The shareholders' equity section of Monty Corporation as at December 31, 2020, follows: 10% cumulative preferred shares, 100,000 shares authorized, 68,000 shares outstanding $4,600,000 Common shares, 10 million shares authorized and issued 10,000,000 Contributed surplus 10,100,000 24,700,000 Retained earnings 176,000,000 $200,700,000 Net income of $20 million for 2020 reflects a total effective tax rate of 21%. 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 Monty Corporation for the year ended December 31, 2020. (Round answers to 2 decimal places, e.g. 52.75.) Earnings per share Continuing Operations $ Discontinued Operations Net Income / (Loss) $ %24

The shareholders' equity section of Monty Corporation as at December 31, 2020, follows: 10% cumulative preferred shares, 100,000 shares authorized, 68,000 shares outstanding $4,600,000 Common shares, 10 million shares authorized and issued 10,000,000 Contributed surplus 10,100,000 24,700,000 Retained earnings 176,000,000 $200,700,000 Net income of $20 million for 2020 reflects a total effective tax rate of 21%. 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 Monty Corporation for the year ended December 31, 2020. (Round answers to 2 decimal places, e.g. 52.75.) Earnings per share Continuing Operations $ Discontinued Operations Net Income / (Loss) $ %24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

The shareholders' equity section of Monty Corporation as at December 31, 2020, follows:
10% cumulative preferred shares, 100,000 shares authorized, 68,000 shares outstanding
$4,600,000
Common shares, 10 million shares authorized and issued
10,000,000
Contributed surplus
10,100,000
24,700,000
Retained earnings
176,000,000
$200,700,000
Net income of $20 million for 2020 reflects a total effective tax rate of 21%. 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 Monty Corporation for the year ended
December 31, 2020. (Round answers to 2 decimal places, eg. 52.75.)
Earnings per share
Continuing Operations
$
Discontinued Operations
Net Income / (Loss)
$

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