On December 31, 2023, Dow Steel Corporation had 710,000 shares of common stock and 41,000 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 $510,000 and $80,000 to commonand preferred shareholders, respectively, on December 15, 2024.• On February 28, 2024, Dow sold 63,000 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 $2,650,000. 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 (i.e.,10,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places.Numerator + Denominator=Earnings per share

EPS is often used in conjunction with other financial metrics and ratios to provide a more…

Answered: On December 31, 2023, Dow Steel…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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On December 31, 2020, Dow Steel Corporation had 710,000 shares of common stock and 41,000 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 $510,000 and $80,000 to common and preferred shareholders, respectively, on December 15, 2021. On February 28, 2021, Dow sold 63,000 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, 2021, was $2,650,000. 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
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, 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…
Rahul bhaliya
On January 1, 2019, ABC Corporation had 125,000 shares of its $2 par value ordinary shares outstanding. On March 1, ABC sold an additional 250,000 shares on the open market at $20 per share. ABC issued a 20% share dividend on May 1. On August 1, ABC purchased 140,000 shares and immediately retired the shares. On November 1, 200,000 shares were sold for $25 per share. What is the weighted-average number of shares outstanding for 2019?
On December 31, 2023, Berclair Incorporated had 600 million shares of common stock and 17 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. • On March 1, 2024, Berclair purchased 120 million shares of its common stock as treasury stock. Berclair issued a 6% common stock dividend on July 1, 2024. • Four million treasury shares were sold on October 1. • Net income for the year ended December 31, 2024, was $850 million. • Also outstanding at December 31 were 72 million incentive stock options granted to key executives on September 13, 2019. • The options were exercisable as of September 13, 2023, for 72 million common shares at an exercise price of $60 per share. . During 2024, the market price of the common shares averaged $90 per share. The options were exercised on September 1, 2024. Required: Compute Berclair's basic and diluted earings per share for the year ended December 31, 2024. (Shares for stock options and conversion of convertible…
On December 31, 2023, Berclair Incorporated had 600 million shares of common stock and 17 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. • . On March 1, 2024, Berclair purchased 120 million shares of its common stock as treasury stock. Berclair issued a 6% common stock dividend on July 1, 2024. • Four million treasury shares were sold on October 1. • Net income for the year ended December 31, 2024, was $850 million. Also outstanding at December 31 were 72 million incentive stock options granted to key executives on September 13, 2019. The options were exercisable as of September 13, 2023, for 72 million common shares at an exercise price of $60 per share. During 2024, the market price of the common shares averaged $90 per share. The options were exercised on September 1, 2024. Required: Compute Berclair's basic and diluted earnings per share for the year ended December 31, 2024. (Shares for stock options and conversion of convertible securities…
4. On December 31, 2021, AVS Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $100 par, cumulative (non-convertible) preferred stock outstanding. On February 28, 2022, AVS purchased 24,000 shares of common stock on the open market as treasury stock paying $45 per share. AVS sold 6,000 of the treasury shares on September 30, 2022, for $47 per share. Net income for 2022 was $540,000 and the income tax rate is 40%. Five thousand 6% bonds were issued at par on January 1, 2022. Each $1,000 bond is convertible into 125 shares of common stock. None of the bonds had been converted by December 31, 2022. 1) Compute basic earnings per share (rounded to 2 decimal places) for AVS Company for 2022. Show your computations. 2) Compute diluted earnings per share (rounded to 2 decimal places) for AVS Company for 2022. Show your computations
On December 31, 2020, Dow Steel Corporation had 610,000 shares of common stock and 31,000 shares of 9%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 4% common stock dividend on May 15 and paid cash dividends of $410,000 and $70,000 to common and preferred shareholders, respectively, on December 15, 2021. On February 28, 2021, Dow sold 63,000 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 $2,150,000. 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 > Answer is complete but not entirely correct. Denominator 2,080 / Earnings per share 3.01 X 6,920 X = $
FMC Corp has 100 million shares of $1 par common stock authorized. The transactions below caused changes in FMC's outstanding shares. January 4, 2021: Repurchased and retired 1.90 million shares at $8.90 per share. June 25, 2021: Repurchased and retired 2.90 million shares at $2.90 per share. Prior to the transactions, FMC's shareholders' equity included the following: Common stock, 80.90 million shares at $1 par $ 80,900,000 Paid-in capital—excess of par 234,610,000 Retained earnings 129,000,000 Required:Prepare the journal entries to record the repurchase and retirement of the shares. (Do not round your per share amounts. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)
On January 1, 2022, NYC Co. had 1,191,000 shares of its $12 par value common stock outstanding. On March 1, NYC Co. sold an additional 2,382,000 shares for $48 per share. The company issued a 15% stock dividend on May 1. On August 1, NYC Co. repurchased 715,000 shares of its stock. On November 1, 1,072,500 shares were sold for $50 per share. What is the weighted- average number of shares outstanding for 2022? (NIE) 4,129,067 3,175,733 3,533,233 3,771,567
on January 1, 2021 Tonge Industries had outstanding 540,000 common shares ($1 par) that originalky sold for $30 per share, 3,000 shares of 10%

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