Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2020, Flint Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 9,600 shares Common

image text in transcribed

On January 1, 2020, Flint Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 9,600 shares Common stock, $10 par value, issued and outstanding 183,000 shares $960,000 1,830,000 To acquire the net assets of three smaller companies, Flint authorized the issuance of an additional 158,400 common shares. The acquisitions took place as shown below. Date of Acquisition Shares Issued Company A April 1, 2020 48,000 Company B July 1, 2020 80,400 Company C October 1, 2020 30,000 On May 14, 2020, Flint realized a $92,400 (before taxes) insurance gain on discontinued operations. On December 31, 2020, Flint recorded income of $320,400 from continuing operations (after tax). Assuming a 25% tax rate, compute the earnings per share data that should appear on the financial statements of Flint Industries as of December 31, 2020. (Round answer to 2 decimal places, e.g. $2.55.) Flint Industries Income Statement For the Year Ended December 31, 2020 Income From Continuing Operations Discontinued Operations Gain, Net of Tax Net Income/(Loss) LA 1.25

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

Managerial Accounting

Authors: Ronald W Hilton

7th Edition

0073022853, 978-0073022857

More Books

Students also viewed these Accounting questions

Question

=+b) What is the maximax choice? Section 23.4

Answered: 1 week ago

Question

differentiate the function ( x + 1 ) / ( x ^ 3 + x - 6 )

Answered: 1 week ago