Question
Capstone Corp. reported $150,000 of comprehensive income for 2014. It also reported the following: Beginning retained earnings $300,000 Income tax expense $ 60,000 Ending retained
Capstone Corp. reported $150,000 of comprehensive income for 2014. It also reported the following:
| Beginning retained earnings | $300,000 |
| Income tax expense | $ 60,000 |
| Ending retained earnings | $320,000 |
| Cash dividends declared | $ 80,000 |
| Other comprehensive income | $ 50,000 |
What was Capstone's net income for 2014?
A.$40,000
B.$140,000
C.$120,000
D.$100,000
Capsule Corp. reported the following in 2014:
| Beginning retained earnings | $260,000 |
| Ending retained earnings | $290,000 |
| Cash dividends declared | $90,000 |
| Beginning accumulated other comprehensive income | $20,000 |
| Ending accumulated other comprehensive income | $15,000 |
What was Capstone's comprehensive income for 2014?
A.$125,000
B.$115,000
C.$65,000
D.$55,000
Which of the following statements is true regarding earnings per share (EPS) disclosures under GAAP?
A. All companies are required to report EPS amounts related to net income only.
B. A public company with dilutive securities may choose to report diluted EPS.
C. Basic earnings per share is found by dividing net income available to stockholders by the number of common shares outstanding as of the balance sheet date.
D. All public companies are required to report EPS amounts related to income from continuing operations, income from discontinued operations, and net income.
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Bucks The Next Step Advanced Medical Coding And Auditing 2019/2020
Authors: Elsevier
1st Edition
0323582613, 978-0323582612
