Assume that the expropriation is extraordinary

Assignment Help Financial Accounting
Reference no: EM131220448

On January 1, 2014, Lennon Industries had stock outstanding as follows. 6% Cumulative preferred stock, $108 par value, issued and outstanding 11,900 shares $1,285,200 Common stock, $11 par value, issued and outstanding 282,000 shares 3,102,000 To acquire the net assets of three smaller companies, Lennon authorized the issuance of an additional 272,400 common shares. The acquisitions took place as shown below. Date of Acquisition Shares Issued Company A April 1, 2014 110,400 Company B July 1, 2014 130,800 Company C October 1, 2014 31,200 On May 14, 2014, Lennon realized a $153,600 (before taxes) insurance gain on the expropriation of investments originally purchased in 2000. On December 31, 2014, Lennon recorded net income of $351,600 before tax and exclusive of the gain. Assuming a 42% tax rate, compute the earnings per share data that should appear on the financial statements of Lennon Industries as of December 31, 2014. Assume that the expropriation is extraordinary.

Reference no: EM131220448

Questions Cloud

Evolve a design through three stages of refinement : Create 10 designs as you did in Problem 7.15, but instead of developing each new design from the original image, evolve the design from one sketch to the next.
Find the transfer function of the filter : Find the transfer function of the filter. - Find the impulse response of the filter. For both parts, make sure your answer results in a causal filter.
What was the net income and what were the total expenses : What was the total amount of withdrawals for the year? What was the net income? What was the total revenue? What were the total expenses?
Compute the net benefits using the discount rate : Consider the following two projects. Both have costs of $5000 in year1. projects 1 provides benefits of $2000 in each of the first four years only. The second provides benefits of $2000 for each of years 6 to 10 only. Compute the net benefits usin..
Assume that the expropriation is extraordinary : On January 1, 2014, Lennon Industries had stock outstanding as follows. 6% Cumulative preferred stock, $108 par value, issued and outstanding 11,900 shares $1,285,200 Common stock, $11 par value, issued and outstanding 282,000 shares 3,102,000 To acq..
Shell script- remove old programs you no longer wish to keep : Assignment Two - UNIX Shell Programming - KIT501 System Administration Fundamentals - Write a shell script (to run on the Bourne shell) that runs an infinite loop to monitor the creation and removal of .pdf or .PDF files under the current directory..
Determine the ratio of the noise equivalent bandwidth : A filter has the following transfer function: - Determine the ratio of the noise equivalent bandwidth for this filter to its 3-dB bandwidth.
Cartel might make this offer : Many retail stores offer to match or beat the price offered by the rival store. Explain why firms that belong to a cartel might make this offer?
What is the bandwidth of the filter : What is the bandwidth (3 dB) of the filter? - What is the attenuation (or gain) at zero frequency? - Show one possible filter that could have produced this output PSD.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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