On December 31, 2020, Dow Steel Corporation had 600,000 shares of common stock and 300,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 4% common stock dividend on May 15 and paid cash dividends of $400,000 and $75,000 to common and preferred shareholders, respectively, on December 15, 2021. On February 28, 2021, Dow sold 60,000 common shares. In keeping with its long-term share repurchase plan, 2,000 shares were retired on July 1. Dow's net income for the year ended December 31, 2021, was $2,100,000. The income tax rate is 25%. Required: Compute Dow's earnings per share for the year ended December 31, 2021. (Do not round Intermediate calculations. Enter your answers in thousands. Round "Earnings per share" answer to 2 decimal places.) Numerator Denominator Earnings per share %3D

On December 31, 2020, Dow Steel Corporation had 600,000 shares of common stock and 300,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 4% common stock dividend on May 15 and paid cash dividends of $400,000 and $75,000 to common and preferred shareholders, respectively, on December 15, 2021. On February 28, 2021, Dow sold 60,000 common shares. In keeping with its long-term share repurchase plan, 2,000 shares were retired on July 1. Dow's net income for the year ended December 31, 2021, was $2,100,000. The income tax rate is 25%. Required: Compute Dow's earnings per share for the year ended December 31, 2021. (Do not round Intermediate calculations. Enter your answers in thousands. Round "Earnings per share" answer to 2 decimal places.) Numerator Denominator Earnings per share %3D

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On December 31, 2023, Dow Steel Corporation had 640,000 shares of common stock and 304,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding. • Dow issued a 4% common stock dividend on May 15 and paid cash dividends of $440,000 and $73,000 to common and preferred shareholders, respectively, on December 15, 2024. • On February 28, 2024, Dow sold 57,000 common shares. • In keeping with its long-term share repurchase plan, 6,000 shares were retired on July 1. Dow's net income for the year ended December 31, 2024, was $2,300,000. • The income tax rate is 25%. Also, as a part of a 2023 agreement for the acquisition of Merrill Cable Company, another 27,000 shares (already adjusted for the stock dividend) are to be issued to former Merrill shareholders on December 31, 2025, if Merrill's 2025 net income is at least $540,000. ● In 2024, Merrill's net income was $670,000. As part of an incentive compensation plan, Dow granted incentive stock options to division…
On December 31, 2020, Berclair Inc. had 420 million shares of common stock and 7 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2021, Berclair purchased 36 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2021. Six million treasury shares were sold on October 1. Net income for the year ended December 31, 2021, was $700 million. Required: Compute Berclair's earnings per share for the year ended December 31, 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Numerator, Denominator Earnings per Share
On December 31, 2020, Dow Steel Corporation had 750,000 shares of common stock and 45,000 shares of 7%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 4% common stock dividend on May 15 and paid cash dividends of $550,000 and $84,000 to common and preferred shareholders, respectively, on December 15, 2021.On February 28, 2021, Dow sold 60,000 common shares. In keeping with its long-term share repurchase plan, 2,000 shares were retired on July 1. Dow's net income for the year ended December 31, 2021, was $2,850,000. The income tax rate is 25%.Required:Compute Dow's earnings per share for the year ended December 31, 2021.
