{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T05:50:05-04:00", "answer_date": "2024-06-28 05:50:05", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4250581", "url": "\/study-help\/questions\/exercise-1623-on-june-1-2015-flint-company-and-buffalo-4250581", "question_creation_date_js": "2024-06-28T05:50:05-04:00", "question_creation_date": "Jun 28, 2024 05:50 AM", "meta_title": "[Solved] Exercise 16-23 On June 1, 2015, Flint Com | SolutionInn", "meta_description": "Answer of - Exercise 16-23 On June 1, 2015, Flint Company and Buffalo Company merged to form Carla Inc. A total of830,000shares we | SolutionInn", "meta_keywords": "exercise,16-23,june,1,2015,flint,company,buffalo,merged,form,carla,inc", "question_title_h1": "Exercise 16-23 On June 1, 2015, Flint Company and Buffalo Company merged to form Carla Inc. A total of830,000shares were issued to complete the merger.", "question_title": "Exercise 16-23 On June 1, 2015, Flint Company and Buffalo Company merged", "question_title_for_js_snippet": "Exercise 16 23 On June 1, 2015, Flint Company and Buffalo Company merged to form Carla Inc A total of830,000shares were issued to complete the merger The new corporation reports on a calendar year basis On April 1, 2017, the company issued an additional643,000shares of stock for cash All1,473,000shares were outstanding on December 31, 2017 Carla Inc also issued $600,000of 20 year,8 convertible bonds at par on July 1, 2017 Each $1,000bond converts to42shares of common at any interest date None of the bonds have been converted to date Carla Inc is preparing its annual report for the fiscal year ending December 31, 2017 The annual report will show earnings per share figures based upon a reported after tax net income of $1,555,000 (The tax rate is40 ) Determine the following for 2017 (a) The number of shares to be used for calculating (Round answers to 0 decimal places, e g $2,500 ) (1) Basic earnings per share shares (2) Diluted earnings per share shares (b) The earnings figures to be used for calculating (Round answers to 0 decimal places, e g $2,500 ) (1) Basic earnings per share$ (2) Diluted earnings per share$", "question_description": "Exercise 16-23<\/strong>

On June 1, 2015, Flint Company and Buffalo Company merged to form Carla Inc. A total of830,000shares were issued to complete the merger. The new corporation reports on a calendar-year basis.<\/p>

<\/p>

On April 1, 2017, the company issued an additional643,000shares of stock for cash. All1,473,000shares were outstanding on December 31, 2017.<\/p>

<\/p>

Carla Inc. also issued $600,000of 20-year,8% convertible bonds at par on July 1, 2017. Each $1,000bond converts to42shares of common at any interest date. None of the bonds have been converted to date.<\/p>

<\/p>

Carla Inc. is preparing its annual report for the fiscal year ending December 31, 2017. The annual report will show earnings per share figures based upon a reported after-tax net income of $1,555,000. (The tax rate is40%.)<\/p>

<\/p>

Determine the following for 2017.<\/p>

<\/p>

(a)<\/strong>The number of shares to be used for calculating:(Round answers to 0 decimal places, e.g. $2,500.)<\/em><\/strong><\/p>

<\/p>

(1)<\/strong>Basic earnings per share<\/p>

shares(2)<\/strong>Diluted earnings per share<\/p>

shares<\/p>

(b)<\/strong>The earnings figures to be used for calculating:(Round answers to 0 decimal places, e.g. $2,500.)<\/em><\/strong><\/p>

<\/p>

(1)<\/strong>Basic earnings per share$<\/p>

(2)<\/strong>Diluted earnings per share$<\/p>", "transcribed_text": "", "related_book": { "title": "Managerial Accounting Tools for Business Decision Making", "isbn": "978-1118334331, 1118334337, 978-1119036449, 1119036445, 978-1119036432", "edition": "7th edition", "authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1003.jpg", "uri": "\/textbooks\/managerial-accounting-tools-for-business-decision-making-7th-edition-1003", "see_more_uri": "" }, "free_related_book": { "isbn": "B0CWF2Z6JN", "uri": "\/textbooks\/side-hustle-handbook-a-comprehensive-guide-to-diversify-your-income-1st-edition-979-8882782626-274194", "name": "Side Hustle Handbook A Comprehensive Guide To Diversify Your Income", "edition": "1st Edition" }, "question_posted": "2024-06-28 05:50:05", "see_more_questions_link": "\/study-help\/questions\/business-economics-2023-September-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/how-are-jointly-produced-private-goods-analogous-to-public-goods", "description": "How are jointly produced private goods analogous to public goods?", "stars": 3 }, { "url": "\/study-help\/psychology-2e\/describe-humes-general-approach-to-the-problem-of-causality-1985124", "description": "Describe Humes general approach to the problem of causality.", "stars": 3 }, { "url": "\/is-jetblue-likely-to-continue-being-successful-in-building-customer", "description": "Is JetBlue likely to continue being successful in building customer relationships? Why or why not? In 2007, JetBlue was a thriving young airline with a strong reputation for outstanding service. In...", "stars": 3 }, { "url": "\/study-help\/questions\/which-of-the-following-is-least-susceptible-to-electromagnetic-interference-9858006", "description": "Which of the following is least susceptible to electromagnetic interference? Question 1 4 options: Coaxial Cable Shielded Twisted Pair Fiber Optic Cable Unshielded Twisted Pair", "stars": 3 }, { "url": "\/study-help\/questions\/roover-grooming-provides-grooming-services-for-pets-in-april-the-6099166", "description": "Roover Grooming provides grooming services for pets. In April, the company earned $15,200 in revenues and incurred the following operating costs to groom 650 dogs: (Click tho icon to view the...", "stars": 3 }, { "url": "\/study-help\/questions\/section-banswer-any-three-of-these-four-questions-20360-marks-1027570", "description": "SECTION B-Answer any THREE of these four questions [203=60 marks] QUESTION #3 3D Rigid Body Equilibrium 2 m x 6 m 3 m 3 m D 4 m F2 (350j) N B [20 marks] F = (-800k) N Figure 2 (Courtesy of Prentice...", "stars": 3 }, { "url": "\/study-help\/questions\/please-provide-your-analysis-and-arguments-case-a-haplesshospital-employs-3618155", "description": "Please Provide your analysis and arguments Case A HaplessHospital employs Dr. Frank Aterror, a surgeon who in the past has sexually assaulted female patients. Suppose that he sees a thousand patients...", "stars": 3 }, { "url": "\/study-help\/questions\/what-is-sales-enablement-and-how-it-works-how-1003858", "description": "What is Sales Enablement and how it works ? How to Scale Your Sales Team Quickly? How to do t-test in Excel Simplest way of explaining please", "stars": 3 }, { "url": "\/study-help\/questions\/explain-the-goal-of-a-denialofservice-dos-attack-how-are-999031", "description": "Explain the goal of a denial-of-service (DoS) attack. How are these attacks initiated? How can they be prevented?", "stars": 3 }, { "url": "\/study-help\/questions\/comparative-financial-statements-for-weller-corporation-a-merchandising-company-for-1001567", "description": "Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A total...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/cruz-inc-comparative-balance-sheets-december-31-2019-2019-4250580", "next": "\/study-help\/questions\/firms-are-focusing-considerable-attention-on-building-sustainable-competitive-advantages-4250582" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "Exercise 16-23 On June 1, 2015, Flint Company and Buffalo Company merged", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/exercise-1623-on-june-1-2015-flint-company-and-buffalo-4250581" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }: "1" } }