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Wheeler Company began 2010 with 10,000 shares of $10 par common stock and 2,000 shares of 9.4%, $100 par, convertible preferred stock outstanding. On April 2 and June 1, respectively, the company issued 2,000 and 6,000 additional shares of common stock. On November 16 the company declared a two for one stock split. Compensatory share options that currently allow the purchase of 2,000 shares of common stock at $16 per share were outstanding during 2010. To date, none of these options have been exercised. The unrecognized compensation cost (net of tax) related to these options is $2 per share. The preferred stock was issued in 2009. Each share of preferred stock is currently convertible into 4 shares of common stock. To date, no preferred stock has been converted. Current dividends have been paid on both preferred and common stock. Net income for 2010 totaled $109,800. The company is subject to a 30% income tax rate. The common stock sold at an average market price of $24 per share during 2010.Required:1. Prepare supporting calculations for Wheeler Company and compute its:a. Basic earnings per shareb. Diluted earnings per share2. Show how Wheeler Company would report the earnings per share on its 2010 income statement. Include an accompanying note to the financial statements.3. Assume Wheeler Company uses IFRS. Discuss what Wheeler Company would do differently for computing earnings per share, and then repeat Requirement 1 under IFRS.
company uses a job order costing system and applies manufacturing overhead to jobs using a predetermined overhead rate
The AICPA Code of Professional Conduct does not include enforceable Conduct Rules on Independence and integrity and objectivity. True/False? Why?
A corporation's taxable income before the divdends received deduction (DRD) is $40,000. Included in this amount is dividend income of $60,000 from another corporation in which the taxpayer owns 90 percent of its stock outstanding.
What are the different types of dividends corporations may issue? When should a corporation pay dividends? Do you prefer a stock dividend or a cash dividend? Why?
1. a company issued a 100000 20 year bond with a stated interest rate of 6. assume interest payments are made annually.
Separate the variable and fixed elements, using the high-low method. Determine the cost to be charged to the product for the year. Determine the cost to be charged to factory overhead for the year.
Compute the cost allocation rate for each activity. Use the activity-based cost allocation rates to compute the activity costs of the commercial containers and the travel packs. (Hint: First compute the total activity costs allocated to each produ..
However, the coststructure has reversed and now fixed costs make up the majority of total manufacturing costs. What caused this to happen? What would explain the drastic change in cost structure?
On November 1, 2009, Bug Busters collected $6,000 in advance for three months of service to be provided beginning on that date. It was credited in full to unearned rent revenue. Assuming the accounting year ends December 31, give the adjusting ent..
The bond pay interest on march 1 and septmber1. on october 1,2012,todd copany sold $24,000 of lincoln company bonds acquired on may 1. plus one month accured interest.on december 31,2012, four omnyhs interst was acuured for the remaining bonds. De..
In two to three paragraphs, describe the Sarbanes-Oxley Act and why it is important to the accounting profession. Name and briefly describe the five components of COSO's internal control framework.
on january 1 20x1 parent company purchased 100 of the common stock of subsidiary company for 280000. on this date
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