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In: Accounting
The information below pertains to Kingbird Company for 2018. Net income for the year $1,150,000 6%...
The information below pertains to Kingbird Company for 2018.
Net income for the year $1,150,000
6% convertible bonds issued at par ($1,000 per bond); each bond is convertible into 30 shares of common stock 2,040,000
6% convertible, cumulative preferred stock, $100 par value; each share is convertible into 3 shares of common stock 4,130,000
Common stock, $10 par value 6,030,000
Tax rate for 2018 40%
Average market price of common stock $25 per share There were no changes during 2018 in the number of common shares, preferred shares, or convertible bonds outstanding. There is no treasury stock. The company also has common stock options (granted in a prior year) to purchase 73,600 shares of common stock at $20 per share.
Compute diluted earnings per share for 2018.
Solutions
ekkarill92 answered 6 months agoRelated Solutions
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6% convertible, cumulative preferred stock, $100 par value;
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7% convertible bonds issued at par ($1,000 per bond); each bond
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6% convertible, cumulative preferred stock, $100 par value;
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7% convertible bonds issued at par ($1,000 per bond); each bond
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30 shares of common stock
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6% convertible, cumulative preferred stock, $100 par value;
each share is convertible
into 3 shares of common stock
3,970,000
Common stock, $10 par value
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Computation of Basic and Diluted EPS) The information below pertains to Barkley Company for 2018. Net...
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Net income for the year
7% convertible bonds issued at par ($1,000 per bond); each bond is
convertible into
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6% convertible, cumulative preferred stock, $100 par value; each
share is convertible
into 3 shares of common stock Common stock, $10 par value
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2,000,000
4,000,000 6,000,000 40% $25 per share...
Culver Corporation had a net income for the current year ending December 31, 2018 of $1,150,000....
Culver Corporation had a net income for the current year ending
December 31, 2018 of $1,150,000. Throughout 2018 the following
items were outstanding:
?
440,000 common shares
?
21,000 Class A $3 cumulative preferred shares that were
convertible to common shares at a rate of 1:1
?
49,000 Class B $4 non-cumulative preferred shares that were
convertible at a rate of two preferred shares to one common
share.
?
$470,000, 8% bonds that were convertible to 16,000 common
shares
?...
Below information pertains to Eller Equipment Company for the year 2018. (Hint: Some of the items...
Below information pertains to Eller Equipment Company for the
year 2018. (Hint: Some of the items will not appear on either
statement, and ending retained earnings must be calculated.)
Salaries expense $109,000 Beginning retained earnings $ 48,100
Common stock 97,000 Warranties payable (short term) 5,200 Notes
receivable (short term) 19,500 Gain on sale of equipment 13,000
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Exercise 10-13 Presented below is information related to Kingbird Company. 1. On July 6, Kingbird Company...
Exercise 10-13
Presented below is information related to Kingbird
Company.
1. On July 6, Kingbird Company acquired the plant
assets of Doonesbury Company, which had discontinued operations.
The appraised value of the property is:
Land
$396,000
Buildings
1,188,000
Equipment
792,000
Total
$2,376,000
Kingbird Company gave 12,500 shares of its $100 par value common
stock in exchange. The stock had a market price of $202 per share
on the date of the purchase of the property.
2. Kingbird Company expended the...
Exercise 10-13 Presented below is information related to Kingbird Company. 1. On July 6, Kingbird Company...
Exercise 10-13
Presented below is information related to Kingbird
Company.
1. On July 6, Kingbird Company acquired the plant
assets of Doonesbury Company, which had discontinued operations.
The appraised value of the property is:
Land
$396,000
Buildings
1,188,000
Equipment
792,000
Total
$2,376,000
Kingbird Company gave 12,500 shares of its $100 par value common
stock in exchange. The stock had a market price of $202 per share
on the date of the purchase of the property.
2. Kingbird Company expended the...
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