Information from the financial statements of Ames Fabricators, Incorporated included the following:Common sharesConvertible preferred shares (convertible into 88,000 shares of common)8% convertible bonds (convertible into 30,000 shares of common)BasicDilutedNumerator$ 632,000 +Ames's net income for the year ended December 31, 2024, is $860,000. The income tax rate is 25%. Ames paid dividends of $5 pershare on its preferred stock during 2024.DenominatorRequired:Compute basic and diluted earnings per share for the year ended December 31, 2024.Note: Do not round intermediate calculations. Enter your answers in thousands (i.e., 10,000 should be entered as 10).100,000 =$December 31Earnings per Share20246.320100,00033,600$ 1,000,0002023100,00033,600$ 1,000,000

Information from the financial statements of Ames Fabricators, Incorporated included the following: Common shares Convertible preferred shares (convertible into 88,000 shares of common) 8% convertible bonds (convertible into 30,000 shares of common) Basic Diluted Numerator ÷ Denominator $ 632,000 ÷ Ames's net income for the year ended December 31, 2024, is $860,000. The income tax rate is 25%. Ames paid dividends of $5 pe share on its preferred stock during 2024. 100,000 = Required: Compute basic and diluted earnings per share for the year ended December 31, 2024. Note: Do not round intermediate calculations. Enter your answers in thousands (i.e., 10,000 should be entered as 10). = 69 $ December 31 Earnings per Share 2024 6.32 0 100,000 33,600 $ 1,000,000 2023 100,000 33,600 $ 1,000,000

Information from the financial statements of Ames Fabricators, Incorporated included the following: Common shares Convertible preferred shares (convertible into 88,000 shares of common) 8% convertible bonds (convertible into 30,000 shares of common) Basic Diluted Numerator ÷ Denominator $ 632,000 ÷ Ames's net income for the year ended December 31, 2024, is $860,000. The income tax rate is 25%. Ames paid dividends of $5 pe share on its preferred stock during 2024. 100,000 = Required: Compute basic and diluted earnings per share for the year ended December 31, 2024. Note: Do not round intermediate calculations. Enter your answers in thousands (i.e., 10,000 should be entered as 10). = 69 $ December 31 Earnings per Share 2024 6.32 0 100,000 33,600 $ 1,000,000 2023 100,000 33,600 $ 1,000,000

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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