* Your answer is incorrect.Pharoah Corporation had 108,000 common shares outstanding on December 31, 2022. During 2023, the company issued 13,000shares on March 1, retired 6,400 shares on July 1, issued a 20% stock dividend on October 1, and issued 19,500 shares on December 1.For 2023, the company reported net income of $432,000 after a loss from discontinued operations of $46,000 (net of tax). Thecompany issued a 2-for-1 stock split on February 1, 2024, and the company's financial statements for the year ended December 31,2023, were issued on February 28, 2024.Calculate earnings per share for 2023 as it should be reported to shareholders. (Round answer to 2 decimal places, e.g. 15.75.)Income per share before discontinued operationsDiscontinued operations loss per share, net of taxNet income per shareEarnings per share3.41(0.33)3.08

Answer to Question: Calculation of Earning per share for…

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Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter13: Earnings Per Share (eps)

Section: Chapter Questions

Problem 2R: Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8%...

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Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.
Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, 100 par, nonconvertible preferred stock outstanding, on which the years dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of 17,000 had been paid during 2019. At the end of 2019, the market price per share of common stock was 17.50. Required: 1. Compute Mononas basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.
On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.
For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the beginning of the year, its retained earnings had a balance of 95,000. During the year, Vidalia paid 11,000 dividends to shareholders. Its contributed capital was 56,000 at the beginning of the year, and it did not issue any new stock during the year. Vidalias assets total 237,500 on December 31 of the current year. What are Vidalias total liabilities on December 31 of the current year?
Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: For 2011, Ponce Towers, Inc., had income from continuing operations of 545,000 and a 72,000 loss from discontinued operations (net of tax). As vice president of finance for the firm, you have been asked to calculate earnings per share for 2011. The worksheet EPS has been provided to assist you.
Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: For 2011, Ponce Towers, Inc., had income from continuing operations of 545,000 and a 72,000 loss from discontinued operations (net of tax). Open the file EPS from the website for this book at cengagebrain.com. Enter all input items (AF) in the appropriate cells in the Data Section. Enter all formulas in the appropriate cells in the Answer Section. Enter your name in cell A1. Save the completed file as EPS2. Print the worksheet when done. Also print your formulas. Check figure: Basic earnings per share from continuing operations (cell D29), 5.94.
Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Also, assume that the dividends paid to common stockholders for last year were 2,600,000 and that the market price per share of common stock is 51.50. Required: 1. Compute the dividends per share. 2. Compute the dividend yield. (Note: Round to two decimal places.) 3. Compute the dividend payout ratio. (Note: Round to two decimal places.)
Sandhill Corporation had 92,000 common shares outstanding on December 31, 2022. During 2023, the company issued 11,000 shares on March 1, retired 4,200 shares on July 1, issued a 20% stock dividend on October 1, and issued 16,500 shares on December 1. For 2023, the company reported net income of $368,000 after a loss from discontinued operations of $50,800 (net of tax). The company issued a 2-for-1 stock split on February 1, 2024, and the company's financial statements for the year ended December 31, 2023, were issued on February 28, 2024. Calculate earnings per share for 2023 as it should be reported to shareholders. (Round answer to 2 decimal places, e.g. 15.75.) Income per share before discontinued operations Discontinued operations loss per share, net of tax Net income per share LA LA $ Earnings per share
Your answer is partially correct. The 2025 income statement of Ivanhoe Corporation showed net income of $472,000 and a loss from discontinued operations of $120,000. Ivanhoe had 100,000 shares of common stock outstanding all year. Prepare Ivanhoe's income statement presentation of earnings per share. (Round answers to 2 decimal places, e.g. 3.55.) IVANHOE CORPORATION Income Statement For the Year Ended December 31, 2025 Earnings Per Share Net Income /(Loss) Discontinued Operations (Loss) Earnings Per Share V $ $ V 472000 120000 352000
Carla Vista Company had 190,800 shares of common stock outstanding on December 31, 2026. During the year 2027, the company issued 8,000 shares on May 1 and retired 14,000 shares on October 31. For the year 2027, Carla Vista Company reported net income of $274,100 after a loss from discontinued operations of $40,400 (net of tax). What earnings per share data should be reported at the bottom of its income statement? (Round answers to 2 decimal places, e.g. 2.55.) CARLA VISTA COMPANY Income Statement For the Year Ended December 31, 2027 $ LA
Blossom Inc., a publicly traded company, had 180,000 common shares outstanding on December 31, 2022. During 2023, the company issued 7,200 shares on May 1 and retired 12,000 shares on October 31. For 2023, the company reported net income of $228,500 after a loss from discontinued operations of $54,840 (net of tax). (a) Calculate the weighted average number of common shares. Weighted average number of common shares shares
Ace Company had 200,000 shares of common stock outstanding on December 31, 2021. During the year 2022, the company issued 8,000 shares on May 1 and retired 14,000 shares on October 31. For the year 2022, Ace Company reported net income of $249,690 after a loss from discontinued operations of $40,600 (net of tax). Instructions What earnings per share data should be reported at the bottom of its income statement?

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