Compute the earnings per share data

Assignment Help Accounting Basics
Reference no: EM132607025

Question - On January 1, 2017, Stellar Industries had stock outstanding as follows.

6% Cumulative preferred stock, $100 par value, issued and outstanding 9,900 shares$990,000 Common stock, $10 par value, issued and outstanding 199,000 shares 1,990,000

To acquire the net assets of three smaller companies, Stellar authorized the issuance of an additional 160,800 common shares. The acquisitions took place as shown below. (see chart attached)

On May 14, 2017, Stellar realized a $86,400 (before taxes) insurance gain on discontinued operations.

On December 31, 2017, Stellar recorded income of $309,600 from continuing operations (after tax).

Assuming a 50% tax rate, compute the earnings per share data that should appear on the financial statements of Stellar Industries as of December 31, 2017.

Reference no: EM132607025

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  What additional rate of discount was offered

An outdoor table is listed by a wholesaler for $71 less 43%. If the outdoor table is reduced again to $35.64, what additional rate of discount was offered

  Calculate the increase in company profits if the jymp

foto company manufactures and sells a product called jymp. results from last year from the sale of jymp appear

  Apply lower of cost or market to each inventory item

On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item as shown in Exhibit 8.

  Explain the best next step to take in the accounting cycle

Read the email the junior accountant sent you and identify the best next step to take in the accounting cycle. Please explain your reasoning.

  Advertising and purchasing department expenses

The following is a partially completed lower section of a departmental expense allocation spreadsheet for Bookworm Bookstore.

  Changes in income and price of goods

Suppose a consumer has a daily income of $100 and purchases just two goods A and B.  The price of good A is $5 and the price of good B is $4.

  Prepare a journal entry to record depletion during the year

Prepare a journal entry to record depletion during the year. Round your intermediate calculations to two decimal places

  Prepare the journal entries for the issuance of the bonds

XYZ Company is building a new hockey rink at a cost of $1,500,000. Prepare the journal entries for the issuance of the bonds

  What is margin of safety and operating leverage

Present a chart that depicts the four steps that are necessary to develop the CVP chart. What is margin of safety and operating leverage

  Prepare journal entries for each of the transactions

Dunlin Development Company had the following transactions involving notes payable. Prepare journal entries for each of the transactions

  Rotelco is one of the largest digital wireless service

rotelco is one of the largest digital wireless service providers in the united states. in a recent year it had

  Prepare journal entries to record the june

Prepare journal entries to record the June transactions. Include the Post. Ref. column and fill in using the account numbers listed in requirement 2. Enter the transactions in chronological order. For a compound transaction, if no entry is requir..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd