n 2024, Skysong Enterprises issued, at par, 60 evenues of $18,800 and expenses other than 2025, 1,800 shares of common stock were ou
Q: Bernabe Company reported the following equity accounts in January 1, 2020: Share Capital, P20 par…
A: Formula: Share premium = Beginning share premium - Shares reacquired value
Q: Crane Company had 603000 shares of common stock outstanding on January 1, issued 904000 shares on…
A: Earnings per share :— It is calculated by dividing earnings available to common stockholders' by the…
Q: What is the balance of the share premium account immediately after the retirement of the shares?
A: Given information is: The equity accounts of UBAS Co. on December 31, 2019 were as follows:…
Q: LEE Company had the following amounts in the shareholders’ equity on January 1, 2020: Preference…
A: Accumulated Profits are part of net income that is not distributed to the equity shareholders at the…
Q: Ordinary Share Capital, P20 par. Share Premium. P8,000,000 2,400,000 1,275,000 Retained Earnings.…
A: when companies purchase its own share from the stock market it is called buy back. Buyback allows…
Q: Murphy Company reported the following shareholders' equity on January 1, 2020: Preference share…
A: Purchase of ordinary shares of treasury = No. of shares purchased x Purchase price per share = 5000…
Q: On January 1, 2022, Dumbledore Company issued 10,000 shares of its P10 par value shares with a…
A: Owner equity means the amount that belong to the owner of the business. Any profit will increase…
Q: Ared Company showed the following shareholders’ equity on January 1, 2020: Share capital 1,000,000…
A: A property dividend is a dividend in kind. In this kind of dividend instead of cash or shares, an…
Q: The JHONG Corporation had the following balances in its Shareholders’ Equity accounts as of December…
A: The treasury stock has debit balance in normal. It is recorded in balance sheet as deduction from…
Q: The Shareholders’ Equity of Purple Corporation showed the following: Ordinary Share capital, P 10…
A: Company means the form of business where management is separately from the owner and has perpetual…
Q: On January 1, 2021, PingPing Corp. acquired all the assets and liabilities of Willy Corp. by issuing…
A:
Q: Kelbrook limited provided the following information. 1.The issue share capital consists of 180000…
A: The statement in changes in stockholder's equity includes the common stock and retained earnings.
Q: The Shareholders’ Equity of Purple Corporation showed the following: Ordinary Share capital, P 10…
A: Solution : Cost per share issued = (P9,000,000 + P2,700,000) / 900000 = P13 per share Purchase price…
Q: At December 31, 2018, Western Corporation had 40,000 shares outstanding of $90 par value common…
A: Stock split means when one share of the company is being split into multiple shares.Stock split…
Q: Ared Company showed the following shareholders’ equity on January 1, 2020: Share capital 1,000,000…
A: Retained earnings is that amount of earnings that is accumulated and collected over the period of…
Q: Party Company reported total assets of P1,050,000 and total liabilities of P680,000 in its December…
A: Shareholders' equity is the capital for the company that is held in hands of the shareholders of the…
Q: basic earnings per share for preference shareholders
A: In respect of cumulative preference shares, dividend is accumulated until paid. Hence, the…
Q: Santol Inc. issued 200,000 shares of P5 par value at P10 per share. On January 1, 2021, the retained…
A: >Treasury Stocks are the shares that have been repurchased by the company from its stockholders…
Q: Santol Inc. issued 200,000 shares of P5 par value at P10 per share. On January 1, 2021, the retained…
A: Solution: Amount should be credited to share capital on issuance = Nos of shares issued * Par value…
Q: Pat Company reported the following information on December 31, 2020. Determine the legal capital:…
A: Legal Capital: When it comes to companies, legal capital is the amount of stock that is not legally…
Q: W16-6 EC Corporation has outstanding 3,000,000 shares of common stock of a par value of P10 each.…
A: Journal entry is a primary entry that records the financial transaction of the company. It shows the…
Q: On January 1, 2020, Arnold Inc. has the following account balances: · Share capital, P10…
A: Treasury shares are those shares which are repurchased or reacquired by the business from its…
Q: Current Assets $ 270,000 Investments $ 312,000 Share Capital - Ordinary (par Value $10) $ 300,000…
A: Dividends: This is the amount of cash distributed to stockholders by a company out its earnings,…
Q: The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following…
A: Journal Entry is the primary step to record the transactions in the books of accounts. The increase…
![In 2024, Skysong Enterprises issued, at par, 60 $1,000, 8% bonds, each convertible into 100 shares of common stock. Skysong had
revenues of $18,800 and expenses other than interest and taxes of $8,000 for 2025. (Assume that the tax rate is 20%.) Throughout
2025, 1,800 shares of common stock were outstanding; none of the bonds was converted or redeemed.
