For the year ended 12/31/2013, Anonymous Corp. reported Net Income of $100,000, including $10,000 of Interest Expense on convertible debt. Anonymous had 10,000 common shares outstanding throughout 2013. Anonymous paid $4,000 of preferred dividends during 2013. Anonymous' convertible debt is convertible into 2,000 shares of common stock. Anonymous is a US company with a 35% Federal Statutory Tax Rate. What is Anonymous Corp.'s Diluted EPS for fiscal year 2013? $8.29 $8.83 $7.17 $7.46 $8.54

For the year ended 12/31/2013, Anonymous Corp. reported Net Income of $100,000, including $10,000 of Interest Expense on convertible debt. Anonymous had 10,000 common shares outstanding throughout 2013. Anonymous paid $4,000 of preferred dividends during 2013. Anonymous' convertible debt is convertible into 2,000 shares of common stock. Anonymous is a US company with a 35% Federal Statutory Tax Rate. What is Anonymous Corp.'s Diluted EPS for fiscal year 2013? $8.29 $8.83 $7.17 $7.46 $8.54

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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Calculating Basic and Diluted EPS. TJX, Inc., an apparel retailer, reported net income (amounts in thousands) of 568504 for Year 4. The weighted average of common shares outstanding during Year 4 was 490373 shares. TJX, Inc., subtracted interest expense net of tax saving on convertible debt of 362.1. If the convertible debt had been converted into common stock, it would have increased the weighted-average common shares outstanding by 17869 shares. TJX, Inc., has outstanding stock options that, if exercised, would increase the weighted average of common shares outstanding by 6734 shares. Compute the following metrics for Year 4: (a) Basic Earnings Per Share (BEPS) (b) Diluted Earnings Per Share (DEPS)
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(EPS with Convertible Bonds, Various Situations) In 2016, Chirac Enterprises issued, at par, 60 $1,000, 8% bonds, each convertible into 100 shares of common stock. Chirac had revenues of $17,500 and expenses other than interest and taxes of $8,400 for 2017. (Assume that the tax rate is 40%.) Throughout 2017, 2,000 shares of common stock were outstanding; none of the bonds was converted or redeemed.Instructions(a) Compute diluted earnings per share for 2017.(b) Assume the same facts as those assumed for part (a), except that the 60 bonds were issued on September 1, 2017 (rather than in 2016), and none have been converted or redeemed. Compute diluted earnings per share for 2017.(c) Assume the same facts as assumed for part (a), except that 20 of the 60 bonds were actually converted on July 1, 2017. Compute diluted earnings per share for 2017.
Options were granted on July 1, 2019, to purchase 220,000 shares at $14 per share. Although no options were exercised during fiscal year 2020, the average price per common share during fiscal year 2020 was $20 per share. 1. 2. Each bond was issued at face value. The 7% convertible bonds will convert into common stock at 50 shares per $1,000 bond. The bonds are exercisable after 5 years and were issued in fiscal year 2019. 3. The preferred stock was issued in 2019. 4. There are no preferred dividends in arrears; however, preferred dividends were not declared in fiscal year 2020. 5. The 990,000 shares of common stock were outstanding for the entire 2020 fiscal year. 6. Net income for fiscal year 2020 was $1,520,000, and the average income tax rate is 20%. For the fiscal year ended June 30, 2020, calculate the following for Ayayai Pharmaceutical Industries. (Round answers to 2 decimal places, e.g. $2.45.) (a) Basic earnings per share. Basic earnings per share $ (b) Diluted earnings per…
For the year just ended, ThruCast Corp. had pretax earnings from operations of $1.25 million. In addition, it received $110,000 in interest income from bonds it held in XrayTech and it received $65,000 in dividend income from its 8% common stock holding in Books-R-Us Corp. What is the total tax liability for ThruCast Corp. for the year? $299,114 $239,400 $292,425 $262,500
1. for of $770,000 from a yder ts) Finley Corporation had income before income taxes 2914 of $6,300,000. In addition, it suffered a pretax gain discontinued operation. The corporation's tax rate is 30%. Prepare a partial income statement for Finley Corporation beginning with income before income taxes. The corporation had 5,000,000 shares of common stock outstanding during 2014. 20
During the current year, High Corporation had 3 million shares of common stock outstanding. $5,000,000 of 6% convertible bonds were issued at face amount at the beginning of the year. High reported income before tax of $4 million and net income of $3 million for the year. The bonds are convertible into 625,000 shares of common. What is diluted EPS (rounded)? A. $0.89. B. $0.91. C. $1.00. D. $1.08
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On January 1, 2023, Blue Corp. had 182,000 common shares outstanding. On April 1, 2023, 18,200 common shares were issued and on September 1, 2023, Blue bought back 28,200 treasury shares. The market price of the common shares averaged $50 during 2023. The corporation's income tax rate is 40%. During 2023, there were 28,200 call options to buy common shares at $40 a share outstanding; and there were 18,200, $8, no par value, cumulative and convertible preferred shares outstanding. Each preferred share is convertible into three common shares. During 2022, the corporation had issued $2,020,000 of 9% convertible bonds at face value. Each $1,000 bond is convertible into 20 common shares. The corporation reported $729,000 net income for calendar 2023. Calculate diluted earnings per share for 2023. Complete the schedule below. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round earnings per share to 2 decimal places, e.g. 52.75.)…