Calculate basic EPS, and explain the EPS effect of convertible preferred Mamba Metals, Ltd.reported net income of $573,650 for its fiscal year ended January 31, 2023. At the beginning ofthat fiscal year, 100,000 shares of common stock were outstanding. On October 31, 2022, anadditional 30,000 shares were issued. No other changes in common shares outstanding occurredduring the year. Also during the year, the company paid the annual dividend on the 40,000 sharesof 6%, $50 par value preferred stock that were outstanding the entire year.Required:a.b.Calculate basic earnings per share of common stock for the year ended January 31, 2023.If Mamba Metals, Ltd.'s preferred stock were convertible into common stock, whatadditional calculation would be required?

Dividend is the portion of income shareholders get in return of their investment. Preference…

Answered: Required: a. b. Calculate basic…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Direction. Read and understand the case and answer the requirements. On December 31, 2020, Shipyard, Inc. reported the following stockholders' equity account: Common Stock, $10 par value Paid-in Capital in excess of par value, common stock Retained Earnings +In 2021, the following entries related to its equity are recorded. Date Accounts Jan. Feb Feb Mar Dec 17 Retained Earnings 2021 5 28 14 Common Dividend Payable Common Dividend Payable Cash Retained Earnings Common Stock Dividend Distributable Paid-in Capital in Excess of Par Value, Common Stock Common Stock Dividend Distributable Common Stock, $10 Par Value 31 Income Summary Retained Earnings The table shows the equity balances as of December 31, 2021. Paid-in capital in excess of par Beginning Balance Dividend declaration Stock Dividend Declaration Stock Dividend Distribution Net Income Common Stock 1,000,000 130,000 1,130,000 300,000 Common stock dividend distributable 300,000 120,000 120,000 Debit 100,000 100,000 250,000 120,000…
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Net sales Cost of goods sold Gross profit Expenses (including $11,700 interest and $29,700 income taxes) Net income Additional information: 1. METLOCK, INC. Income Statement For the Year Ended December 31, 2022 2. 3. $449,500 211,500 238,000 78,800 $ 159,200 Common stock outstanding January 1, 2022, was 22,400 shares, and 37,300 shares were outstanding at December 31, 2022. (Use a simple average for weighted-average.) The market price of Metlock stock was $13 on December 31, 2022. Cash dividends of $22,600 were declared and paid.
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Assume that the following quote for the Walt Disney Company, a NYSE stock, appeared on some particular date of 2019 on Yahoo! Finance ( https://finance.yahoo.com/quote/DIS?p=DIS&.tsrc=fin-srch): The Walt Disney Company (DIS) - NYSE 136.55 +2.76 (+2.06%) Prev Close: 133.79 Day's Range: 135.63 - 138.47 Open: 140.22 52wk Range: 104.50 - 143.83 Bid: 136.55 x 800 Volume: 23,891,567 Ask: 137.00 x 1800 Avg Vol (3m): 7,947,016 1y Target Est: 151.04 Market Cap: 247.284B Analyst Recommendation Buy P/E (ttm) 21.01 Next Earnings Date: Feb. 3-7, 2020 EPS (ttm): 6.50 Div & Yield: 1.52 (1.14%) Given this information, answer the following questions. At what price did the stock sell at the time of the quote? $ What is the stock's price/earnings ratio? What does that indicate? Round your answers to the nearest whole number. This means that investors are willing to pay more than $ for every $1 of earnings per share that the company generated…
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Required: a. b. Calculate basic earnings per share of common stock for the year ended January 31, 2023. If Mamba Metals, Ltd.'s preferred stock were convertible into common stock, what additional calculation would be required?