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Question - On December 31, 2010, Heffner Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $100 par, cumulative preferred stock outstanding. On February 28, 2011, Heffner purchased 24,000 shares of common stock on the open market as treasury stock paying $45 per share. Heffner sold 6,000 of the treasury shares on September 30, 2011, for $47 per share. Net income for 2011 was $540,000. The income tax rate is 40%. Also outstanding at December 31, 2010, were fully vested incentive stock options giving key personnel the option to buy 50,000 common shares at $40. The market price of the common shares averaged $50 during 2011. Five thousand 6% bonds were issued at par on January 1, 2011. Each $1,000 bond is convertible into 125 shares of common stock. None of the bonds had been converted by December 31, 2011 and no stock options were exercised during the year.
Required: Compute basic and diluted earnings per share for Heffner Company for 2011.
Prepare a summary of the departments that will be affected by the change and identify their role on your team. In your summary, coordinate your thoughts to your concept and present meaning and evidence to back up your opinion.
An auditor at a prestigious CPA firm
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The production of each TV set requires 1.5 direct labor hours. The average cost of each direct labor hour is $10.50. If scheduled production for May is 2,000 TVs, what will be the total budgeted cost of direct labor?
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How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease, no effect) and by how much?
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