Tesla Corporation is a publicly-traded company that has a December 31st year-end. For the 2015 fiscal...

Tesla Corporation is a publicly-traded company that has a December 31st year-end. For the 2015 fiscal year, there were 500,000 common shares outstanding all year. Net income for the year ended December 31, 2015, was $800,000. The company’s income tax rate is 30%. During 2014, the company issued a $6,000,000, 10% convertible bond at par. Each 2,000 bond is convertible into 10 common shares. No bonds have been converted as of December 31st, 2015. Also during 2014, Spade issued 200,000, $2 cumulative, convertible preferred shares. Two preferred shares are convertible into one common share. The preferred share dividend was declared and paid in June 2015. Calculate basic and diluted earnings per share for 2015.

Expert Solution

For any clarification comment below

ekkarill92 answered 9 months ago

Latinum Star Corporation (Latinum), a publicly traded company with a December 31 year-end, conducts business activities...

Latinum Star Corporation (Latinum), a publicly traded company with a December 31 year-end, conducts business activities primarily related to the design, development, manufacture, and assembly of passenger cars, recreational and sport-utility vehicles, minivans, and trucks. In the design of Latinum’s iconic Brice sports car line, the company used asbestos in the manufacturing of brake shoes and gaskets because of its heat resistance. As described below, two class-action lawsuits have been filed against Latinum - one in 2016, and the other...

Pitchfork Consulting Services has a fiscal year end of December 31st. It is in its first...

Pitchfork Consulting Services has a fiscal year end of December 31st. It is in its first year of operations. As of December 31, Pitchfork has the following unadjusted trial balance: Account Debit Credit Cash $ 430,900 Accounts Receivable $158,000 Supplies $ 11,000 Building $ 190,000 Accounts Payable $ 46,100 Unearned Service Revenue $ 108,000 Common Stock $ 100,000 Retained Earnings -0- Service Revenue $ 619,200 Wage Expense $ 48,600 Insurance Expense $ 12,600 Utilities Expense $ 6,200 Administrative Expense $...

At the end of the fiscal year ending 31st December 2018, MCS & Co reported common...

At the end of the fiscal year ending 31st December 2018, MCS & Co reported common equity of 649 million on its statement of financial position with 490 million invested in financial assets (in the form of cash equivalent and short term investments) and no financing debt. For the fiscal year ending 31st December 2019, the company reported 74 million in comprehensive income of which 11 million was after tax earnings on the financial assets. This month MCS & Co...

Background Information Note the following: Acme Corporation is a publicly listed company ACME’s Fiscal year end...

Background Information Note the following: Acme Corporation is a publicly listed company ACME’s Fiscal year end is December 31 In addition to the cash account being reconcile here; ACME has a separate Revolving Credit account. This is a revolving credit facility where interest is accrued on the average balance outstanding during the month. The interest amount is required to be paid on a monthly basis. The correct is amount calculated and taken from the account automatically by the bank. The...

Pearl Corporation is a publicly traded company that follows IFRS. On December 31, 2019, Pearl’ financial...

Pearl Corporation is a publicly traded company that follows IFRS. On December 31, 2019, Pearl’ financial records indicated the following information related to the company’s defined benefit pension plan: Defined Benefit Obligation $3,714,000 Pension Plan Assets 3,714,000 On July 1, 2020, Pearl acquired the operations of Trap Ltd. As one of the conditions of the purchase, Pearl agreed that Trap’s employees would be included in Pearl’s defined benefit pension plan, and would be granted credit for the past service of...

Bourque Corporation began operations on January 2nd. Its end year is December 31st, and it adjusts...

Bourque Corporation began operations on January 2nd. Its end year is December 31st, and it adjusts its accounts annually. Selected transactions for the current year follow: 1. On January 2, purchased supplies for $2,100 cash. A physical count at December 31 revealed that $550 of supplies were still on hand. 2. Purchased equipment for $20,000 cash on March 1. The equipment us estimated to have a useful life of 5 years and the company uses straight-line depreciation. 3. Purchased a...

West Wing Distribution Corporation has a fiscal year end of December 31. On March 15, 2017,...

West Wing Distribution Corporation has a fiscal year end of December 31. On March 15, 2017, the company’s 2016 financial statements were issued. Between December 31, 2016 and March 15, 2017, the following occurred: 1. On January 22, 2017, the company negotiated a major merger with Blakedon Industries to be completed by the middle of 2017. 2. On February 3, 2017, West Wing negotiated a $10 million long-term note (material amount) with the Credit Bank of Pennsylvania. 3. A flood...

Using a corporation of your choice, explain the following; is the corporation a publicly traded company?...

Using a corporation of your choice, explain the following; is the corporation a publicly traded company? What does it mean to be publicly traded and explain the process a company would need to undertake if the owners decided to go public?

A company has a fiscal year-end of December 31: (1) on October 1, $14,000 was paid...

A company has a fiscal year-end of December 31: (1) on October 1, $14,000 was paid for a one-year fire insurance policy; (2) on June 30 the company lent its chief financial officer $12,000; principal and interest at 6% are due in one year; and (3) equipment costing $62,000 was purchased at the beginning of the year for cash. Prepare journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry...

Filzen Company has a fiscal year end of December 31, 2018. On January 3, 2019 a...

Filzen Company has a fiscal year end of December 31, 2018. On January 3, 2019 a fire destroys a factory that belongs to Filzen. The fire is not considered an extraordinary event because Filzen produces gun powder; however, it is considered to have a material effect on the financial position of the company. On February 3, 2019, it is determined that the fire has resulted in a $25,000,000 loss to Filzen. On March 31, 2019, Filzen issues it 2018 financial...

Question