Question

In: Accounting

Comparative Earnings per Share Lucas Company reports net income of $5,125 for the year ended December...

Comparative Earnings per Share

Lucas Company reports net income of $5,125 for the year ended December 31, 2016, its first year of operations. On January 4, 2016, Lucas issued 9,000 shares of common stock. On August 2, 2016, it issued an additional 3,000 shares of stock, resulting in 12,000 shares outstanding at year-end.

During 2017, Lucas earned net income of $16,400. It issued 2,000 additional shares of stock on March 3, 2017, and declared and issued a 2-for-1 stock split on November 3, 2017, resulting in 28,000 shares outstanding at year-end.

During 2018, Lucas earned net income of $23,520. The only common stock transaction during 2018 was a 20% stock dividend issued on July 2, 2018.

If required, round your final answers to two decimal places.

Required:

  1. Compute the basic earnings per share that would be disclosed in the 2016 annual report.
    $  per share
  2. Compute the 2016 and 2017 comparative basic earnings per share that would be disclosed in the 2017 annual report.
    2017:   $  per share
    2016:   $  per share
  3. Compute the 2016, 2017, and 2018 comparative basic earnings per share that would be disclosed in the 2018 annual report.
    2018:   $  per share
    2017:   $  per share
    2016:   $  per share

Solutions

Expert Solution

Hi

Let me know in case you face any issue:

ekkarill92 answered 9 months ago
Next > < Previous

Related Solutions

Comparative Earnings per Share Lucas Company reports net income of $5,125 for the year ended December...
Comparative Earnings per Share Lucas Company reports net income of $5,125 for the year ended December 31, 2016, its first year of operations. On January 4, 2016, Lucas issued 9,000 shares of common stock. On August 2, 2016, it issued an additional 3,000 shares of stock, resulting in 12,000 shares outstanding at year-end. During 2017, Lucas earned net income of $16,400. It issued 2,000 additional shares of stock on March 3, 2017, and declared and issued a 2-for-1 stock split...
Lucas Company reports net income of $2,460 for the year ended December 31, 2016, its first...
Lucas Company reports net income of $2,460 for the year ended December 31, 2016, its first year of operations. On January 4, 2016, Lucas issued 9,000 shares of common stock. On August 2, 2016, it issued an additional 3,000 shares of stock, resulting in 12,000 shares outstanding at year-end. During 2017, Lucas earned net income of $17,400 . It issued 3,000 additional shares of stock on March 3, 2017, and declared and issued a 2-for-1 stock split on November 3,...
WildhorseCorporation is preparing earnings per share data for 2020. The net income for the year ended...
WildhorseCorporation is preparing earnings per share data for 2020. The net income for the year ended December 31, 2020 was $410,000 and there were 59,700 common shares outstanding during the entire year. Wildhorse has the following two convertible securities outstanding: 10% convertible bonds (each $1,000 bond is convertible into 20 common shares) $100,000 3% convertible $100 par value preferred shares (each share is convertible into 2 common shares) $53,000 Both convertible securities were issued at face value in 2017. There...
Ramon Company reports net income of $305,000 for the year ended December 31, 2019. It also...
Ramon Company reports net income of $305,000 for the year ended December 31, 2019. It also reports $93,700 depreciation expense and a $10,000 loss on the sale of equipment. Its comparative balance sheet reveals a $40,200 increase in accounts receivable, a $10,200 decrease in prepaid expenses, a $15,200 increase in accounts payable, a $12,500 decrease in wages payable, a $75,000 increase in equipment (cash is involved), and a $100,000 decrease in long - term notes payable (cash is involved). Calculate...
Reindeer Company reports net income of $390,000 for the year ended December 31, 2019. It also...
Reindeer Company reports net income of $390,000 for the year ended December 31, 2019. It also reports $70,000 depreciation expense and a $10,000 gain on the sale of machinery. Its comparative balance sheets reveal a $30,000 increase in accounts receivable, $16,000 increase in accounts payable, $8,000 decrease in prepaid expenses, and $12,000 decrease in wages payable. Required: Prepare only the operating activities section of the statement of cash flows for 2019 using the indirect method.
For the year ended December 31st, 2019, Tesla Inc. reports Net Loss (i.e., negative Net Income)...
For the year ended December 31st, 2019, Tesla Inc. reports Net Loss (i.e., negative Net Income) of - 775 million dollars in its Consolidated Statement of Operations (i.e., income statement). However, for the year ended December 31st, 2019, Tesla Inc. reports Net Cash Provided by Operations in its Consolidated Statement of Cash Flows (i.e., cash flow statement) of positive +2,405 million dollars. That means Operating Cash flows are $3,180 million (2405 + 775) greater than Net Income. What is the...
FV Company earned net income of $75,000 during the year ended December 31, 2012. On December...
FV Company earned net income of $75,000 during the year ended December 31, 2012. On December 15, FV declared the annual cash dividend on its 5% preferred stock (par value, $115,000) and a $0.50 per share cash dividend on its common stock (55,000 shares). FV then paid the dividends on January 4, 2013. 54 Requirements Journalize for FV: Declaring the cash dividends on December 15, 2012. Paying the cash dividends on January 4, 2013.
Given is the Income Statement for the year ended December 31, 20XX, Statement of Retained Earnings for the year ended December 31, 20XX
Given is the Income Statement for the year ended December 31, 20XX, Statement of Retained Earnings for the year ended December 31, 20XX and Comparative Balance Sheets for 20XW and 20XX of Maris Corporation: Maris CorporationIncome StatementYear Ended December 31, 20XX  Sales$3,800,000  Cost of goods sold2,250,000        Gross profits1,550,000  Selling and administrative expense540,000  Amortization expense200,000        Operating income810,000  Interest expense43,000        Earnings before taxes767,000  Taxes440,000        Earnings after taxes327,000    Preferred stock dividends30,000     Earnings available to common shareholders$297,000    Shares outstanding198,000  Earnings per share$1.50   Statement of...
Basic Earnings per Share Monona Company reported net income of $29,975 for 2019. During all of...
Basic Earnings per Share Monona Company reported net income of $29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, $100 par, nonconvertible preferred stock outstanding, on which the year's dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of $17,000...
Earnings per Share, Extraordinary Item The net income reported on the income statement of Goth Co....
Earnings per Share, Extraordinary Item The net income reported on the income statement of Goth Co. was $2,340,000. There were 100,000 shares of $23 par common stock and 40,000 shares of $6 preferred stock outstanding throughout the current year. The income statement included two extraordinary items: a $470,000 gain from condemnation of land and a $180,000 loss arising from flood damage, both after applicable income tax. a. Determine the per-share figure for common stock for income before extraordinary items. Round...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT