E4.10 (LO 3) (Earnings per Share) The equity section of Sosa SA appears below as of December 31, 2022. Share capital-preference (6% preference shares, R$50 par value, authorized 100,000 shares, outstanding 90,00o shares) Share capital-ordinary (R$1 par, authorized and issued 10 million shares) Share premium-ordinary Retained earnings R$ 4,500,000 10,000,000 20,500,000 R$134,000,000 Net income 33,000,000 167,000,000 R$202,000,000 Net income for 2022 reflects a total effective tax rate of 20%. Included in the net income figure is a loss of R$12,000,000 (before tax) as a result of discontinued operations. Preference dividends of R$270,000 were declared and paid in 2022. Dividends of R$1,000,000 were declared and paid to ordinary shareholders in 2022. Instructions Compute earnings per share data as it should appear on the income statement of Sosa SA.
E4.10 (LO 3) (Earnings per Share) The equity section of Sosa SA appears below as of December 31, 2022. Share capital-preference (6% preference shares, R$50 par value, authorized 100,000 shares, outstanding 90,00o shares) Share capital-ordinary (R$1 par, authorized and issued 10 million shares) Share premium-ordinary Retained earnings R$ 4,500,000 10,000,000 20,500,000 R$134,000,000 Net income 33,000,000 167,000,000 R$202,000,000 Net income for 2022 reflects a total effective tax rate of 20%. Included in the net income figure is a loss of R$12,000,000 (before tax) as a result of discontinued operations. Preference dividends of R$270,000 were declared and paid in 2022. Dividends of R$1,000,000 were declared and paid to ordinary shareholders in 2022. Instructions Compute earnings per share data as it should appear on the income statement of Sosa SA.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Q A
Instructions
a. Prepare an income statement for 2022. Assume that 60,000 ordinary shares are outstanding.
b. Prepare a retained earnings statement for 2022.
E4.10 (LO 3) (Earnings per Share) The equity section of Sosa SA appears below as of December 31, 2022.
Share capital-preference (6% preference shares, R$50 par value, authorized 100,000 shares, outstanding 90,00o shares)
Share capital-ordinary (R$1 par, authorized and issued 10 million shares)
R$ 4,500,000
10,000,000
Share premium-ordinary
20,500,000
Retained earnings
R$134,000,000
Net income
33,000,000
167,000,000
R$202,000,000
Net income for 2022 reflects a total effective tax rate of 20%. Included in the net income figure is a loss of R$12,000,000 (before tax) as a result of
discontinued operations. Preference dividends of R$270,000 were declared and paid in 2022. Dividends of R$1,000,000 were declared and paid to ordinary
shareholders in 2022.
Instructions
share data as
should appear on the income statement of Sosa SA.
ear
E4.11 (LO 2, 3) (Condensed Income Statement-Periodic Inventory Method) Presented below are selected ledger accounts of Woods Corporation at
December 31, 2022.
S 185,000 Salaries and wages expense (sales)
535,000 Salaries and wages expense (office)
Cash
$284,000
Inventory (beginning)
346,000
4-32
1:11 AM
80%
26°C
06-Sep 21
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