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Long-term debt Notes payable, 11% 8% convertible bonds payable 11% bonds payable Total long-term debt Shareholders' equity Preferred stock, 6% cumulative, $50 par value, 108,000 shares authorized, 27,000 shares issued and outstanding Common stock, $1 par, 10,200,000 shares authorized, 1,020,000 shares issued and outstanding Additional paid-in capital Retained earnings Total shareholders' equity The following transactions have also occurred at Cheyenne. $980,000 4,910,000 5,910,000 $11,800,000 $1,350,000 1,020,000 3,970,000 6,050,000 $12,390,000 1 Options were granted on July 1, 2019, to purchase 180,000 shares at $15 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. 2 Each bond was issued at face value. The 8% 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 1,020,000 shares of common stock were outstanding for the entire 2020 fiscal year. 6. Net income for fiscal year 2020 was $1,480,000, and the average income tax rate is 20%. For the fiscal year ended June 30, 2020, calculate the following for Cheyenne Pharmaceutical Industries. (Round answers to 2 decimal places, e.g. $2.45.) (a) Basic earnings per share. Basic earnings per share $ 1.37 (b) Diluted earnings per share. Diluted earnings per share $

Long-term debt Notes payable, 11% 8% convertible bonds payable 11% bonds payable Total long-term debt Shareholders' equity Preferred stock, 6% cumulative, $50 par value, 108,000 shares authorized, 27,000 shares issued and outstanding Common stock, $1 par, 10,200,000 shares authorized, 1,020,000 shares issued and outstanding Additional paid-in capital Retained earnings Total shareholders' equity The following transactions have also occurred at Cheyenne. $980,000 4,910,000 5,910,000 $11,800,000 $1,350,000 1,020,000 3,970,000 6,050,000 $12,390,000 1 Options were granted on July 1, 2019, to purchase 180,000 shares at $15 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. 2 Each bond was issued at face value. The 8% 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 1,020,000 shares of common stock were outstanding for the entire 2020 fiscal year. 6. Net income for fiscal year 2020 was $1,480,000, and the average income tax rate is 20%. For the fiscal year ended June 30, 2020, calculate the following for Cheyenne Pharmaceutical Industries. (Round answers to 2 decimal places, e.g. $2.45.) (a) Basic earnings per share. Basic earnings per share $ 1.37 (b) Diluted earnings per share. Diluted earnings per share $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Long-term debt Notes payable, 11% 8% convertible bonds payable 11% bonds payable Total long-term debt Shareholders' equity Preferred stock, 6% cumulative, $50 par value, 108,000 shares authorized, 27,000 shares issued and outstanding Common stock, $1 par, 10,200,000 shares authorized, 1,020,000 shares issued and outstanding Additional paid-in capital Retained earnings Total shareholders' equity The following transactions have also occurred at Cheyenne. $980,000 4,910,000 5,910,000 $11,800,000 $1,350,000 1,020,000 3,970,000 6,050,000 $12,390,000 1. Options were granted on July 1, 2019, to purchase 180,000 shares at $15 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. 2. Each bond was issued at face value. The 8% 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 1,020,000 shares of common stock were outstanding for the entire 2020 fiscal year. 6. Net income for fiscal year 2020 was $1,480,000, and the average income tax rate is 20%. For the fiscal year ended June 30, 2020, calculate the following for Cheyenne Pharmaceutical Industries. (Round answers to 2 decimal places, e.g. $2.45.) (a) Basic earnings per share. Basic earnings per share $ 1.37 (b) Diluted earnings per share. Diluted earnings per share 69
Transcribed Image Text:Long-term debt Notes payable, 11% 8% convertible bonds payable 11% bonds payable Total long-term debt Shareholders' equity Preferred stock, 6% cumulative, $50 par value, 108,000 shares authorized, 27,000 shares issued and outstanding Common stock, $1 par, 10,200,000 shares authorized, 1,020,000 shares issued and outstanding Additional paid-in capital Retained earnings Total shareholders' equity The following transactions have also occurred at Cheyenne. $980,000 4,910,000 5,910,000 $11,800,000 $1,350,000 1,020,000 3,970,000 6,050,000 $12,390,000 1. Options were granted on July 1, 2019, to purchase 180,000 shares at $15 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. 2. Each bond was issued at face value. The 8% 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 1,020,000 shares of common stock were outstanding for the entire 2020 fiscal year. 6. Net income for fiscal year 2020 was $1,480,000, and the average income tax rate is 20%. For the fiscal year ended June 30, 2020, calculate the following for Cheyenne Pharmaceutical Industries. (Round answers to 2 decimal places, e.g. $2.45.) (a) Basic earnings per share. Basic earnings per share $ 1.37 (b) Diluted earnings per share. Diluted earnings per share 69
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