(a) Compute diluted earnings per share for 2025. (Round answer to 2 decimal places, e.g. 2.55.)
Earnings per share $
(b) Assume the same facts as those assumed for part (a), except that the 60 bonds were issued on September 1, 2025 (rather than in
2024), and none have been converted or redeemed. Compute diluted earnings per share for 2025. (Round answer to 2 decimal
places, e.g. 2.55.)
Earnings per share
$
(c) Assume the same facts as assumed for part (a), except that 20 of the 60 bonds were actually converted on July 1, 2025. Compute
diluted earnings per share for 2025. (Round answer to 2 decimal places, e.g. 2.55.)
Earnings per share $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fede6b2bb-17c0-4dd2-9f88-78338063c480%2F023b02ea-cbd1-4e02-b5b6-2ced2ca569c6%2F4cexoxv_processed.png&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- Frost Company has accumulated the following information relevant to its 2019 earningsper share. 1. Net income for 2019: 150,500. 2. Bonds payable: On January 1, 2019, the company had issued 10%, 200,000 bonds at 110. The premium is being amortized in the amount of 1,000 per year. Each 1,000 bond is currently convertible into 22 shares of common stock. To date, no bonds have been converted. 3. Bonds payable: On December 31, 2017, the company had issued 540,000 of 5.8% bonds at par. Each 1,000 bond is currently convertible into 11.6 shares of common stock. To date, no bonds have been converted. 4. Preferred stock: On July 3, 2018, the company had issued 3,800 shares of 7.5%, 100 par, preferred stock at 108 per share. Each share of preferred stock is currently convertible into 2.45 shares of common stock. To date, no preferred stock has been converted and no additional shares of preferred stock have been issued. The current dividends have been paid. 5. Common stock: At the beginning of 2019, 25,000 shares were outstanding. On August 3, 7,000 additional shares were issued. During September, a 20% stock dividend was declared and issued. On November 30, 2,000 shares were reacquired as treasury stock. 6. Compensatory share options: Options to acquire common stock at a price of 33 per share were outstanding during all of 2019. Currently, 4,000 shares may be acquired. To date, no options have been exercised. The unrecognized compens Frost Company has accumulated the following information relevant to its 2019 earnings ns is 5 per share. 7. Miscellaneous: Stock market prices on common stock averaged 41 per share during 2019, and the 2019 ending stock market price was 40 per share. The corporate income tax rate is 30%. Required: 1. Compute the basic earnings per share. Show supporting calculations. 2. Compute the diluted earnings per share. Show supporting calculations. 3. Indicate which earnings per share figure(s) Frost would report on its 2019 income statement.In 2024, Bramble Enterprises issued, at par, 60 $1,000, 9% bonds, each convertible into 100 shares of common stock. Bramble had revenues of $18,000 and expenses other than interest and taxes of $10,100 for 2025. (Assume that the tax rate is 20%.) Throughout 2025, 2,400 shares of common stock were outstanding; none of the bonds was converted or redeemed. (a) Compute diluted earnings per share for 2025. (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share $ (b) Assume the same facts as those assumed for part (a), except that the 60 bonds were issued on September 1, 2025 (rather than in 2024), and none have been converted or redeemed. Compute diluted earnings per share for 2025. (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share $ (c) Assume the same facts as assumed for part (a), except that 20 of the 60 bonds were actually converted on July 1, 2025. Compute diluted earnings per share for 2025. (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share…At the beginning of 2025, Riverbed Industries had 25,000 shares of common stock issued and outstanding and 500 of $1,000,6% bonds (issued at par), each convertible into 10 shares of common stock. During 2025, Riverbed had revenues of $146,000 and expenses other than interest and taxes of $96,000. Assume that the tax rate is 