Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please explain the steps to this problem. Not sure why the income part is wrong either Exercise 16-20 Your answer is partially correct . Try

Please explain the steps to this problem. Not sure why the income part is wrong either

image text in transcribed
Exercise 16-20 Your answer is partially correct . Try again On January 1 , 2017 , Swifty ifty Industries had stock outstanding as follows / Cumulative preferred stock , $190 par value , issued and outstanding 9 100 shares $910 ,090 Common stock , $10 par value , issued and outstanding 185 000 shares 1 860 000 To acquire the net assets of three smaller companies , Swifty authorized the issuance of an additional 160 800 common shares . The acquisition cquisitions took place as shown below Date of Acquisition Shares Issued Company A April 1 , 2017 50 400 Company B July 1 2017 79. 200 Company C October 1 , 2017 31 200 On May 14 , 2017 , Swifty realized a $86 400 ( before taxes ) insurance gain on discontinued operat On December 31 , 2017 , Swifty recorded income of $289 200 from canti nuing operations ( after tax ) Assuming a 50 % tax rate , compute the earnings per share data that should appear ould appear on the financial statements of Swifty Industries as of December 31 , 2017 . ( Round answer to 2 deci mal places , e.g $2.55. ) For the Year Ended December 31 , 2017 income From Continuing Operations 289200 Loss From Discontinued Operations Net Income / ( Loss ) Day

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

Accounting Equations & Answers

Authors: Barcharts, BarCharts Inc

1st Edition

1423218248, 9781423218241

More Books

Students also viewed these Accounting questions

Question

3. An initial value (anchoring).

Answered: 1 week ago

Question

4. Similarity (representativeness).

Answered: 1 week ago