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jeka57 [31]
2 years ago
12

During the current year, Comma Co. had outstanding: 25,000 shares of common stock, 8,000 shares of $20 par, 10% cumulative prefe

rred stock, and 3,000 bonds that are $1,000 par and 9% convertible. The bonds were originally issued at par, and each bond was convertible into 30 shares of common stock. During the year, net income was $200,000, no dividends were declared, and the tax rate was 30%. What amount was Comma's basic earnings per share for the current year
Business
1 answer:
irina [24]2 years ago
8 0

Answer:

The basic earnings per share for the present year is $7.36 per share

Explanation:

The basic earnings per share for the current year of Comma is computed as:

= (Net Income - preferred stock) / Outstanding shares

where

Net Income is $200,000

Preferred stock is computed as:

= Shares × 10% × Price × 10%

= 8,000 × 10% × $20

= 800 × $20

= $16,000

Outstanding shares - 25,000

Putting the values above:

= ($200,000 - $16,000) / 25,000

= $ 184,000 / 25,000 shares

= $7.36 per common share

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brand image

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2 years ago
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New Jersey Company owns 80% of the common stock of Newark, Inc. In 2012, New Jersey reported sales of $300,000, and Newark repor
alisha [4.7K]

Answer: $380,000

Explanation:

From the question, we are informed that New Jersey Company owns 80% of the common stock of Newark, Inc. In 2012, New Jersey reported sales of $300,000, and Newark reported sales of $100,000, including sales to New Jersey of $20,000.

Based on the above information, the amount of sales that should be reported in the consolidated income statement for 2012 will be:

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4 0
2 years ago
Environmental Designs issues 4,000 shares of its $1 par value common stock at $14 per share. (1) Record the issuance of the stoc
tigry1 [53]

Answer:

1.Dr  Cash       $56,000

 Cr Common stock                            $4,000

  Cr Paid-in capital in excess of par $52,000

2.

  Dr  Cash                                   $56,000

 Cr Common stock no par value                $56,000

Explanation:

The cash proceeds from the issue of common stock is $14*4000=$56,000

Consequently, the cash account is debited with $56,000 and corresponding credit entries would to common stock account with $4,000($1*4000) and paid-in capital in excess of par $52,000($14-$1)*4000))

However,when there is no par amount the $56,000 cash proceeds is debited to cash account and credited to common stock no par value account

4 0
2 years ago
Hannah Roberts owns and operates Hannah's Pool Service Company. On January 1, Hannah Roberts, Capital had a balance of $252,000.
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Answer:

              Hannah's Pool Service Company

                   Statement of Owner's Equity

              For the Year Ended December 31, 202x

Hannah Roberts, capital, January 1, 202x                    $252,000

Investments during the year                                            $32,000

<u>Net income                                                                        $73,200</u>

Subtotal                                                                           $357,200

<u>Withdrawals during the year                                           $52,400</u>

Hannah Roberts, capital, December 31, 202x             $304,800

3 0
2 years ago
The work breakdown structure can include specifications regarding size, color, weight, or performance parameters, such as speed,
dem82 [27]

Answer: the answer is false

Explanation: All the work contained within the work breakdown structure is to be identified, estimated, scheduled, and budgeted

Work breakdown team includes work to be executed by the project team to accomplish the project objectives and create the required deliverables,it also includes a visual tool for defining and tracking a project deliverable and all the small components needed to create it. breakdown structures should include about three levels of detail.

6 0
2 years ago
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