20%. None of the bonds was converted or redeemed. (a) Compute diluted earnings per share for 2025. (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share i $ D (b) Assume the same facts as those assumed for part (a), except that the 500 bonds were issued on September 1, 2025 (rather than in a prior year), and none have been converted or redeemed. Compute diluted earnings per share for 2025. (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share $ Earnings per share 1.33 (c) Assume the same facts as assumed for part (a), except that 100 of the 500 bonds were actually converted on July 1, 2025. Compute diluted earnings per share for 2025. (Round…
- In 2024, Vaughn Enterprises issued, at par, 60 $1,000, 8% bonds, each convertible into 100 shares of common stock. Vaughn had revenues of $18,700 and expenses other than interest and taxes of $8,300 for 2025. (Assume that the tax rate is 20%.) Throughout 2025, 2,000 shares of common stock were outstanding: none of the bonds was converted or redeemed. (a) Compute diluted earnings per share for 2025. (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share (b) Assume the same facts as those assumed for part (a), except that the 60 bonds were issued on September 1, 2025 (rather than in 2024), and none have been converted or redeemed. Compute diluted earnings per share for 2025. (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share 0.78 Earnings per share $ tA (c) Assume the same facts as assumed for part (a), except that 20 of the 60 bonds were actually converted on July 1, 2025. Compute diluted earnings per share for 2025. (Round answer to 2 decimal places, e.g.…At the beginning of 2025, Bridgeport Industries had 26,000 shares of common stock issued and outstanding and 500 of $1,000, 6% bonds (issued at par), each convertible into 10 shares of common stock. During 2025, Bridgeport had revenues of $152,000 and expenses other than interest and taxes of $111,000. Assume that the tax rate is 20%. None of the bonds was converted or redeemed. (a) Compute diluted earnings per share for 2025. (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share $ (b) Assume the same facts as those assumed for part (a), except that the 500 bonds were issued on September 1, 2025 (rather than in a prior year), and none have been converted or redeemed. Compute diluted earnings per share for 2025. (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share $ 1.06 Earnings per share $ 1.04 (c) Assume the same facts as assumed for part (a), except that 100 of the 500 bonds were actually converted on July 1, 2025. Compute diluted earnings per share for…At the beginning of 2025, Sheffield Industries had 24,000 shares of common stock issued and outstanding and 500 of $1,000,6% bonds (issued at par), each convertible into 10 shares of common stock. During 2025, Sheffield had revenues of $155,000 and expenses other than interest and taxes of $106,000. Assume that the tax rate is 20%. None of the bonds was converted or redeemed. (a) Compute diluted earnings per share for 2025. (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share (b) Assume the same facts as those assumed for part (a), except that the 500 bonds were issued on September 1, 2025 (rather than in a prior year), and none have been converted or redeemed. Compute diluted earnings per share for 2025. (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share $ 1.35 Earnings per share 0,97 (c) Assume the same facts as assumed for part (a), except that 100 of the 500 bonds were actually converted on July 1, 2025. Compute diluted earnings per share for 2025.…
