Gallant Company reported net income of $2,500,000. The income
statement included a $200,000 loss on discontinued...
Gallant Company reported net income of $2,500,000. The income
statement included a $200,000 loss on discontinued operations,
after applicable income tax. There were 100,000 shares of $10 par
common stock and 40,000 shares of 4% preferred stock of $100 par
outstanding throughout the current year.
Required:
Prepare the earnings per share section of Gallant Company's
income statement. If required, round your answers to the nearest
cent.
Gallant Company
Income Statement
Earnings per common share:
$
Net income
$
Arquandt Company's net income last year was $550,000. The
company has 150,000 shares of common stock...
Arquandt Company's net income last year was $550,000. The
company has 150,000 shares of common stock and 50,000 shares of
preferred stock outstanding. There was no change in the number of
common or preferred shares outstanding during the year. The company
declared and paid dividends last year of $1.20 per share on the
common stock and $1.70 per share on the preferred stock. The
earnings per share of common stock are closest to:
a
$2.47.
b
$3.10.
c
$6.67.
d...
On July 31, a company declared a cash dividend of $0.25 per
common share to the...
On July 31, a company declared a cash dividend of $0.25 per
common share to the shareholders of record on August 15. The cash
dividend will be paid on August 25. This company has 500,000 shares
authorized and 100,000 shares outstanding. Prepare the journal
entries required on July 31, August 15 and August 25 (2.5
Marks). On July 31, a company declared a cash dividend of
$0.25 per common share to the shareholders of record on August 15.
The cash...
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Gallant Company reported net income of $2,500,000. The...
How do you set this up in Excel?
Gallant Company reported net income of $2,500,000. The income
statement included a $500,000 gain from condemnation of land and a
$200,000 loss on discontinued operations, both after applicable
income tax. There were 100,000 shares of $10 par common stock and
40,000 shares of 4% preferred stock of $100 par outstanding
throughout the current year.
Prepare the earnings per share section of Gallant
Company’s income statement.
Assume that income from continuing operations (net of tax) is
$50,000, what is the amount of...
Assume that income from continuing operations (net of tax) is
$50,000, what is the amount of Earnings Per Share reported for
discontinued operations?
Using the information below, determine the number indicated
above to be reported on the income statement, the statement of
comprehensive income, or the retained earnings statement for the
year ended Dec. 31, 2020
Assume a 30% tax rate on all items and that 100,000 shares of
common stock were outstanding during the year.
All amounts except for...
In 2020, Panther Corporation reported net income of $700,000. It
declared and paid preferred stock dividends...
In 2020, Panther Corporation reported net income of $700,000. It
declared and paid preferred stock dividends of $140,000 and common
stock dividends of $50,000. During 2020, Panther had a weighted
average of 200,000 common shares outstanding. Compute Panther's
2020 earnings per share. Select one: a. $3.25 b. $2.80 c. $3.50 d.
$2.55
A company earned net income of $1,500,000 in 2019 and had
150,000 shares of common stock...
A company earned net income of $1,500,000 in 2019 and had
150,000 shares of common stock outstanding on January 1, 2019. The
tax rate is 20% and the common stock sold at an average market
price of $24 per share during the period.
The company had the following transactions affecting common
shares outstanding during the year:
• Issued 50,000 shares of common stock on March 1, 2019
• Repurchased 5,000 shares of common stock on June 1, 2019
• Had...
Dividends for
Preferred and Common Stock
The Stockholders'
Equity category of Greenbaum Company's balance sheet as...
Dividends for
Preferred and Common Stock
The Stockholders'
Equity category of Greenbaum Company's balance sheet as of December
31, 2017, appeared as follows:
Preferred stock, $100 par, 9%
2,000 shares issued and outstanding
$200,000
Common stock, $10 par
40,000 shares issued and outstanding
400,000
Additional paid-in capital
500,000
Total contributed capital
$1,100,000
Retained earnings
900,000
Total stockholders' equity
$2,000,000
The notes to the
financial statements indicate that dividends were not declared or
paid for 2015 or 2016. Greenbaum...
At December 31, 2020, Marigold Corporation had the following
shares outstanding:
9% cumulative preferred shares, 103,900...
At December 31, 2020, Marigold Corporation had the following
shares outstanding:
9% cumulative preferred shares, 103,900 shares outstanding
$10,390,000
Common shares, 4,200,000 shares outstanding
21,000,000
During 2020, the corporation’s only share transaction was the
issuance of 390,000 common shares on April 1. During 2020, the
following also occurred:
Income from continuing operations before tax
$22,620,000
Discontinued operations (loss before tax)
3,163,000
Preferred dividends declared
935,100
Common dividends declared
2,110,000
Effective tax rate
38%
Calculate earnings per share information as it...
At December 31, 2019, Windsor Corporation had the following
stock outstanding.
10% cumulative preferred stock, $100...
At December 31, 2019, Windsor Corporation had the following
stock outstanding.
10% cumulative preferred stock, $100 par, 109,132 shares
$10,913,200
Common stock, $5 par, 4,099,860 shares
20,499,300
During 2020, Windsor did not issue any additional common stock. The
following also occurred during 2020.
Income from continuing operations before taxes
$22,221,000
Discontinued operations (loss before taxes)
$3,280,700
Preferred dividends declared
$1,091,320
Common dividends declared
$2,401,300
Effective tax rate
35
%
Compute earnings per share data as it should appear in the...