Lancaster Company had earnings net of tax but before extraordinary items of $500,000. They had an extraordinary loss net of tax of $200,000. Lancaster had a weighted average number of shares of 200,000 common shares. They also had 10,000 shares of convertible $100 par preferred stock, 6%, with one year's dividend in arrears, convertible into 20,000 shares of common stock. Their tax rate is 40%. Show in good format all earnings per share calculations necessary and income statement presentation.

Lancaster Company had earnings net of tax but before extraordinary items of $500,000. They had an extraordinary loss net of tax of $200,000. Lancaster had a weighted average number of shares of 200,000 common shares. They also had 10,000 shares of convertible $100 par preferred stock, 6%, with one year's dividend in arrears, convertible into 20,000 shares of common stock. Their tax rate is 40%. Show in good format all earnings per share calculations necessary and income statement presentation.

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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