Financial Accounting Earnings Per Share Questions Homework Help
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1.McCoy Corporation has outstanding at December 31, 2010, 50,000 shares of $20 par value, cumulative, 8% preferred stock and 200,000 shares of $5 par value common stock. All shares were outstanding the entire year. During 2010, McCoy earned total revenues of $2,000,000 and incurred total expenses (except income taxes) of $1,200,000. McCoy’s income tax rate is 30%.
Compute McCoy’s 2010 earnings per share.
2.Ringgold Corporation has outstanding at December 31, 2014, 50,000 shares of $20 par value, cumulative, 6% preferred stock and 200,000 shares of $5 par value common stock. All shares were outstanding the entire year. During 2014, Ringgold earned total revenues of $2,000,000 and incurred total expenses (except income taxes) of $1,300,000. Ringgold”s income tax rate is 30%.
Compute Ringgold”s 2014 earnings per share.
3.Nikennis Corporation has outstanding at December 31, 2012, 50,000 shares of $20 par value, cumulative, 8% preferred stock and 200,000 shares of $5 par value common stock.
All shares were outstanding the entire year. During 2012, Nikennis earned total revenues of $2,000,000 and incurred total expenses (except income taxes) of $1,200,000. Nikennis’s income tax rate is 30%.
Compute Nikennis’s 2012 earnings per share.
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4.At December 31, 2010, Cali Corporation has 2,000 shares of $100 par value, 8%, preferred stock outstanding and 100,000 shares of $10 par value common stock issued. Cali’s net income for the year is $241,000.
Compute the earnings per share of common stock under the following independent situations. (Round to two decimals.)
(a) The dividend to preferred stockholders was declared. There has been no change in the number of shares of common stock outstanding during the year.
(b) The dividend to preferred stockholders was not declared. The preferred stock is cumulative. Cali held 10,000 shares of common treasury stock throughout the year.
5.The following information is available for Patel Corporation for the year ended December 31, 2010: Sales $800,000; Other revenues and gains $92,000; Operating expenses $110,000; Cost of goods sold $465,000; Other expenses and losses $32,000; Preferred stock dividends $30,000.The company’s tax rate was 20%, and it had 50,000 shares outstanding during the entire year.
(a) Prepare a corporate income statement.
(b) Calculate earnings per share.
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