On January 1, 2023, Blue Corp. had 182,000 common shares outstanding. On April 1, 2023, 18,200 common shares were issued a on September 1, 2023, Blue bought back 28,200 treasury shares. The market price of the common shares averaged $50 during 201 The corporation's income tax rate is 40%. During 2023, there were 28,200 call options to buy common shares at $40 a share outstanding; and there were 18,200, $8, no par value, cumulative and convertible preferred shares outstanding. Each preferred share is convertible into three common shares. During 2022, the corporation had issued $2,020,000 of 9% convertible bonds at face value. Each $1,000 bond is convertible into 2 common shares. The corporation reported $729,000 net income for calendar 2023. Calculate diluted earnings per share for 2023. Complete the schedule below. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round earnings per share to 2 decimal places, e.g. 52.75.)

On January 1, 2023, Blue Corp. had 182,000 common shares outstanding. On April 1, 2023, 18,200 common shares were issued a on September 1, 2023, Blue bought back 28,200 treasury shares. The market price of the common shares averaged $50 during 201 The corporation's income tax rate is 40%. During 2023, there were 28,200 call options to buy common shares at $40 a share outstanding; and there were 18,200, $8, no par value, cumulative and convertible preferred shares outstanding. Each preferred share is convertible into three common shares. During 2022, the corporation had issued $2,020,000 of 9% convertible bonds at face value. Each $1,000 bond is convertible into 2 common shares. The corporation reported $729,000 net income for calendar 2023. Calculate diluted earnings per share for 2023. Complete the schedule below. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round earnings per share to 2 decimal places, e.g. 52.75.)

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 January 1, 2023, Concord Corp. had 212,000 common shares outstanding. On April 1, 2023, 21,200 common shares were issued and on September 1, 2023, Bernard bought back 31,200 treasury shares. The market price of the common shares averaged $50 during 2023. The corporation’s income tax rate is 40%.During 2023, there were 31,200 call options to buy common shares at $40 a share outstanding; and there were 21,200, $7, no par value, cumulative and convertible preferred shares outstanding. Each preferred share is convertible into three common shares.During 2022, the corporation had issued $1,950,000 of 9% convertible bonds at face value. Each $1,000 bond is convertible into 20 common shares.The corporation reported $810,000 net income for calendar 2023.Calculate diluted earnings per share for 2023. Complete the schedule below. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round earnings per share to 2 decimal places, e.g.…
On January 1, 2023, Monty Corp. had 206,000 common shares outstanding. On April 1, 2023, 20,600 common shares were issued and on September 1, 2023, Bernard bought back 30,600 treasury shares. The market price of the common shares averaged $50 during 2023. The corporation’s income tax rate is 40%.During 2023, there were 30,600 call options to buy common shares at $40 a share outstanding; and there were 20,600, $8, no par value, cumulative and convertible preferred shares outstanding. Each preferred share is convertible into three common shares.During 2022, the corporation had issued $1,910,000 of 7% convertible bonds at face value. Each $1,000 bond is convertible into 20 common shares.The corporation reported $780,000 net income for calendar 2023. Post answers in table below Security Net Income Adjustemt Adjusted Net Income Shares Adjustment Adjusted Shares EPS Comon Shares Options Preferred Shares Bonds
Blossom Corp. had $670,000 net income in 2025. On January 1, 2025, there were 180,000 shares of common stock outstanding. On April 1, 18,800 shares were issued and on September 1, Blossom bought 35,400 shares of treasury stock. There are 28,000 options to buy common stock at $40 a share outstanding. The market price of the common stock averaged $50 during 2025. The tax rate is 40%. In 2025, there were 44,000 shares of convertible preferred stock outstanding. The preferred is $100 par, pays an annual dividend of $3.50 per share, and is convertible into three shares of common stock. Blossom issued $1,800,000 of 8% convertible bonds at face value during 2024. Each $1,000 bond is convertible into 30 shares of common stock. Complete the schedule and compute diluted earnings per share for 2025. (Round EPS answers to 2 decimal places, e.g. 52.75 and other answers to O decimal places, e.g. 5241. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses…
Colson Corp. had $800,000 net income in 2025. On January 1, 2025, there were 200,000 shares of common stock outstanding. On April 1, 20,000 shares were issued and on September 1, Colson bought 30,000 shares of treasury stock. There are 30,000 options to buy common stock at $40 a share outstanding. The market price of the common stock averaged $50 during 2025. The tax rate is 40%. In 2025, there were 40,000 shares of convertible preferred stock outstanding. The preferred is $100 par, pays an annual dividend of $3.50 per share, and is convertible into three shares of common stock. Colson issued $2,000,000 of 8% convertible bonds at face value during 2024. Each $1,000 bond is convertible into 30 shares of common stock. Complete the schedule and compute diluted earnings per share for 2025. (Round EPS answers to 2 decimal places, e.g. 52.75 and other answers to O decimal places, e.g. 5241. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g.…
