Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The stockholders equity section of Tkachuk Corporation appears below as of December 31, 2014. 8% preferred stock, $50 par value, authorized 100,866 shares, outstanding 90,866

The stockholders equity section of Tkachuk Corporation appears below as of December 31, 2014.

8% preferred stock, $50 par value, authorized
100,866 shares, outstanding 90,866 shares $4,543,300
100,866 shares, outstanding 90,866 shares 10,200,000
Additional paid-in capital 20,776,000
Retained earnings $134,180,000
Net income 38,742,000 172,922,000
$208,441,300

Net income for 2014 reflects a total effective tax rate of 34%. Included in the net income figure is a loss of $12,304,000 (before tax) as a result of a major casualty, which should be classified as an extraordinary item. Preferred stock dividends of $363,464 were declared and paid in 2014. Dividends of $1,330,000 were declared and paid to common stockholders in 2014. Compute earnings per share data as it should appear on the income statement of Tkachuk Corporation. (Round answers to 2 decimal places, e.g. 1.48.)

Answer Format:

Earnings Per Share

Income Before Extraordinary Item
Extraordinary Item
Net Income / (Loss)

Thank you!

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

Students also viewed these Accounting questions

Question

Describe how to train managers to coach employees. page 404

Answered: 1 week ago

Question

Discuss the steps in the development planning process. page 381

Answered: 1 week ago