part: A,B and C

The following information relates to the capital structure of Metcalf Corp.: 12/31/08 12/31/09 Outstanding shares: Common stock ............................ 180,000 180,000 Preferred stock, convertible into 60,000 shares of common ........................ 60,000 60,000 10% convertible bonds, convertible into 40,000 shares of common ................. $2,000,000 $2,000,000 During 2009 Metcalf paid $90,000 in dividends on the preferred stock. Metcalf's net income for 2009 was $1,960,000 and the income tax rate was 40 percent. For the year ended December 31, 2009, the diluted earnings per share is a. $7.29. b. $7.43. c. $8.17. d. $8.29. ANS: B

At December 31, 2008, Lefton, Inc. had 600,000 shares of common stock outstanding. On April 1, 2009, an additional 180,000 shares of common stock were issued for cash. Lefton also had $5,000,000 of 8% convertible bonds outstanding at December 31, 2008, which are convertible into 150,000 shares of common stock. The bonds are dilutive in the 2009 EPS computation. No bonds were issued or converted into common stock during 2009. 42. What is the number of shares that should be used in computing basic earnings per share for 2009? a. 735,000 b. 780,000 c. 885,000 d. 910,000 ANS: A

. What is the number of shares that should be used in computing diluted earnings per share for 2009? a. 735,000 b. 780,000 c. 885,000 d. 910,000 ANS: C

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