Question
In: Accounting
At December 31, 2017, Bramble Company had 520,000 shares of common stock issued and outstanding, 320,000...
At December 31, 2017, Bramble Company had 520,000 shares of common stock issued and outstanding, 320,000 of which had been issued and outstanding throughout the year and 200,000 of which were issued on October 1, 2017. Net income for the year ended December 31, 2017, was $1,220,000.
Assume that Bramble issued 10-year, $180,000 face value, 6%
bonds in 2016 at par (payable annually on January 1). Each $1,000
bond is convertible into 40 shares of Bramble’s $2 par value common
stock. Compute diluted earnings per share. Ignore taxes.
(Round answer to 2 decimal places, e.g.
15.25.)
| Diluted Earnings Per Share | : |
Solutions
Expert Solution
for formulas and calculations, refer to the image below -
In case you have any query, kindly ask in comments.
ekkarill92 answered 1 year agoRelated Solutions
On December 31, 2017, Jackson Company had 100,000 shares of common stock outstanding and 30,000 shares...
On December 31, 2017, Jackson Company had 100,000 shares of
common stock outstanding and 30,000 shares of 7%, $50 par,
cumulative preferred stock outstanding. On February 28, 2018,
Jackson purchased 24,000 shares of common stock on the open market
as treasury stock paying $45 per share. Jackson sold 6,000 of the
treasury shares on September 30, 2018, for $47 per share. Net
income for 2018 was $180,905. Also outstanding at December 31,
2017, were fully vested incentive stock options giving...
On December 31, 2017, Jackson Company had 100,000 shares of common stock outstanding and 33,000 shares...
On December 31, 2017, Jackson Company had 100,000 shares of
common stock outstanding and 33,000 shares of 6%, $50 par,
cumulative preferred stock outstanding. On February 28, 2018,
Jackson purchased 27,000 shares of common stock on the open market
as treasury stock for $38 per share. Jackson sold 6,300 treasury
shares on September 30, 2018, for $40 per share. Net income for
2018 was $183,905. Also outstanding during the year were fully
vested incentive stock options giving key personnel the...
On December 31, 2017, Jackson Company had 100,000 shares of common stock outstanding and 30,000 shares...
On December 31, 2017, Jackson Company had 100,000 shares of
common stock outstanding and 30,000 shares of 7%, $50 par,
cumulative preferred stock outstanding. On February 28, 2018,
Jackson purchased 24,000 shares of common stock on the open market
as treasury stock paying $45 per share. Jackson sold 6,000 of the
treasury shares on September 30, 2018, for $47 per share. Net
income for 2018 was $180,905. Also outstanding at December 31,
2017, were fully vested incentive stock options giving...
On December 31, 2017, Brisbane Company had 100,000 shares of common stock outstanding and 23,000 shares...
On December 31, 2017, Brisbane Company had 100,000 shares of
common stock outstanding and 23,000 shares of 7%, $50 par,
cumulative preferred stock outstanding. On February 28, 2018,
Brisbane purchased 17,000 shares of common stock on the open market
as treasury stock paying $33 per share. Brisbane sold 5,300
treasury shares on September 30, 2018, for $38 per share. Net
income for 2018 was $173,905. Also outstanding during the year were
fully vested incentive stock options giving key personnel the...
On December 31, 2017, James Motor Company had 120,000 shares of common stock outstanding and 20,000...
On December 31, 2017, James Motor Company had 120,000 shares of
common stock outstanding and 20,000 shares of 7%, $60 par,
cumulative, convertible preferred stock outstanding. The 20,000
preferred shares are convertible into 90,000 shares of common
stock. On February 28, 2018, James Motor Company
purchased 12,000 shares of common stock on the open market as
treasury stock paying $40 per share. James Motor Company sold 6,000
treasury shares on September 30, 2018, for $45 per share. Net
income for 2018...
Marigold Corp. had 1540000 shares of common stock issued and outstanding at December 31, 2020. On...
Marigold Corp. had 1540000 shares of common stock issued and
outstanding at December 31, 2020. On July 1, 2021 an additional
1255000 shares were issued for cash. Marigold also had stock
options outstanding at the beginning and end of 2021 which allow
the holders to purchase 370000 shares of common stock at $20 per
share. The average market price of Marigold's common stock was $25
during 2021. What is the number of shares that should be used in
computing diluted...
Arthur, Inc., had 610,000 shares of common stock issued and outstanding on December 31, 2015. On...
Arthur, Inc., had 610,000 shares of common stock issued and
outstanding on December 31, 2015. On July 1, 2016, an additional
40,000 shares of common stock were issued for cash. Arthur, Inc.
also had unexercised stock options to purchase 32,000 shares of
common stock at $15 per share outstanding at the beginning and end
of 2016. The average market price of Arthur, Inc. common stock was
$20 during 2016. How many shares that should be included in
computing diluted earnings...
On December 31, 2020, Dow Steel Corporation had 800,000 shares of common stock and 320,000 shares...
On December 31, 2020, Dow Steel Corporation had 800,000 shares
of common stock and 320,000 shares of 8%, noncumulative,
nonconvertible preferred stock issued and outstanding. Dow issued a
4% common stock dividend on May 15 and paid cash dividends of
$600,000 and $89,000 to common and preferred shareholders,
respectively, on December 15, 2021.
On February 28, 2021, Dow sold 75,000 common shares. In keeping
with its long-term share repurchase plan, 4,000 shares were retired
on July 1. Dow's net income...
1. Ajax Enterprises had 220,000 shares of common stock issued and outstanding at December 31, 2025....
1.
Ajax Enterprises had 220,000 shares of common stock issued and
outstanding at December 31, 2025. Unexercised stock options to
purchase 40,000 shares of common stock at $20 per share were
outstanding at the beginning and end of 2026. The market price of
Glendale's common stock was $25 per share during 2026. Net income
for the year ended December 31, 2026, was $1,100,000. What should
be Ajax's 2026 diluted earnings per common share, rounded to the
nearest penny?
2.Ajax Corporation...
On December 31, 2020, Jackson Company had 100,000 shares of common stock outstanding and 27,000 shares...
On December 31, 2020, Jackson Company had 100,000 shares of
common stock outstanding and 27,000 shares of 7%, $50 par,
cumulative preferred stock outstanding. On February 28, 2021,
Jackson purchased 14,000 shares of common stock on the open market
as treasury stock for $25 per share. Jackson sold 5,000 treasury
shares on September 30, 2021, for $27 per share. Net income for
2021 was $170,905. Also outstanding during the year were fully
vested incentive stock options giving key executives the...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- In two or three sentences, explain how you have seen the concept of grit work in...
- You have invested 30 percent of your portfolio in Jacob, Inc., 40 percent is Bella Co.,...
- Parallel Arrays This question is in MindTap Cengage Summary In this lab, you use what you...
- 5. You have invested 30 percent of your portfolio in Jacob, Inc., 40 percent is Bella...
- JAVA Write a test program that prompts the user to enter a series of integers and...
- (2) Cite an example on how organizations like Google, Facebook, Youtube etc collect data for image...
- The legal landscape is perpetually changing. Psychologists must remain abreast of these changes to avoid potentially...
ADVERTISEMENT