- In 2019, 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 2020. (Assume that the tax rate is 20%.) Throughout 2020, 2,000 shares of common stock were outstanding; none of the bonds was converted or redeemed. Instructions a. Compute diluted earnings per share for 2020. b. Assume the same facts as those assumed for part (a), except that the 60 bonds were issued on September 1, 2020 (rather than in 2019), and none have been converted or redeemed. Compute diluted earnings per share for 2020. c. Assume the same facts as assumed for part (a), except that 20 of the 60 bonds were actually converted on July 1, 2020. Compute diluted earnings per share for 2020.On January 1, 2025, Sheridan Company issued 10-year, $1,920,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 14 shares of Sheridan common stock. Sheridan's net income in 2025 was $478,500, and its tax rate was 20%. The company had 110,000 shares of common stock outstanding throughout 2025. None of the bonds were converted in 2025. a. Compute diluted earnings per share for 2025. (Round answer to 2 decimal places, e.g. 2.55.) Diluted earnings per share $ b. Compute diluted earnings per share for 2025, assuming the same facts as above, except that $1,100,000 of 6% convertible preferred stock was issued instead of the bonds. Each $100 preferred share is convertible into 5 shares of Sheridan common stock. (Round answer to 2 decimal places, e.g. 2.55.) Diluted earnings per share $ tA 4.17 3.45On January 1, 2025, Nash Company issued 10-year, $1,810,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Nash common stock. Nash's net income in 2025 was $403,200, and its tax rate was 20%. The company had 96,000 shares of common stock outstanding throughout 2025. None of the bonds were converted in 2025. a. Compute diluted earnings per share for 2025. (Round answer to 2 decimal places, e.g. 2.55.) Diluted earnings per share $ b. Compute diluted earnings per share for 2025, assuming the same facts as above, except that $960,000 of 6% convertible preferred stock was issued instead of the bonds. Each $100 preferred share is convertible into 5 shares of Nash common stock. (Round answer to 2 decimal places, e.g. 2.55.) Diluted earnings per share
- On January 1, 2025, Novak Company issued 10-year, $2,150,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 16 shares of Novak common stock. Novak's net income in 2025 was $518,950, and its tax rate was 20%. The company had 97,000 shares of common stock outstanding throughout 2025. None of the bonds were converted in 2025. a. Compute diluted earnings per share for 2025. (Round answer to 2 decimal places, e.g. 2.55.) Diluted earnings per share $ b. Compute diluted earnings per share for 2025, assuming the same facts as above, except that $970,000 of 6% convertible preferred stock was issued instead of the bonds. Each $100 preferred share is convertible into 5 shares of Novak common stock. (Round answer to 2 decimal places, e.g. 2.55.) Diluted earnings per share $On January 1, 2025, Coronado Company issued 10-year, $1,840,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 16 shares of Coronado common stock. Coronado's net income in 2025 was $473,800, and its tax rate was 20%. The company had 103,000 shares of common stock outstanding throughout 2025. None of the bonds were converted in 2025. a. Compute diluted earnings per share for 2025. (Round answer to 2 decimal places, e.g. 2.55.) Diluted earnings per share b. Compute diluted earnings per share for 2025, assuming the same facts as above, except that $1,030,000 of 6% convertible preferred stock was issued instead of the bonds. Each $100 preferred share is convertible into 5 shares of Coronado common stock. (Round answer to 2 decimal places, e.g. 2.55.) Diluted earnings per share 4.24 $ 4.38On January 1, 2020, Windsor Company issued 10-year, $ 2,010,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Windsor common stock. Windsor’s net income in 2020 was $ 484,500, and its tax rate was 20%. The company had 95,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020.(a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, e.g. $2.55.) Diluted earnings per share $ enter diluted earnings per share rounded to 2 decimal places (b) Compute diluted earnings per share for 2020, assuming the same facts as above, except that $ 950,000 of 6% convertible preferred stock was issued instead of the bonds. Each $100 preferred share is convertible into 5 shares of Windsor common stock. (Round answer to 2 decimal places, e.g. $2.55.) Diluted earnings per share $ enter diluted earnings per share rounded to 2 decimal places
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)