Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of $100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: For 2011, Ponce Towers, Inc., had income from continuing operations of $545,000 and a $72,000 loss from discontinued operations (net of tax). As vice president of finance for the firm, you have been asked to calculate earnings per share for 2011. The worksheet EPS has been provided to assist you.

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Answer 1

Textbook Question

Chapter 13, Problem 1R

Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of $100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows:

Chapter 13, Problem 1R, Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8%

For 2011, Ponce Towers, Inc., had income from continuing operations of $545,000 and a $72,000 loss from discontinued operations (net of tax).

As vice president of finance for the firm, you have been asked to calculate earnings per share for 2011. The worksheet EPS has been provided to assist you.

Expert Solution & Answer

To determine

Compute the earnings per share for 2011.

Explanation of Solution

Compute the earnings per share for 2011.

Excel Applications for Accounting Principles, Chapter 13, Problem 1R , additional homework tip 1

Table (1)

The formulae used for the above table are as follows:

Excel Applications for Accounting Principles, Chapter 13, Problem 1R , additional homework tip 2

Table (2)

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Answer 2

Textbook Question

Chapter 13, Problem 1R

Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of $100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows:

Chapter 13, Problem 1R, Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8%

For 2011, Ponce Towers, Inc., had income from continuing operations of $545,000 and a $72,000 loss from discontinued operations (net of tax).

As vice president of finance for the firm, you have been asked to calculate earnings per share for 2011. The worksheet EPS has been provided to assist you.

Expert Solution & Answer

To determine

Compute the earnings per share for 2011.

Explanation of Solution

Compute the earnings per share for 2011.

Excel Applications for Accounting Principles, Chapter 13, Problem 1R , additional homework tip 1

Table (1)

The formulae used for the above table are as follows:

Excel Applications for Accounting Principles, Chapter 13, Problem 1R , additional homework tip 2

Table (2)

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Answer 3

Textbook Question

Chapter 13, Problem 1R

Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of $100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows:

Chapter 13, Problem 1R, Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8%

For 2011, Ponce Towers, Inc., had income from continuing operations of $545,000 and a $72,000 loss from discontinued operations (net of tax).

As vice president of finance for the firm, you have been asked to calculate earnings per share for 2011. The worksheet EPS has been provided to assist you.

Expert Solution & Answer

To determine

Compute the earnings per share for 2011.

Explanation of Solution

Compute the earnings per share for 2011.

Excel Applications for Accounting Principles, Chapter 13, Problem 1R , additional homework tip 1

Table (1)

The formulae used for the above table are as follows:

Excel Applications for Accounting Principles, Chapter 13, Problem 1R , additional homework tip 2

Table (2)

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Answer 4

Textbook Question

Chapter 13, Problem 1R

Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of $100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows:

Chapter 13, Problem 1R, Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8%

For 2011, Ponce Towers, Inc., had income from continuing operations of $545,000 and a $72,000 loss from discontinued operations (net of tax).

As vice president of finance for the firm, you have been asked to calculate earnings per share for 2011. The worksheet EPS has been provided to assist you.

Expert Solution & Answer

To determine

Compute the earnings per share for 2011.

Explanation of Solution

Compute the earnings per share for 2011.

Excel Applications for Accounting Principles, Chapter 13, Problem 1R , additional homework tip 1

Table (1)

The formulae used for the above table are as follows:

Excel Applications for Accounting Principles, Chapter 13, Problem 1R , additional homework tip 2

Table (2)

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Compute the earnings per share for 2011.

Explanation of Solution

Compute the earnings per share for 2011.

Excel Applications for Accounting Principles, Chapter 13, Problem 1R , additional homework tip 1

Table (1)

The formulae used for the above table are as follows:

Excel Applications for Accounting Principles, Chapter 13, Problem 1R , additional homework tip 2

Table (2)

Answer 8

Expert Solution & Answer

To determine

Compute the earnings per share for 2011.

Explanation of Solution

Compute the earnings per share for 2011.

Excel Applications for Accounting Principles, Chapter 13, Problem 1R , additional homework tip 1

Table (1)

The formulae used for the above table are as follows:

Excel Applications for Accounting Principles, Chapter 13, Problem 1R , additional homework tip 2

Table (2)

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Compute the earnings per share for 2011.

Answer 12

Explanation of Solution

Compute the earnings per share for 2011.

Excel Applications for Accounting Principles, Chapter 13, Problem 1R , additional homework tip 1

Table (1)

The formulae used for the above table are as follows:

Excel Applications for Accounting Principles, Chapter 13, Problem 1R , additional homework tip 2

Table (2)

Answer 13

Ch. 13 - Ponce Towers, Inc., had 50,000 shares of common...Ch. 13 - Ponce Towers, Inc., had 50,000 shares of common...Ch. 13 - During 2012, Ponce Towers issued 30,000 additional...Ch. 13 - Prob. 4R

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