Common shares had averaged

Assignment Help Accounting Basics
Reference no: EM13879717

On January 1, 2013, Tonge Industries had outstanding 440,000 common shares (par $l) that originally sold for $20 per share, and 4,000 shares of 10% cumulative preferred stock (par $100), convertible into 40,000 common shares.
On October 1, 2013, Tonge sold and issued an additional 16,000 shares of common stock at $33. At December 31, 2013, there were incentive stock options outstanding, issued in 2012, and exercisable after one year for 20,000 shares of common stock at an exercise price of $30. The market price of the common stock at year end was $48. During the year the price of the common shares had averaged $40.
Net income was $650,000. The tax rate for the year was 40%.

Required:
Compute basic and diluted EPS for the year ended December 31, 2013.

Reference no: EM13879717

Questions Cloud

What is block ownership? : What is block ownership? How does it affect corporate governance?
Define different types of exposure the firm might encounter : Define the different types of exposure the firm might encounter
Formulate an lp model to maximize the total profit : The turkeys require 4 hours of labor time. The house can grow a maximum of 20 broiler birds, and a maximum of 100 hours of labor are available. Formulate this prob- lem as an LP model to maximize the total profit.
Thermo physical properties : That is, m = 36 kg/h, with all other conditions the same. The thermo physical properties of the hot fluid are p = 1079 kg/m3, cp = 2637 J/kg · K, µ = 0.0034 N · s/m2, and k = 0.261 W/m · K.
Common shares had averaged : On January 1, 2013, Tonge Industries had outstanding 440,000 common shares (par $l) that originally sold for $20 per share, and 4,000 shares of 10% cumulative preferred stock (par $100), convertible into 40,000 common shares.
The health of an aquatic ecosystem : Why is N level is an important indicator of the health of an aquatic ecosystem? support with references (no website references)
Describe the creation and flow of csf : Describe the creation and flow of CSF in the Central Nervous System
Calculate basic earnings per common share : On September 1, 2013, Canaday sold 72 million additional shares of common stock.
Co2 concentration in earth''s atmosphere increasing : Now, I know you are thinking - 'That is a silly question, the answer is obviously human CO2 emissions'. However, that is only part of the answer - emissions (what type? what rates?) are only one part of the story. The contribution from human emission..

Reviews

Write a Review

Accounting Basics Questions & Answers

  After the bank reconciliation is complete which

after the bank reconciliation is complete which adjustments are recorded in the accounting records? what do you think

  Current or future career choices

Discuss how this course will influence your current or future career choices. Which topics did you enjoy most and which did you find the most useful?

  Preparation of a balance sheet presented below is the trial

e5-12 preparation of a balance sheet presented below is the trial balance of vivaldi corporation at december 31 2012

  What is the difference between budget lapsing and

what is the difference between budget lapsing and line-item budgets?what types of organizations would you expect to use

  An earthquake caused 113000 in property damage to one of

selected information about income statement accounts for the reed company is presented below the companys fiscal year

  Give the simple entry for explanation

Show me the assumption and give the simple entry for explanation

  Evaluate the effectiveness of the company disaster recovery

assess the short- and long-term impact the disaster had to the business and stakeholders. Provide specific examples to support your response.

  Par value method of accounting for its treasury stock

Assuming Kuchman uses the par value method of accounting for its treasury stock, retained earnings at Dec 31. Year 2 would be reduced by ?

  Make a list of all fixed costs associated with running the

for this we must do tasks related to a retail store selling dvds. this business is relatively simple with approximately

  If beginning and ending goods in process inventories are

if beginning and ending goods in process inventories are 5000and 15000 respectively and cost of goods manufactured

  A hurricane completely destroyed duplex the current year

A hurricane completely destroyed her duplex the current year. Julie lived in one-half of the duplex and rented out the other half. Julie paid $400,000 for the duplex and has taken $80,000 of cost recovery on the rental portion of the duplex. Th..

  Write a journal entry to estimate the uncollectible

The company had an opening balance of Retained Earnings as $1050000. The Company earned an income of $36000 during the year. In the previous year the income was understated because of the error in calculation of Inventory. The amount from which the i..

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