares outstanding 20,000 Applicable tax rate 40% *Net of any tax effect. a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax expense.
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Comparative Earnings per Share Lucas Company reports net income of $2,580 for the year ended December 31, 2019, its first year of operations. On January 4, 2019, Lucas issued 9,000 shares of common stock. On August 2, 2019, it issued an additional 4,200 shares of stock, resulting in 13,200 shares outstanding at year-end. During 2020, Lucas earned net income of $17,840. It issued 2,000 additional shares of stock on March 3, 2020, and declared and issued a 2-for-1 stock split on November 3, 2020, resulting in 30,400 shares outstanding at year-end. During 2021, Lucas earned net income of $29,184. The only common stock transaction during 2021 was a 20% stock dividend issued on July 2, 2021. If required, round your final answers to two decimal places. Required: 1. Compute the basic earnings per share that would be disclosed in the 2019 annual report. $ per share 2. Compute the 2019 and 2020 comparative basic earnings per share that would be disclosed in the 2020 annual report. 2020: $ per…
The following balances were taken from the records of Sheridan Company: Common stock (1/1/20 and 12/31/20) $724, 100 Retained earnings 1/1/20 $162, 700 Net income for 2023 183, 500 Dividends declared in 2023 (43,800) Retained earnings, 12/31/20 302,400 Total stockholders' equity on 12/31/20 $1,026, 500 Windsor Company purchased 75% of Sheridan Company's common stock on January 1, 2021 for $901,200. The difference between implied value and book value is attributable to assets with a remaining useful life on January 1, 2023 of ten years. (a) Compute the difference between cost/(implied) and book value applying: 1. Parent company theory. 2. Economic unit theory. Difference 1. Parent company theory $ 2. Economic unit theory $
(Figures in $ millions) Assets 2021 2022 Liabilities and Shareholders' Equity 2021 2022 Current assets $ 310 $ 420 Current liabilities $ 210 $ 240 Net fixed assets 1,200 1,420 Long-term debt 830 920 Required: a&b. What was shareholders’ equity at the end of 2021 and 2022? c. If Newble paid dividends of $100 million in 2022 and made no stock issues, what must have been net income during the year? d. If Newble purchased $300 million in fixed assets during 2022, what must have been the depreciation charge on the income statement? e. What was the change in net working capital between 2021 and 2022? f. If Newble issued $200 million of new long-term debt, how much debt must have been paid off during the year
Here is the income statement for Splish Brothers Inc. SPLISH BROTHERS INC.Income StatementFor the Year Ended December 31, 2022 Net sales $442,900 Cost of goods sold 258,800 Gross profit 184,100 Expenses (including $16,100 interest and $21,600 income taxes) 74,700 Net income $ 109,400 Additional information: 1. Common stock outstanding January 1, 2022, was 22,500 shares, and 35,800 shares were outstanding at December 31, 2022. (Use a simple average for weighted-average.) 2. The market price of Splish Brothers stock was $15 on December 31, 2022. 3. Cash dividends of $23,600 were declared and paid. Compute the following measures for 2022. (Round earnings per share to 2 decimal places, e.g. 1.83 and all answers to 1 decimal places, e.g. 1.8 or 2.5%) (a) Earnings per share $enter Earnings per share in dollars rounded to 2 decimal places (b) Price-earnings ratio enter a number for Price-earnings ratio in times…
Here is the income statement for Sheridan, Inc. Sheridan, Inc. Income Statement For the Year Ended December 31, 2022 Net sales $434,000 Cost of goods sold 222,000 Gross profit 212,000 Expenses (including $10,000 interest and $20,500 income taxes) 87,000 Net income $125,000 Additional information: 1. Common stock outstanding January 1, 2022, was 58,500 shares, and 62,500 shares were outstanding at December 31, 2022. (Use a simple average for weighted-average.) 2. The market price of Sheridan stock was $10 on December 31, 2022 3. Cash dividends of $27,300 were declared and paid. Compute the following measures for 2022. (Round Earnings per share to 2 decimal places, e.g. 1.65, and all other answers to 1 decimal place, e.g. 6.8 or 6.8%.) (a) Earnings per share $ (b) Price-earnings ratio (c) Payout ratio Fu (d) Times interest earned times % times
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A company reported the following data for the year ending 2018: Description Amount Sales $400,000 Sales discount $16,000 Sales returns and allowances $13,000 Cost of goods sold $117,000 Operating expense $153,000 Income tax expense $23,750 There are 25,000 shares outstanding throughout the year. What is the earnings per share? $2.08 per share $4.04 per share $3.09 per share $3.01 per share

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