Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For 2023, Thibodeau Corp, reported $125,810,000 of net income and had a 20% tax rate. On January 1,2023 , Thibodeau had the following outstanding securities:

image text in transcribed
For 2023, Thibodeau Corp, reported $125,810,000 of net income and had a 20% tax rate. On January 1,2023 , Thibodeau had the following outstanding securities: - 41,175,000 shares of $4.00 par common stock. - 60,000 shares of 4%,$100 par preferred stock. - 289,000 stock options. Each option allows the holder to purchase one share of common stock at a fixed price of $39.00 per share. During 2023, the following occurred: - 3/1/23 - Thibodeau repurchased common stock into the treasury. 940,000 shares at $40.50 per share. - 9/1/23 - Holders of 87,000 options exercised those options, and Thibodeau issued 87,000 common shares from the treasury to them. - 12/17/23 - Thibodeau paid its annual dividend. $4.00 per preferred share and $0.89 per common share. The average price per share of common stock during 2023 was $42.00 per share. What is Thobodeau's 2023 basic earnings per share

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey of Accounting

Authors: Carl S Warren

6th edition

978-113318912, 1133189121, 978-1133189121

More Books

Students also viewed these Accounting questions

Question

How well do we currently work together?

Answered: 1 week ago