Presenting EPS in Financial Statements Lee Corp. had 120,000 weighted-average common shares outstanding in 2020 and 3,000 weighted-average preferred shares outstanding in 2020. Lee Corp. reported net income of $225,000 in 2020 and declared and paid $30,000 and $6,000 of common stock and preferred stock dividends, respectively. Lee Corp. also reported a loss from discontinued operations of $12,000, after tax. Prepare the company's presentation of earnings per share on the income statement. Note: Indicate a loss with a negative sign. 2020

Presenting EPS in Financial Statements Lee Corp. had 120,000 weighted-average common shares outstanding in 2020 and 3,000 weighted-average preferred shares outstanding in 2020. Lee Corp. reported net income of $225,000 in 2020 and declared and paid $30,000 and $6,000 of common stock and preferred stock dividends, respectively. Lee Corp. also reported a loss from discontinued operations of $12,000, after tax. Prepare the company's presentation of earnings per share on the income statement. Note: Indicate a loss with a negative sign. 2020

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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Comparative Earnings per Share Lucas Company reports net income of $2,580 for the year ended December 31, 2019, its first year of operations. On January 4, 2019, Lucas issued 9,000 shares of common stock. On August 2, 2019, it issued an additional 4,200 shares of stock, resulting in 13,200 shares outstanding at year-end. During 2020, Lucas earned net income of $17,840. It issued 2,000 additional shares of stock on March 3, 2020, and declared and issued a 2-for-1 stock split on November 3, 2020, resulting in 30,400 shares outstanding at year-end. During 2021, Lucas earned net income of $29,184. The only common stock transaction during 2021 was a 20% stock dividend issued on July 2, 2021. If required, round your final answers to two decimal places. Required: 1. Compute the basic earnings per share that would be disclosed in the 2019 annual report. $ per share 2. Compute the 2019 and 2020 comparative basic earnings per share that would be disclosed in the 2020 annual report. 2020: $ per…
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Compute basic earnings per share for 2021 Compute the diluted earnings per share for 2021
he financial statements of Friendly Fashions include the following selected data (in millions): ($ in millions except share data) 2021 2020 Sales $ 9,343 $ 10,434 Net income $ 230 $ 748 Stockholders' equity $ 1,760 $ 2,240 Average Shares outstanding (in millions) 640 - Dividends per share $ 0.33 - Stock price $ 8.10 - Required:Calculate the following ratios for Friendly Fashions in 2021. (Enter your Dividend yield and Price-earning ratio values to 2 decimal places. Enter your answers in millions (i.e. 5,500,000 should be entered as 5.5).)
please answer this with must explanation , computation for each part and steps answer in text form
Assume TRI reported income from operations of $2,477,760 (inclusive of a loss from discontinued operations of $391,200) in 2021. It did not declare any common dividends during the year. However it did declare and pay preferred dividends of $600,000 on December 20, 2021. It began the year with 132,000 common shares outstanding and issued 720,000 common shares on April 1. On June 15 a 20% stock dividend was declared and distributed. On November 1, it repurchased 144,000 shares and cancelled them. Determine the company’s basic EPS from continuing operations for the year. Select one: a. $4.76. b. $2.90. c. $3.17. d. $2.84. e. $3.40.
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Bramble Corp. reported the following balances at December 31, 2021: common stock $408,000, paid-in Capital in Excess of Par- common stock $106,000, and retained earnings $242,000. During 2022, the following transactions affected stockholders' equity. 1. 2. 3. 4. Issued preferred stock with a par value of $128,500 for $209,000. Purchased treasury stock (common) for $36,500. Earned net income of $135,000. Declared and paid cash dividends of $52,500. Prepare the stockholders' equity section of Bramble Corp's December 31, 2022, balance sheet.