User Account

All Pages

Compute the basic earnings per share

Assignment Help Accounting Basics
Reference no: EM132889761

Problem - Basic Earnings per Share Lyon Company shows the following condensed income statement information for the year ended December 31, 2019:

Income before discontinued operations $ 29,936

Less: Loss from discontinued operations loss (net of income tax) (2,176)

Net income $27,760

Lyon declared dividends of $6,000 on preferred stock and $17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible.

Required -

Compute the 2019 basic earnings per share.

Show the 2019 income statement disclosure of basic earnings per share.

Draft a related note to accompany the 2019 financial statements.

Reference no: EM132889761

Questions Cloud

Hr analytics for predictions or forecasting : Give 2 examples of how you believe your organization uses HR analytics for predictions or forecasting.
Why do think that organization level was selected : Describe what kind of organization you believe this to be? Is this mostly vertical or horizontal? Why do you think that this organization level was selected?
Purpose of performance management : Which purpose of performance management refers to how organizations use the system to provide information for day-to-day decisions about salary, benefits, and r
Value of improving patient safety reporting systems : Value of Improving Patient Safety Reporting Systems. Explain the risk management issues associated with your issue.
Compute the basic earnings per share : Lyon declared dividends of $6,000 on preferred stock and $17,280 on common stock. Compute the 2019 basic earnings per share
How could the misunderstanding have been avoided : How could this misunderstanding have been avoided? What discussions should Lois and Henry have had with each other before Lois went into the hospice program?
Discuss transporters role : Discuss the transporters role, the port's role and the government's role in controlling invasive species and other hazards inherent in the movement of goods,
Integrated transportation and distribution system : How and why should inland ports become better utilized to improve the integrated transportation and distribution system?
What are the common reasons staff members resist change : Are standards of practice valuable sources of data for such a committee? Why or why not? Which ones might be of particular use?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What market does steven wish to serve doorguard

If, as the text indicates, a market is the set of actual and potential buyers of a product, what market does Steven wish to serve DoorGuard?

  What is the estimated useful life of the machinery

What is the estimated useful life of the machinery and equipment being depreciated with a straight-line deprecation rate of 5%.

  Precisiontree and the prescott furniture company

Using Palisades PrecisionTree software create a tree that graphically shows the various options open to customers of the Prescott Furniture Company . You must import your PrecisionTree into a Word document that contains the NSU/SBE front page

  How do you supply gamma with printers

How do you supply gamma with printers? How do you evaluate alpha, gamma and omega (cost, revenue or profit center)?

  Compute the depreciation expense for year

The ABC Company, located in Boston, purchases a piece of equipment from a dealer in Chicago for $75,000. The cost of shipping the equipment, $6,000, will be paid for by ABC Co.

  Mason company has an inexperienced accountant

A $400 withdrawal of cash for M. Mason's personal use was debited to Salaries Expense $400 and credited to Cash $400.

  Make a periodic inventory system

Assume that Waldrip uses a periodic inventory system and that there are 700 units left at the end of the month. Make a periodic inventory system

  What is reported in the company balance sheet

Stock for the same $26 per share and retires these shares. What is reported in this company's balance sheet in its Common Stock account ?

  Prepare journal entries required as a result of information

Kendra Corporation, in reviewing its allowance for doubtful accounts during 2020, has determined that 1% is the appropriate amount of bad debt expense.

  Market value to book value

Compute (A) debt (long-term) to equity, (b) return on equity, (c) return on assets, (d) dividend payout, (e) financial leverage, and (f) market value to book value.

  What is the owners total equity

Total assets for a company amount to $100,000 and $250,000, respectively. Revenue for the year totaled $300,000. What is the owner's total equity?

  What rate of return would be earning

They don't have the slightest idea what return they would be making on their investment of $17,067.35. What rate of return would they be earning?

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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