The shareholders’ equity section of Bridgeport Corporation as at December 31, 2020, follows: 8% cumulative preferred shares, 100,000 shares authorized, 85,000 shares outstanding $4,500,000 Common shares, 10 million shares authorized and issued 10,000,000 Contributed surplus 10,000,000 24,500,000 Retained earnings 173,000,000 $197,500,000 Net income of $26 million for 2020 reflects a total effective tax rate of 27%. Included in the net income figure is a loss of $16 million (before tax) relating to the operations of a business segment that is to be discontinued. Calculate earnings per share information as it should appear in the financial statements of Bridgeport Corporation for the year ended December 31, 2020. (Round answers to 2 decimal places, e.g. 52.75.) Earnings per share Continuing Operations $enter a dollar amount rounded to 2 decimal places Discontinued Operations enter a dollar amount rounded to 2 decimal places Net Income / (Loss) $enter a total amount
The shareholders’ equity section of Bridgeport Corporation as at December 31, 2020, follows: 8% cumulative preferred shares, 100,000 shares authorized, 85,000 shares outstanding $4,500,000 Common shares, 10 million shares authorized and issued 10,000,000 Contributed surplus 10,000,000 24,500,000 Retained earnings 173,000,000 $197,500,000 Net income of $26 million for 2020 reflects a total effective tax rate of 27%. Included in the net income figure is a loss of $16 million (before tax) relating to the operations of a business segment that is to be discontinued. Calculate earnings per share information as it should appear in the financial statements of Bridgeport Corporation for the year ended December 31, 2020. (Round answers to 2 decimal places, e.g. 52.75.) Earnings per share Continuing Operations $enter a dollar amount rounded to 2 decimal places Discontinued Operations enter a dollar amount rounded to 2 decimal places Net Income / (Loss) $enter a total amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The shareholders’ equity section of Bridgeport Corporation as at December 31, 2020, follows:
| 8% cumulative |
$4,500,000 | |
| Common shares, 10 million shares authorized and issued | 10,000,000 | |
| Contributed surplus | 10,000,000 | |
| 24,500,000 | ||
| 173,000,000 | ||
| $197,500,000 |
Net income of $26 million for 2020 reflects a total effective tax rate of 27%. Included in the net income figure is a loss of $16 million (before tax) relating to the operations of a business segment that is to be discontinued.
Calculate earnings per share information as it should appear in the financial statements of Bridgeport Corporation for the year ended December 31, 2020. (Round answers to 2 decimal places, e.g. 52.75.)
| Earnings per share | ||
|---|---|---|
|
Continuing Operations
|
$enter a dollar amount rounded to 2 decimal places | |
|
Discontinued Operations
|
enter a dollar amount rounded to 2 decimal places | |
|
Net Income / (Loss)
|
$enter a total amount |
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