Question

Information from the financial statements of Topps Fambricators, Inc., Included the following : Common shares 100,000...

Information from the financial statements of Topps Fambricators, Inc., Included the following : Common shares 100,000 Convertible preferred shares $100 par, 5% (convertible into 36,000 shares of common) 12,000 10% convertible bonds (convertible into 25,000 shares of common) $1,000,000 Stock options for 120,000 shares of common stock (option price of $20 per share; market price of $25 per share) Topps's net income for the year ended December 31,2018, is $680,000. The income tax rate is 40%. Topps paid dividends of $5 per share on its preferred stock during 2018. Compute basic and diluted earnings per share for the year ended December 31, 2018

The basic earnings per share is $6.20. I can't get diluted earnings per share.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Information from the financial statements of Topps Fambricators, Inc., Included the following : Common shares 100,000...
Information from the financial statements of Topps Fambricators, Inc., Included the following : Common shares 100,000       Convertible preferred shares $100 par, 5% (convertible into 36,000 shares of common) 12,000       10% convertible bonds (convertible into 25,000 shares of common) $1,000,000       Stock options for 120,000 shares of common stock (option price of $20 per share; market price of $25 per share) Topps's net income for the year ended December 31,2018, is $680,000. The income tax rate is 40%. Topps...
Information from the financial statements of Ames Fabricators, Inc., included the following:    December 31 2018...
Information from the financial statements of Ames Fabricators, Inc., included the following:    December 31 2018 2017 Common shares 100,000 100,000 Convertible preferred shares (convertible into 34,000 shares of common) 13,200 13,200 10% convertible bonds (convertible into 20,000 shares of common) $ 1,000,000 $ 1,000,000 Ames’s net income for the year ended December 31, 2018, is $520,000. The income tax rate is 40%. Ames paid dividends of $5 per share on its preferred stock during 2018. Required: Compute basic and...
Information from the financial statements of Ames Fabricators, Inc., included the following:    December 31 2021...
Information from the financial statements of Ames Fabricators, Inc., included the following:    December 31 2021 2020 Common shares 100,000 100,000 Convertible preferred shares (convertible into 80,000 shares of common) 31,200 31,200 8% convertible bonds (convertible into 30,000 shares of common) $ 1,000,000 $ 1,000,000 Ames’s net income for the year ended December 31, 2021, is $820,000. The income tax rate is 25%. Ames paid dividends of $5 per share on its preferred stock during 2021. Required: Compute basic and...
Information from the financial statements of Ames Fabricators, Inc., included the following:    December 31 2021...
Information from the financial statements of Ames Fabricators, Inc., included the following:    December 31 2021 2020 Common shares 100,000 100,000 Convertible preferred shares (convertible into 78,000 shares of common) 30,000 30,000 8% convertible bonds (convertible into 30,000 shares of common) $ 1,000,000 $ 1,000,000 Ames’s net income for the year ended December 31, 2021, is $800,000. The income tax rate is 25%. Ames paid dividends of $5 per share on its preferred stock during 2021. Required: Compute basic and...
Information from the financial statements of Ames Fabricators, Inc., included the following:    December 31 2021...
Information from the financial statements of Ames Fabricators, Inc., included the following:    December 31 2021 2020 Common shares 100,000 100,000 Convertible preferred shares (convertible into 44,000 shares of common) 15,600 15,600 8% convertible bonds (convertible into 30,000 shares of common) $ 1,000,000 $ 1,000,000 Ames’s net income for the year ended December 31, 2021, is $560,000. The income tax rate is 25%. Ames paid dividends of $5 per share on its preferred stock during 2021. Required: Compute basic and...
XYZ Company had 200,000 shares of common stock outstanding on December 31, 2020. On July 1,...
XYZ Company had 200,000 shares of common stock outstanding on December 31, 2020. On July 1, 2021, XYZ issued an additional 55,000 shares for cash. On January 1, 2021, XYZ issued 25,000 shares of convertible preferred stock. The preferred stock had a par value of $100 per share and paid a 5% dividend. Each share of preferred stock is convertible into 8 shares of common. During 2021, XYZ paid the regular annual dividend on the preferred and common stock. Net...
1. The company is authorized to issue 7,920,000 shares of $10 par value common stock. As...
1. The company is authorized to issue 7,920,000 shares of $10 par value common stock. As of December 31, 2017, 1,980,000 shares had been issued and were outstanding. 2. The per share market prices of the common stock on selected dates were as follows. Price per Share July 1, 2017 $20.00 January 1, 2018 21.00 April 1, 2018 25.00 July 1, 2018 11.00 August 1, 2018 10.50 November 1, 2018 9.00 December 31, 2018 10.00 3. A total of 720,000...
Paul Company had 100,000 shares of common stock outstanding on January 1, 2018. On September 30,...
Paul Company had 100,000 shares of common stock outstanding on January 1, 2018. On September 30, 2018, Paul sold 45,000 shares of common stock for cash. Paul also had 8,500 shares of convertible preferred stock outstanding throughout 2018. The preferred stock is $100 par, 5%, and is convertible into 3 shares of common for each share of preferred. Paul also had 470, 7%, convertible bonds outstanding throughout 2018. Each $1,000 bond is convertible into 30 shares of common stock. The...
QUESTION 21 Dunn, Inc. had 200,000 shares of $20 par common stock and 20,000 shares of...
QUESTION 21 Dunn, Inc. had 200,000 shares of $20 par common stock and 20,000 shares of $100 par, 6%, cumulative, convertible preferred stock outstanding for the entire current year ended December 31. Each preferred share is convertible into five shares of common stock. Dunn's net income for the year was $840,000. For the current year ended December 31, the diluted earnings per share is $2.40 $2.80 $3.60 $4.20
Exercise 19-21 (Algo) EPS; convertible preferred stock; convertible bonds; order of entry [LO19-7, 19-9] Information from...
Exercise 19-21 (Algo) EPS; convertible preferred stock; convertible bonds; order of entry [LO19-7, 19-9] Information from the financial statements of Ames Fabricators, Inc., included the following: December 31 2021 2020 Common shares 100,000 100,000 Convertible preferred shares (convertible into 82,000 shares of common) 32,400 32,400 8% convertible bonds (convertible into 30,000 shares of common) $ 1,000,000 $ 1,000,000 Ames’s net income for the year ended December 31, 2021, is $840,000. The income tax rate is 25%. Ames paid dividends of...