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Assignment
1. XYZ, INC. had net income of $10 million for the year. It had outstanding 1 million common stock shares until September 30th when it issued another 500,000 shares (1,500,000 at year-end). XYZ also had 50,000 preferred shares that paid a $4 annual dividend. The preferred stock was convertible into common stock at the rate of 2 common shares for each preferred share.
a. Calculate the company's basic AND fully diluted earnings per share
2. a. Describe the basic accounting treatment for Stock Options and explain how and why companies might use them.b. Locate a major company that issued stock options in the recent past. Provide a link or upload the financial statements (notes) for the company. What was the major reason the company issued the options? Do you believe the accounting treatment is reasonable?
3. Garcia Corporation's balance sheet and income statement appear below:
Comparative Balance Sheet
Assets:
Ending Balance
Beginning Balance
Cash and cash equivalents
$ 36
$ 33
Accounts receivable
46
41
Inventory
53
59
Plant and equipment
472
460
Accumulated depreciation
( 218)
( 214)
Total assets
$389
$379
Liabilities and stockholders' equity:
Accounts payable
$ 52
$ 62
Long-term debt
289
330
Common stock
84
80
Retained earnings
( 36)
( 93)
Total liabilities and stockholders' equity
Income Statement
Sales
$737
Cost of goods sold
454
Gross margin
283
Selling and administrative expense
173
Net operating income
110
Income taxes
33
Net income
$ 77
Cash dividends were $20.
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