During the fiscal year ended September 30, 2023, Worrell Incorporated had a 4-for-1 stock split and a 4% stock dividend. In its annualreport for 2023, the company reported earnings per share for the year ended September 30, 2022, on a restated basis, of $0.86.Required:Calculate the originally reported earnings per share for the year ended September 30, 2022.Note: Round your answer to 2 decimal places.I.Earnings per sharo

Earnings per share is the portion of a company's profits that is distributed to shareholders and…

Answered: During the fiscal year ended September…

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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Headland Corporation had 2020 net income of $1,028,000. During 2020, Headland paid a dividend of $2 per share on 115,650 shares of preferred stock. During 2020, Headland had outstanding 257,000 shares of common stock.Compute Headland’s 2020 earnings per share. (Round answer to 2 decimal places, e.g. 3.56.) Earnings per share $enter earnings per share in dollars rounded to 2 decimal places per share
At December 31, 2020, Carla Vista Company has $520,000 of $100 par value, 7%, cumulative preferred stock outstanding and $2,130,000 of $10 par value common stock issued. Carla Vista's net income for the year is $441,100. Compute earnings per share of common stock for 2020 under the following independent situations. (Round answers to 2 decimal places, eg. 1.50.) (a) (b) (a) (b) The dividend to preferred stockholders was declared, and there has been no change in the number of shares of common stock outstanding during the year. The dividend to preferred stockholders was not declared, and 10,500 shares of common treasury stock were held throughout the year. The preferred stock is cumulative. Earnings per share of common stock Earnings per share of common stock 50 S S
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…
Blossom Corporation issued $3 million of 10-year, 6% callable convertible subordinated debentures on January 2, 2023. The debentures have a face value of $1,000, with interest payable annually. The current conversion ratio is 13:1, and in two years it will increase to 16:1. At the date of issue, the bonds were sold at 100 to yield a 6% effective interest rate. The bond discount is amortized using the effective interest method. Blossom's effective tax rate was 30%. Net income in 2023 was $7.0 million, and the company had 2 million shares outstanding during the entire year. For simplicity, ignore the requirement to record the debentures' debt and equity components separately.
Listed here are data for five companies. These data are for the companies' 2019 fiscal years. The market price per share is the closing price of the companies' stock the day after they announced their 2019 earnings. Except for market price per share, all amounts are in millions. The shares outstanding number is the weighted-average number of shares the company used to compute basic earnings per share. Note that the numbers for Mountainview Investments are significantly different that the other companies. For example, the number for its shares outstanding includes a decimal, not a comma. Its shares outstanding are about are 1.6 million, not 1.6 billion. Company Nile.com Mountainview Investments Big Oil Soda Fizz Incorporated Ringer Corporation Net Earnings $12,495 82,355 15,280 8,255 6,088 Company Stockholders' Shares Market Price Equity Outstanding per Share $62,998 1,415 $2,006.00 429,386 1.652 Nile.com Mountainview Investments Big Oil Soda Fizz Incorporated Ringer Corporation 199,674…
Pet Boutique Corp, reported $4,365.410 of profit for 2023. On November 2, 2023, it declared and paid the annual preferred dividends of $283,560 On January 1, 2023, Pet Boutique had 111,410 and 567,000 outstanding preferred and common shares, respectively. The following transactions changed the number of shares outstanding during the year: Feb. 1 Declared and issued a 20% common share dividend. Apr.30 Sold 111,060 common shares for cash. May 1 Sold 45,550 preferred shares for cash. Oct. 31 Sold 32,760 common shares for cash. a. What is the amount of profit available for distribution to the common shareholders? Earnings available to common shareholders $ 4,081,850 Check my wark b. What is the weighted-average number of common shares for the year?
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On January 1, 2019, Concord Corporation had $1,470,000 of common stock outstanding that was issued at par. It also had retained earnings of $741,500. The company issued 41,500 shares of common stock at par on July 1 and earned net income of $400,000 for the year.Journalize the declaration of a 15% stock dividend on December 10, 2019, for the following independent assumptions. (a) Par value is $10, and market price is $18. (b) Par value is $5, and market price is $21.
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Schaefer Co. reported net income of $191,150 for its fiscal year ended January 31, 2023. At the beginning of that fiscal year, 50,000 shares of common stock were outstanding. On October 31, 2022, an additional 15,000 shares were issued. No other changes in common shares outstanding occurred during the year. Also during the year, the company paid the annual dividend on the 20,000 shares of 6%, $50 par value preferred stock that were outstanding the entire year. Required: a. Calculate basic earnings per share of common stock for the year ended January 31, 2023.

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