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Assume that the following data relative to Kane Company for 2013 is available: Net Income $2,100,000 Transactions in Common Shares Change Cumulative Jan. 1, 2013, Beginning number 700,000 Mar. 1, 2013, Purchase of treasury shares (60,000) 640,000 June 1, 2013, Stock split 2-1 640,000 1,280,000 Nov. 1, 2013, Issuance of shares 180,000 1,460,000 8% Cumulative Convertible Preferred Stock Sold at par, convertible into 200,000 shares of common (adjusted for split). $1,000,000 Instructions (a) compute average number of shares outstanding for 2013. (b) Compute the basic earnings per share for 2013. (Round to the nearest penny.)
Purpose a letter/memo to the company's CEO with specific recommendations regarding your budget.
Hugo did not sell the bonds by the end of the year. Must Hugo identify any gross income with respect to the bonds?
Briefly explain what is meant by the principle of adequate disclosure and How does professional judgment enter into the application of the principle of adequate disclosure?
Evaluate clients financial statement balance for inventory
Overhead is charged to production at 70% of direct materials cost. Jobs 235, 237, and 238 were completed during June and transferred to finished goods. Jobs 235 and 238 have been delivered to customers.
What important factors, in addition to quantitative factors, should a firm consider when it is making a capital structure decision? How do these factors play in the decision?
During the year, Tulip distributes $600,000 ($300,000) each to its equal shareholders, Anne and Tom. Anne has a basis in her stock of $65,000, while Tom’s basis is $120,000. Illustrate what is the effect of the distribution by Tulip Corporation on..
Its contribution margin (price minus variable cost) for each unit is $24. Explain how many units does the firm need to sell to reach the cash break-even point?
Determine Sue's variable costs
Calculation of average issue price of stock - Answer the following question based on the stockholder's equity section given above. The company purchased no treasury stock before 2008. Please show your work to receive partial credit in the event tha..
What exact labor and overhead costs would be incurred, both before and after split off point? Again, be precise here in terms of what you believe would need to be incurred.
Purpose a direct materials budget for the seasoning, by month an in total for the second quarter. Be sure to include both the quantity to be purchased and its cost for each month.
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