Question

For the fiscal year ending on December 31, 2019, 100Rock Inc. reported Net Income of $700,000...

For the fiscal year ending on December 31, 2019, 100Rock Inc. reported Net Income of $700,000 and basic earnings per share of $3.50. In addition, the company has 20,000 stock options outstanding all year that were previously granted to senior level managers. These stock options enable the option holders to purchase 20,000 shares of $1 par value common stock at the $15 strike price. The stock options are fully vested but were not exercised during the year. The company’s average stock price during the year was $20 per share. What did the company report for diluted earnings per share on its December 31, 2019 Income Statement? [Round to the nearest penny.]
1. $3.26.
2. $3.41.
3. $3.50.
4. $2.34.
5. $3.59.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Hi

Let me know in case you face any issue:

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
For the fiscal year ended December 31, 2019, a company reported Net Income of $7,000,000. The...
For the fiscal year ended December 31, 2019, a company reported Net Income of $7,000,000. The Dillie company had 3,000,000 shares of $1 par value common stock outstanding all year. In addition, the company had $500,000 par value of 10% cumulative, non-convertible preferred stock outstanding all year. In December 2019, the company declared and paid a preferred dividend of $50,000, as well as a $0.10 per share dividend to common shareholders. Furthermore, on January 1, 2019 the company issued at...
Stanley Department Stores reported net income of $920,000 for the year ended December 31, 2021. Additional...
Stanley Department Stores reported net income of $920,000 for the year ended December 31, 2021. Additional Information: Common shares outstanding at Jan. 1, 2021 135,000 Incentive stock options (vested in 2020) outstanding throughout 2021 36,000 (Each option is exercisable for one common share at an exercise price of $27.50) During the year, the market price of Stanley’s common stock averaged $33.00 per share. On Aug. 30, Stanley sold 15,000 common shares. Stanley’s only debt consisted of $45,000 of 10% short-term...
Stanley Department Stores reported net income of $900,000 for the year ended December 31, 2021. Additional...
Stanley Department Stores reported net income of $900,000 for the year ended December 31, 2021. Additional Information: Common shares outstanding at Jan. 1, 2021 130,000 Incentive stock options (vested in 2020) outstanding throughout 2021 36,000 (Each option is exercisable for one common share at an exercise price of $27.00) During the year, the market price of Stanley’s common stock averaged $32.40 per share. On Aug. 30, Stanley sold 15,000 common shares. Stanley’s only debt consisted of $44,000 of 10% short-term...
Stanley Department Stores reported net income of $900,000 for the year ended December 31, 2021. Additional...
Stanley Department Stores reported net income of $900,000 for the year ended December 31, 2021. Additional Information: Common shares outstanding at Jan. 1, 2021 130,000 Incentive stock options (vested in 2020) outstanding throughout 2021 36,000 (Each option is exercisable for one common share at an exercise price of $27.00) During the year, the market price of Stanley’s common stock averaged $32.40 per share. On Aug. 30, Stanley sold 15,000 common shares. Stanley’s only debt consisted of $44,000 of 10% short-term...
Stanley Department Stores reported net income of $720,000 for the year ended December 31, 2021. Additional...
Stanley Department Stores reported net income of $720,000 for the year ended December 31, 2021. Additional Information: Common shares outstanding at Jan. 1, 2021 80,000 Incentive stock options (vested in 2020) outstanding throughout 2021 24,000 (Each option is exercisable for one common share at an exercise price of $37.50.) During the year, the market price of Stanley’s common stock averaged $45 per share. On Aug. 30, Stanley sold 15,000 common shares. Stanley’s only debt consisted of $50,000 of 10% short-term...
Stanley Department Stores reported net income of $900,000 for the year ended December 31, 2018. Additional...
Stanley Department Stores reported net income of $900,000 for the year ended December 31, 2018. Additional Information: Common shares outstanding at Jan. 1, 2018 130,000 Incentive stock options (vested in 2017) outstanding throughout 2018 36,000 (Each option is exercisable for one common share at an exercise price of $27.00) During the year, the market price of Stanley’s common stock averaged $32.4 per share. On Aug. 30 Stanley sold 15,000 common shares. Stanley’s only debt consisted of $44,000 of 10% short...
Stanley Department Stores reported net income of $900,000 for the year ended December 31, 2021. Additional...
Stanley Department Stores reported net income of $900,000 for the year ended December 31, 2021. Additional Information: Common shares outstanding at Jan. 1, 2021 130,000 Incentive stock options (vested in 2020) outstanding throughout 2021 36,000 (Each option is exercisable for one common share at an exercise price of $27.00) During the year, the market price of Stanley’s common stock averaged $32.40 per share. On Aug. 30, Stanley sold 15,000 common shares. Stanley’s only debt consisted of $44,000 of 10% short-term...
Ringmeup Inc. had net income of $162,200 for the year ended December 31, 2019. At the...
Ringmeup Inc. had net income of $162,200 for the year ended December 31, 2019. At the beginning of the year, 38,000 shares of common stock were outstanding. On May 1, an additional 17,000 shares were issued. On December 1, the company purchased 4,300 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Ringmeup paid the annual dividend...
Ringmeup Inc. had net income of $142,100 for the year ended December 31, 2019. At the...
Ringmeup Inc. had net income of $142,100 for the year ended December 31, 2019. At the beginning of the year, 36,000 shares of common stock were outstanding. On May 1, an additional 17,000 shares were issued. On December 1, the company purchased 4,900 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Ringmeup paid the annual dividend...
Ringmeup Inc. had net income of $101,800 for the year ended December 31, 2019. At the...
Ringmeup Inc. had net income of $101,800 for the year ended December 31, 2019. At the beginning of the year, 44,000 shares of common stock were outstanding. On May 1, an additional 11,000 shares were issued. On December 1, the company purchased 4,100 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Ringmeup paid the annual dividend...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT