Stainless Corporation had net income of $7,800,000 in 2015. The company had 500,000 shares of S4...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Stainless Corporation had net income of $7,800,000 in 2015. The company had 500,000 shares of S4 par value common stock and 70,000 shares of 8%, $100 par, preferred stock outstanding throughout the year. Each share of preferred stock is both cumulative and convertible. Each share of preferred stock is convertible into two shares of common stock. Compute the following for 2015: (a) The number of shares to be used in computing basic earnings per share. (b) The number of shares to be used in computing diluted EPS. (c) Basic earnings per share. Stainless Corporation had net income of $7,800,000 in 2015. The company had 500,000 shares of S4 par value common stock and 70,000 shares of 8%, $100 par, preferred stock outstanding throughout the year. Each share of preferred stock is both cumulative and convertible. Each share of preferred stock is convertible into two shares of common stock. Compute the following for 2015: (a) The number of shares to be used in computing basic earnings per share. (b) The number of shares to be used in computing diluted EPS. (c) Basic earnings per share.
Expert Answer:
Answer rating: 100% (QA)
Answers Ans a Number of shares to be used in computing basic earnings p... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324659139
11th edition
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
Posted Date:
Students also viewed these accounting questions
-
In the current year, Harrisburg Corporation had net income of $35,000, a $9,000 decrease in accounts receivable, a $7,000 increase in inventory, an $8,000 increase in salaries payable, a $13,000...
-
Sudoku Company issues 30,000 shares of $8 par value common stock in exchange for land and a building. The land is valued at $23,500 and the building at $368,000. Prepare the journal entry to record...
-
Daniel Kaffe, CFO of Kendrick Enterprises, is evaluating a 10-year, 6.10 percent loan with gross proceeds of $5,860,000. The interest payments on the loan will be made annually. Flotation costs are...
-
In Exercises 7-9, find the indicated measure. The area of a circle is 380 square inches. Find the radius.
-
What is an enterprise system supposed to accomplish?
-
A software bug causes a logic solver to fail unpredictably and randomly. Will this failure be considered a random failure or a systematic failure? Why?
-
Mabel Oil Company owns 100% of the working interest in a lease that has a 1/7 royalty interest. The royalty interest owner is Mr. Kyle. Needing additional funds to develop the property, Mabel sold...
-
Information about Indiana Industrial's utility cost for the last six months of 2010 follows. The highlow method will be used to develop a cost formula to predict 2011 utility charges, and the number...
-
Solve the inequality algebraically. (x-20)(x+20) Move all terms to the left side of the inequality and then define the left side of the inequality as f(x). Then list the intervals determined by the...
-
Kate Collins has opened Fontina and Stuff, a wholesale grocery and cheese company. The following transactions occurred in February: Required 1. Journalize the transactions. Beginning balances of...
-
Find the domain of the function. 12 f(x) X-6 The domain of f(x) is (Type your answer in interval notation.)
-
To say that Utah-based start-up BambooHR has a work culture that includes consequences for working too many hours might sound peculiar. But while some start-up businesses demand long work hours,...
-
On your own or with a classmate, visit the college library, a mall, or anywhere else on or off campus where people gather. For about 10 or 15 minutes, observe the nonverbal cues that people give each...
-
General Electric, who manufactures water heaters, among many other products, has recently moved production back to the United States from China. As global economic conditions have changed, companies...
-
A little over two decades ago, Jack Ma founded Alibaba Group in his Hangzhou apartment. Alibaba includes an online payment system, Alipay, and two ecommerce sites, Tmall and Taobao. Valued at close...
-
Stricken with childhood polio, Frank C. Mars learned the art of hand dipping chocolate in his mother's kitchen and went on to start Mars back in the early 1900s. A privately held business in its...
-
4-30 Job costing, law firm. (LO 2, 4) Keating & Partners is a law firm specializing in labour relations and employee-related work. It employs 25 professionals (5 partners and 20 managers) who work...
-
Currently, there are five concepts of food stands, including: hot dogs, soft pretzels, turkey legs, sandwich wraps, and funnel cakes. This approach will double the existing number of food stands...
-
Kays Beauty Supply uses the gross profit method to estimate the cost of ending inventory for in-house interim financial statements. Based on the following information for March, calculate Kays Beauty...
-
The December 31, 2010 balance sheet accounts of the Hitt Company are shown here in alphabetical Order Required 1. Prepare the December 31, 2010 balance sheet of the Hitt Company. 2. Compute the...
-
Using the information in RE10-7 and RE10-8, calculate Dexters capitalized interest on the student condominium complex for Year 2. In RE10-7, Dexter Construction Corporation is building a student...
-
What will be the value of AHS' TIE during 2007? a. 2.75 b. 2.85 c. 2.95 d. 3.05 AHS INC. 2007 Income Statement (S in millions) Net sales S 9625 Cost of goods sold 5225 Depreciation 1890 Earnings...
-
What will be the appropriate value of AHS' inventory turnover ratio in 2007? a. 4.56 b. 4.78 c. 5.32 d. 5.90 AHS INC. 2007 Income Statement (S in millions) Net sales S 9625 Cost of goods sold 5225...
-
If a firm had a D/A ratio of 0.4, which of the following values would be equal to its D/E ratio? a. 4/10 b. 2/3 c. 0.4/1.4 d. 10/4
Study smarter with the SolutionInn App