Marigold, Inc. has 10500 shares of 4%, $100 par value, noncumulative preferred stock and 105000 shares of $1 par value common stock outstanding at December 31, 2019, and December 31, 2020. The board of directors declared and paid a $49300 dividend in 2019. In 2020, $111000 of dividends are declared and paid, What are the dividends received by the preferred and common shareholders in 2020? Preferred Common $42000 $69000 $0 $111000 $79500 $31500 $55500 $55500 96 5 6 7 d
On December 31, 2023, Dow Steel Corporation had 650,000 shares of common stock and 305,000 shares of 9%, noncumulative, nonconvertible preferred stock issued and outstanding. ⚫ Dow issued a 5% common stock dividend on May 15 and paid cash dividends of $450,000 and $74,000 to common and preferred shareholders, respectively, on December 15, 2024. • On February 28, 2024, Dow sold 64,000 common shares. . In keeping with its long-term share repurchase plan, 7,000 shares were retired on July 1. ⚫ Dow's net income for the year ended December 31, 2024, was $2,350,000. • The income tax rate is 25%. • Also, as a part of a 2023 agreement for the acquisition of Merrill Cable Company, another 26,000 shares (already adjusted for the stock dividend) are to be issued to former Merrill shareholders on December 31, 2025, if Merrill's 2025 net income is at least $550,000. ■ In 2024, Merrill's net income was $680,000. • As part of an incentive compensation plan, Dow granted incentive stock options to…
On December 31, 2020, Dow Steel Corporation had 640,000 shares of common stock and 34,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 4% common stock dividend on May 15 and paid cash dividends of $440,000 and $73,000 to common and preferred shareholders, respectively, on December 15, 2021. On February 28, 2021, Dow sold 57,000 common shares. In keeping with its long-term share repurchase plan, 6, 000 shares were retired on July 1. Dow’s net income for the year ended December 31, 2021, was $2,300,000. The income tax rate is 25%. Required: Compute Dow’s earnings per share for the year ended December 31, 2021. (Do not round intermediate calculations. Enter your answers in thousands. Round “Earnings per share” answer to 2 decimal places.) Number / Denominator = Earnings per share ________ / _____________ = _______________
the pretax financial income (or loss) figures for metlock company are as follows 2022- 77000; 2023-(49000); 2024-(44000); 2025-125000; 2026-95000. pretax financial income (or loss) and taxable (loss) were the same for all years involved. Assumed a 20% tax rate for all years. Prepare the journal entries for the years 2022 and 2026 to record income tax expense and the effects of the net operating loss carry forwards. all income and losses related to normal operations (in recording the benefits of a loss carry forward assume that no valuation account is deemed necessary Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
On December 31, 2023, Dow Steel Corporation had 780,000 shares of common stock and 48,000 shares of 10%, noncumulative, nonconvertible preferred stock Issued and outstanding. • Dow Issued a 5% common stock dividend on May 15 and paid cash dividends of $580,000 and $87,000 to common and preferred shareholders, respectively, on December 15, 2024. • On February 28, 2024, Dow sold 68,000 common shares. • In keeping with its long-term share repurchase plan, 5,000 shares were retired on July 1. • Dow's net Income for the year ended December 31, 2024, was $3,000,000. The Income tax rate is 25%. Required: Compute Dow's earnings per share for the year ended December 31, 2024. Note: Do not round intermediate calculations. Except for per share amounts, enter your answers in thousands (1.e., 10,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places. Numerator Denominator Earnings per share
On December 31, 2020, Brisbane Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2021, Brisbane purchased 24,000 shares of common stock on the open market as treasury stock paying $40 per share. Brisbane sold 6,000 treasury shares on September 30, 2021, for $45 per share. Net income for 2021 was $180,905. Also outstanding during the year were fully vested incentive stock options giving key officers the option to buy 50,000 common shares at $40. The market price of the common shares averaged $50 during 2021. Compute Brisbane's basic and diluted earnings per share (rounded to 2 decimal places) for 2021.
On December 31, 2023, Dow Steel Corporation had 680,000 shares of common stock and 308,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding. • Dow issued a 4% common stock dividend on May 15 and paid cash dividends of $480,000 and $77,000 to common and preferred shareholders, respectively, on December 15, 2024. • On February 28, 2024, Dow sold 54,000 common shares. • In keeping with its long-term share repurchase plan, 4,000 shares were retired on July 1. • Dow's net income for the year ended December 31, 2024, was $2,500,000. • The income tax rate is 25%. • Also, as a part of a 2023 agreement for the acquisition of Merrill Cable Company, another 20,000 shares (already adjusted for the stock dividend) are to be issued to former Merrill shareholders on December 31, 2025, if Merrill's 2025 net income is at least $580,000. • In 2024, Merrill's net income was $710,000. • As part of an incentive compensation plan, Dow granted incentive stock options to…
On December 31, 2020, Berclair Inc. had 460 million shares of common stock and 9 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2021, Berclair purchased 48 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2021. Eight million treasury shares were sold on October 1. Net income for the year ended December 31, 2021, was $800 million. Required: Compute Berclair's earnings per share for the year ended December 31, 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
On December 31, 2020, Berclair Inc. had 340 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2021, Berclair purchased 24 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2021. Four million treasury shares were sold on October 1. Net income for the year ended December 31, 2021, was $400 million. The income tax rate is 25%. Also outstanding at December 31 were incentive stock options granted to key executives on September 13, 2016. The options are exercisable as of September 13, 2020, for 30 million common shares at an exercise price of $56 per share. During 2021, the market price of the common shares averaged $70 per share. In 2017, $50.0 million of 8% bonds, convertible into 6 million common shares, were issued at face value. Required: Compute Berclair's basic and diluted earnings per share for the year ended December 31, 2021. (Enter your…