Stanley's financial statements for the two years ended 12/31/2024 included the following: Dec 31, 2024 Dec 31, 2023 $100,000 $100,000 Common shares Convertible preferred shares (convertible into 32,000 shares of common) 8% convertible bonds (convertible into 30,000 shares of common) $12,000 $12,000 $1,000,000 $1,000,000 Stanley's net income for the year ended Dec 31, 2024 is $500,000. The income tax rate is 25%. Stanley paid dividends of $5 per share on its preferred stock during 2024. Required: Compute basic EPS for Dec 31, 2024.

Stanley's financial statements for the two years ended 12/31/2024 included the following: Dec 31, 2024 Dec 31, 2023 $100,000 $100,000 Common shares Convertible preferred shares (convertible into 32,000 shares of common) 8% convertible bonds (convertible into 30,000 shares of common) $12,000 $12,000 $1,000,000 $1,000,000 Stanley's net income for the year ended Dec 31, 2024 is $500,000. The income tax rate is 25%. Stanley paid dividends of $5 per share on its preferred stock during 2024. Required: Compute basic EPS for Dec 31, 2024.

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

Vishal
j
Rahul
Dinesh
Additional information for the year:1. Dividends declared and paid totaled $700.2. On January 1, 2020, convertible preferred stock that had originally been issued at par value was converted into 500 shares of common stock. The book value method was used to account for the conversion.3. Long-term nonmarketable investments that cost $1,600 were sold for $2,300.4. The long-term note payable was paid by issuing 250 shares of common stock at the beginning of the year.5. Equipment with a cost of $2,000 and a book value of $300 was sold for $100. The company uses one Accumulated Depreciation account for all depreciable assets.6. Equipment was purchased at a cost of $16,200.7. The 12% bonds payable were issued on August 31, 2020, at 97. They mature on August 31, 2025. The company uses the straight-line method to amortize the discount.8. Taxable income was less than pretax accounting income, resulting in a $696 increase in deferred taxes payable. Required: Prepare the complete statement of cash…
CH Sunland Corporation had the following information in its financial statements for the years ended 2025 and 2026: Cash dividends for the year 2026 $4700 Net income for the year 2026 97700 Market price of stock, 12/31/25 10 Market price of stock, 12/31/26 12 12 Common stockholders' equity, 12/31/25 1008000 Common stockholders' equity, 12/31/26 1192000 Outstanding shares, 12/31/26 100400 Preferred dividends for the year 2026 14000 What is the rate of return on common stock equity for Sunland Corporation for the year ended 12/31/2026? 7.6% O 6.6% 8.9% 07.0% eTextbook and Media W X SPM DELL 78°F Sunny
Centipede Ltd. reported $1,558,200 net income for the year ended December 31, 2023 and paid preferred dividends of $45,800 on December 31, 2023. The following changes in common shares outstanding occurred during the year: 1-Jan 1-Apr 1-Jul 1-Sep 1-Nov 213,000 common shares were outstanding Issued 50,000 common shares Declared and issued a 10% common share dividend Repurchased and retired 12,000 common shares Issued a 3:1 stock split Required: Show all of your calculations in this spreadsheet EPS Question 2.xlsx so that you may be awarded part marks. Save your URL below part b. a) What is the weighted average number of common shares (WACS) outstanding during 2023? (5 marks) Round WACS to nearest unit (no mal places). WACS = b) What is the company's earnings per share for the year ended December 31, 2023? (2 marks) Round EPS to 2 decimal places. PS = $ A/
Information from the financial statements of Ames Fabricators, Inc., included the following: December 31 Common shares Convertible preferred shares (convertible into 68,000 shares of common) 83 convertible bonds (convertible into 30,000 shares of common) Basic Diluted Numerator Ames's net income for the year ended December 31, 2021, is $740,000. The income tax rate is 25%. Ames paid dividends of $5 per share on its preferred stock during 2021. 1 2021 100,000 26,400 $1,000,000 Required: Compute basic and diluted earnings per share for the year ended December 31, 2021. (Enter your answers in thousands (For example, 100,000 should be entered as 100). Do not round intermediate calculations.) Denominator 2020 100,000 26,400 Earnings per Share $1,000,000
The information below pertains to Windsor Company for 2026. Net income for the year 7% convertible bonds issued at par ($1,000 per bond); each bond is convertible into 30 shares of common stock 6% convertible, cumulative preferred stock, $100 par value; each share is convertible into 3 shares of common stock Common stock, $10 par value Tax rate for 2026 Average market price of common stock 4 a. Compute basic earnings per share for 2026. (Round answer to 2 decimal places, e.g. 2.55.) Basic earnings per share $ b. Compute diluted earnings per share for 2026. (Round answer to 2 decimal places, e.g. 2.55.) Diluted earnings per share There were no changes during 2026 in the number of common shares, preferred shares, or convertible bonds outstanding. There is no treasury stock. The company also has common stock options (granted in a prior year) to purchase 71,800 shares of common stock at $20 per share. eTextbook and Media 1.65 $ $1,210,00 1,970,00 4,200,00 5,820,00 20% $25 per shar ▶
Information from the financial statemets of Henderson-Niles Industries included the following at December 31, 2021: 12 Comnon shares outstanding throughout the year Convertible preferred shares (convertible into 32 million shares of common) Convertible 8% bonds (convertible into 13.5 million shares of common) 100 million 60 million $900 million Henderson-Niles's net income for the year ended December 31, 2021, is $520 million. The income tax rate is 25%. Henderson-Niles paid dividends of $2 per share on its preferred stock during 2021. 01:54:48 Required: Compute basic and diluted earnings per share for the year ended December 31, 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Round "Earnings per share" answers to 2 decimal places.) Numerator Denominator Earnings per share Basic Diluted I ||| |
Java Company earned net income of $85,000 during the year ended December 31, 2024. On December 15, Java declared the annual cash dividend on its 4% preferred stock (par value, $120,000) and a $0.25 per share cash dividend on its common stock (50,000 shares). Java then paid the dividends on January 4, 2025. Read the requirements. Requirement 1. Journalize for Java the entry declaring the cash dividends on December 15, 2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date 2024 Dec. 15 Accounts and Explanation Debit Credit Requirements 1. Journalize for Java the entry declaring the cash dividends on December 15, 2024. 2. Journalize for Java the entry paying the cash dividends on January 4, 2025. X
On January 1, 2025, Nash Company issued 10-year, $1,810,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Nash common stock. Nash's net income in 2025 was $403,200, and its tax rate was 20%. The company had 96,000 shares of common stock outstanding throughout 2025. None of the bonds were converted in 2025. a. Compute diluted earnings per share for 2025. (Round answer to 2 decimal places, e.g. 2.55.) Diluted earnings per share $ b. Compute diluted earnings per share for 2025, assuming the same facts as above, except that $960,000 of 6% convertible preferred stock was issued instead of the bonds. Each $100 preferred share is convertible into 5 shares of Nash common stock. (Round answer to 2 decimal places, e.g. 2.55.) Diluted earnings per share