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In: Accounting
The following information is from Alberta Ltd financial statements for the year ended Dec 31, 2020:...
The following information is from Alberta Ltd financial statements for the year ended Dec 31, 2020: - Net income for the year $ 460,000. - 8% Convertible bonds issued at par $1,000,000 ($1000 per bond), each bond convertible into 20 common shares $1,000,000 - 6% non-cumulative preferred shares $100 par value. $1,000,000 - Common shares 120,000 authorized, 60,000 issued and outstanding $ 600,000 - Stock options (call option granted in a prior year) to purchase 30,000 common shares at $10 per common share. - Average market price per common share during 2020 was $12, and the tax rate for 2020 is 35% - Alberta declare and pay $100,000 dividends during 2020 There were no changes during 2020 in the number of common shares, preferred shares, stock options or convertible bonds. Also for simplicity, ignore the requirement to book the convertible bonds’ equity portion separately. Instruction: A) Calculate the basic EPS for 2020 B) Calculate diluted EPS for 2020 (Show your calculation for each transaction/ affect)
Solutions
ekkarill92 answered 2 years agoRelated Solutions
The following information is from Alberta Ltd financial statements for the year ended Dec 31, 2020:...
The following information is from Alberta Ltd financial
statements for the year ended Dec 31, 2020: - Net income for the
year $ 460,000. - 8% Convertible bonds issued at par $1,000,000
($1000 per bond), each bond convertible into 20 common shares
$1,000,000 - 6% non-cumulative preferred shares $100 par value.
$1,000,000 - Common shares 120,000 authorized, 60,000 issued and
outstanding $ 600,000 - Stock options (call option granted in a
prior year) to purchase 30,000 common shares at $10...
LazyDaz, Inc. reported the following for its 2020 financial statements. Balance Sheet Dec 31, 2020 Dec...
LazyDaz, Inc. reported the following for its 2020 financial
statements.
Balance Sheet
Dec 31,
2020
Dec 31,
2019
Difference
Cash
526
315
211
Accounts Receivable
24
16
8
Allow for Doubtful Accounts
(2)
(1)
(1)
Inventory
21
32
(11)
PP&E
1,709
1,750
(41)
Land
809
660
149
Accumulated Depreciation
(314)
(300)
(14)
Patent
6
8
(2)
Total
Assets
2,779
2,480
Accounts Payable
37
19
18
Wages Payable
7
10
(3)
Unearned Revenue
12
11
1
Interest Payable
57
50
7...
Below is information from Darren Company’s 2012 financial statements. As of Dec. 31, 2012 Dec. 31,...
Below is information from Darren Company’s 2012 financial
statements.
As of Dec. 31, 2012
Dec. 31, 2011
Cash and short-term investments
$ 958,245
$ 745,800
Accounts Receivable (net)
125,850
135,400
Inventories
195,650
175,840
Prepaid Expenses and other current assets
45,300
30,860
Total Current Assets
$1,325,045
$1,087,900
Plant, Property and Equipment, net
1,478,320
1,358,700
Intangible Assets
125,600
120,400
Total Assets
$2,928,965
$2,567,000
Short-term borrowings
$ 25,190
$ 38,108
Current portion of long-term debt
45,000
40,000
Accounts payable
285,400
325,900
Accrued liabilities...
QUESTION TWO The following are financial statements of Buchi Ltd for the year ended 31 December...
QUESTION TWO
The following are financial statements of Buchi Ltd for the year
ended 31 December 2019
Statement of comprehensive income for the year ended 31 December
2019
K
K
Revenue
900 000
Cost of sales
475 000
Gross profit
425 000
Operating expenses
220 000
Interest
13 000
Loss on sale of equipment
2 000
(235 000)
Net profit before tax
190 000
Tax
65 000
Net profit after tax
125 000
Statement of financial position as at 31...
The following information is available for the Roots Heritage Corp. for the year ended Dec. 31,...
