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Question - The Jennings Company reports net income of $1,100,000 for the current year. The company has 60,000 shares of nonconvertible preferred stock outstanding for the entire year that pays an annual cash dividend of $8 per share. A cash dividend of $96,000 is paid on the common stock. At the beginning of the year, the company has 100,000 shares of common stock outstanding. On June 1, 40,000 shares of this stock were reacquired by the company as treasury stock. The company also has 50,000 stock options outstanding. For $25 each option can be used to obtain one new share of common stock. The average price of the stock for this year was $100 per share. No income effect was recognized this year in connection with the issuance of these stock options. The company's effective tax rate was 30 percent. What should the company report as its diluted earnings per share?
A. $4.59
B. $5.43
C. $9.64
D. $6.36
Truman Corporation issues for cash $2,000,000 of 8%, 15-year bonds, interest payable annually, at a time when the market rate of interest is 7%. The straight-line method is adopted for the amortization of bond discount or premium.
Using the information from the e-Activity, identify the key elements of a plan to outsource your firm’s payroll function. For each element of the plan, describe the impact of each element. Be sure that the elements address the necessary controls need..
The Preston Company reported the following income for 2014: Sales $ 35,500 Cost of goods sold 9,100 Gross margin $ 26,400 Selling and administrative expense 11,100 Operating income $ 15,300 Interest expense 5,100 Income before taxes $ 10,200 Income t..
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The first payment will be $4,000 with annual increases of 2.5 percent. What is the current value of this leasing contract at a discount rate of 7.5 percent?
A check is written on April 3rd and voided on May 18th. April is now a closed accounting period. How is this void reflected on the May bank reconcilement and corrected in the general ledger? Should it be included with the May deposits and/or included..
The firm's annual sales are expected to total $2,400,000, What is the projected ROE under the restricted policy
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Adam elects the accrual method of accounting for his business. What amount of deductions does Adam recognize in year 0 for the following transactions?
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