Q. Colson Corp. had $800,000 net income in 2018. On January 1, 2018 there were 200,000 shares of common stock outstanding. On April 1, 20,000 shares were issued and on September 1, Colson bought 30,000 shares of treasury stock. There are 30,000 options to buy common stock at $40 a share outstanding. The market price of the common stock averaged $50 during 2018. The tax rate is 40%. During 2018, there were 40,000 shares of convertible preferred stock outstanding. The preferred is $100 par, pays $3.50 a year dividend, and is convertible into three shares of common stock. Colson issued $2,000,000 of 8% convertible bonds at face value during 2017. Each $1,000 bond is convertible into 30 shares of common stock. Instructions: Compute diluted earnings per share for 2018. Complete the schedule and show all computations. Security Net Income Adjustment Adjusted Net income Shares Adjustment Adjustment Shares EPS
3. Cullumber Corp. had $730,000 net income in 2025. On January 1, 2025, there were 200,000 shares of common stock outstanding. On April 1, 23,400 shares were issued and on September 1, Cullumber bought 32,700 shares of treasury stock. There are 28,000 options to buy common stock at $40 a share outstanding. The market price of the common stock averaged $50 during 2025. The tax rate is 40%. In 2025, there were 44,000 shares of convertible preferred stock outstanding. The preferred is $100 par, pays an annual dividend of $3.50 per share, and is convertible into three shares of common stock. Cullumber issued $1,800,000 of 8% convertible bonds at face value during 2024. Each $1,000 bond is convertible into 30 shares of common stock. Instructions Compute diluted earnings per share for 2025. Complete the schedule and show all computations. Net Adjust- Security Incomement Adjusted Net Income Adjust- Adjusted Shares ment Shares EPS 4. MagTech Inc. requires funding to build a new factory and has…
Rizzo Co. has Net Income of $279,000 for 2024. Over the past two years, the company had outstanding 125,000 shares of common stock. During the year, the company paid dividends on preferred stock in the amount of $45,000. The company has outstanding all year 20,000 shares of cumulative preferred stock. Each share of preferred stock is convertible into 4 shares of common stock. The company's tax rate is 20 percent. What is the company's diluted earnings per share?
Rizzo Co. has Net Income of $279,000 for 2024. Over the past two years, the company had outstanding 125,000 shares of common stock. During the year, the company paid dividends on preferred stock in the amount of $45,000. The company has outstanding all year 20,000 shares of cumulative preferred stock. Each share of preferred stock is convertible into 4 shares of common stock. The company's tax rate is 20 percent. What is the company's basic earnings per share?
Monsters Inc. had $700,000 net income for the fiscal year ended on 12/31/2020. On 1/1 2020, there were 200,000 shares of common stock outstanding. On 4/1/2020, 20,000 shares were issued. On 9/1/2020, Monsters bought back 30,000 shares as treasury stock. The corporate tax rate is 40%. At the beginning of 2020 there are 30,000 options outstanding to buy common stock at the exercise price of $40 a share; these options were not exercised during 2020. The market price of the common stock averaged $50 during 2020. At the beginning of 2020, there were also 40,000 shares of convertible cumulative preferred stock outstanding. The preferred stock is $100 par per share, pays $3.50 dividend per share per year, and is convertible into three shares of common stock. None of these preferred shares were converted during 2020. Monsters issued $2,000,000 of 8% convertible bonds at par during 2019. Each bond of $1,000 is convertible into 30 shares of common stock. None of the bonds were converted or…
Please do not give image format
In 2022, Farmington Corporation had 2,000 outstanding stock options, where employees could purchase shares of common stock at a discounted rate of $25 per share. The common stock currently has a market value of $40 per share. Farmington has total net income for 2022 of $500,000, a tax rate of 20%, and 600,000 outstanding shares of stock (outstanding the entire year). a) What is earnings per share (EPS) b) What is dilutive earnings per share (DEP)
Larkspur Corporation earned $2,859,000 during 2020. The company had a weighted-average of 533,000 shares of common stock outstanding. The average market price of common stock was $31 per share during the year. The company also had 50,000 warrants outstanding, of which two warrants could be exercised to purchase one share of common stock for $29 in total.(a) Are the warrants dilutive?select an option (b) Compute basic earnings per share. (Round answer to 2 decimal places, e.g. 2.55.) Basic earnings per share $enter the basic earnings per share in dollar rounded to 2 decimal places (c) Compute diluted earnings per share. (Round answer to 2 decimal places, e.g. 2.55.) Diluted earnings per share $enter the diluted earnings per share in dollar rounded to 2 decimal places