The following information is available for the Roots Heritage
Corp. for the year ended Dec. 31, 2015:
Collection of principal on long term loan to a supplier ……
…………… $35,000
Purchase of equipment for cash …
…………………………………… 10,000
Proceeds from sale of long-term investment at book value
…………….. 27,000
Issuance of common stock for cash
…………………………………….. 20,000
Depreciation expense for the year
…………………………………
25,000
Redemption of bonds at carrying value
………………………….
24,000
Payment of cash dividends ………………………………………………
9,000
Net...
The financial statements of Pouchie Co. included the following information for the year ended December 31,...
The financial statements of Pouchie Co. included the following
information for the year ended December 31, 2016 (amountsin
millions
Depreciation and amortization expense $260
Cash dividends
declared and paid
343
Purchase of
equipment
818
Net income
396
Beginning cash
balance
128
Proceeds of
common stock issued
171
Proceeds from
sale of building (at book value)
215
Accounts
receivable increase
16
Ending cash
balance
92
Inventory
decrease
45
Accounts payable
increase
54
Required:
Complete the following
statement of cash flows, using...
Selected information from the comparative financial statements of Emley Company for the year ended December 31,...
Selected information from the comparative financial statements
of Emley Company for the year ended December 31,
2017 2016
Accounts receivable
(net)
$180,000 $200,000
Inventory
140,000
160,000
Total
assets
1,200,000
800,000
Current
liabilities
140,000
110,000
Long-term
debt
400,000
300,000
Net credit
sales
1,330,000
700,000
Cost of goods
sold
900,000
530,000
Interest
expense
50,000
25,000
Income tax
expense
60,000
29,000
Net
income
150,000
85,000
Compute each of the following ratios and interpret the
results:
Inventory turnover
Times interest earned
The...
The FOllowing information from the accounts of kesha Ltd for the year ended December 31, 2009...
The
FOllowing information from the accounts of kesha Ltd for the year
ended December 31, 2009 has been provided to you:
Net icome................................2,090,000
Amortization of intangible assert.............120,000
Proceeds from issue of ord. share...........1,030,000
Increase in
inventory...............................180,000
Sale of building at shs 100,000 gain........850,000
Increase in accounts payable...........150,000
Purchase of computer equipment........1,250,000
Payments of cash dividends..............240,000
Depreciation expense...................350,000
Increase in accounts receivable...........230,000
Payment of mortagage.................520,000
Decrease in short-term notes payable.......80,000
Sale of land at shs 50,000 loss............260,000
Purchase of delivery truck.................330,000...
Langley Company's December 31 year-end financial statements contained the following errors: Dec. 31, 2017 Dec. 31,...
Langley Company's December 31 year-end financial statements
contained the following errors:
Dec. 31, 2017 Dec. 31, 2018
Ending inventory $27,500 understated $35,000 overstated
Depreciation expense 10,000 overstated
An insurance premium of $290,000 was prepaid in 2017 covering
the years 2017, 2018, and 2019. The prepayment was correctly
recorded with a debit to prepaid insurance. However, the prepaid
insurance account at December 31, 2018 had a balance of
$290,000.
(a) What is the total net effect of the errors on the...
The Duckworth Ltd. 20X5 financial statements include the following: Statement of comprehensive income Year ended 31...
The Duckworth Ltd. 20X5 financial statements include the
following:
Statement of comprehensive income
Year ended 31 December 20X5
Earnings from continuing operations
$
3,196,000
Discontinued operations (net of tax)
502,000
Net earnings and comprehensive income
$
3,698,000
Statement of financial position
31 December 20X5
Bonds payable, 7%, nonconvertible
$
11,400,000
Preferred shares, no-par value, $1.04, nonconvertible,
noncumulative, outstanding during year, 640,000 shares
11,400,000
Common shares, no-par value:
Outstanding 1 Jan., 35,400,000 shares
$
7,290,000
Sold and issued 1 April, 3,310,000...
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