On January 1, 2024, Jaewoo Industries had outstanding 780,000 common shares ($1 par) that originally sold for $30 per share, and9,000 shares of 10% cumulative preferred stock ($100 par), convertible into 90,000 common shares.⚫ On October 1, 2024, Jaewoo sold and issued an additional 16,000 shares of common stock at $34.⚫ At December 31, 2024, there were 28,000 incentive stock options outstanding, issued in 2023, and exercisable after one yearfor 28,000 shares of common stock at an exercise price of $30.⚫ The market price of the common stock at year-end was $48.• During the year, the price of the common shares had averaged $40.• Net income was $920,000. The tax rate for the year was 25%.Required:Compute basic and diluted EPS 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 shouldbe entered as 10). Round "Earnings per share" answer to 2 decimal places.BasicDilutedNumerator++Denominator= Earnings per share=

The objective of this question is to calculate the basic and diluted earnings per share (EPS) for…

Answered: On January 1, 2024, Jaewoo Industries…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On December 31, 2023, Berclair Incorporated had 500 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. • On March 1, 2024, Berclair purchased 24 million shares of its common stock as treasury stock. Berclair issued a 5% 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 $800 million. The income tax rate is 25%. . • Also outstanding at December 31 were incentive stock options granted to key executives on September 13, 2019. • The options are exercisable as of September 13, 2023, for 30 million common shares at an exercise price of $56 per share. . During 2024, the market price of the common shares averaged $70 per share. • In 2020, $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…
On December 31, 2023, Berclair Incorporated had 250 million shares of common stock and 10 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. • On March 1, 2024, Berclair purchased 90 million shares of its common stock as treasury stock. Berclair issued a 4% 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 $500 million. • Also outstanding at December 31 were 45 million incentive stock options granted to key executives on September 13, 2019. • The options were exercisable as of September 13, 2023, for 45 million common shares at an exercise price of $50 per share. • During 2024, the market price of the common shares averaged $75 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…
On September 6, 2020, the board of directors of Peterson Manufacturing voted to distribute $4,600,000 to the firm's stockholders.If the firm has issued 75,000 shares of 4% preferred stock with a par value of $10 and 1,870,000 shares of common stock outstanding, calculate the following. (Round all answers to the nearest cent.) 1. Dividend per share of preferred stock: $ 2. Dividend per share of common stock:
On December 31, 2023, Dow Steel Corporation had 730,000 shares of common stock and 43,000 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 $530,000 and $82,000 to common and preferred shareholders, respectively, on December 15, 2024. . On February 28, 2024, 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, 2024, was $2,750,000. 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
Im, Incorporated had 52,000 shares of common stock outstanding at January 1, 2024. On March 31, 2024, an additional 12,400 shares were sold for cash, Im also had $4,200,000 of 6% convertible bonds outstanding throughout the year. The bonds are convertible into 42,000 shares of common stock. Net income for the year was $353,000. The tax rate is 25%. Required: Compute basic and diluted earnings per share for the year ended December 31, 2024. Note: Round your answers to 2 decimal places. Basic Diluted $ $ 5.76 5.25
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Dulcinea Corporation had $1,000,000 of net income in 2022. On January 1, 2022, there were 225,000 shares of common stock outstanding. On April 1, there were 12,000 additional shares issued. On July 1, Dulcinea issued a 10% stock dividend and on September 1, Dulcinea bought 20,000 shares of treasury stock. The market price of the common stock averaged $30 during 2022. The tax rate is 30%. During 2022, there were 10,000 shares of cumulative, convertible preferred stock outstanding. The preferred is $100 par, pays $4 per share in dividends per year and each share of preferred stock is convertible into two shares of common stock. Dulcinea issued $5,000,000 of 5% convertible bonds at face value ten years earlier. All bonds remained outstanding throughout 2022. Each $1,000 bond is convertible into 10 shares of common stock. Required: Calculate the weighted average number of shares outstanding for 2022 to be used to calculate basic earnings per share. Compute basic…
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