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A corporation has net income of $200,000 for the current year. The corporation has 5,000 shares of cumulative, 5%, $100 preferred stock and 20,000 shares of $20 par common stock outstanding for all of the year. What is the numerator to be used in the earnings per share calculation?  

a)            The numerator is $225,000.  

b)            The numerator is $200,000.  

c)            The numerator is $195,000.  

d)            The numerator is $175,000.  

 

 

82)          A corporation has net income of $200,000 for the current year. The corporation has 5,000 shares of cumulative, 5%, $100 preferred stock and 20,000 shares of $20 par common stock outstanding for all of the year. What is the denominator to be used in the earnings per share calculation?  

a)            The denominator is 25,000 shares.  

b)            The denominator is 5,000 shares.  

c)            The denominator is 10,000 shares.  

d)            The denominator is 20,000 shares.  

 

 

83)          A corporation reports net income of $100,000 for the current year. The corporation has 10,000 shares of cumulative, 10%, $50 preferred stock and 55,000 shares of $10 par common stock outstanding all of the year. What is earnings per share?  

a)            Earnings per share is $1.00.  

b)            Earnings per share is $.50.  

c)            Earnings per share is $1.81.  

d)            Earnings per share is $.91.  

 

 

84)          A corporation has net income of $365,000 for the current year. It paid its required preferred dividend of $17,500 and had no other stock transactions during the year. The average number of common shares outstanding during the year was 69,500. What is earnings per share?  

a)            Earnings per share is $5.84.  

b)            Earnings per share is $5.00.  

c)            Earnings per share is $4.37.  

d)            Earnings per share is $1.00.  

 

 

85)          A corporation has net income of $365,000 for the current year. It paid its required preferred dividend of $17,500 and had no other stock transactions during the year. The average number of common shares issued during the year was 69,500. The corporation also held 10,000 shares of its common stock as treasury stock for the entire year. What is earnings per share?  

a)            Earnings per share is $5.84  

b)            Earnings per share is $1.00.  

c)            Earnings per share is $4.37.  

d)            Earnings per share is $5.00.  

 

 

86)          Which of the following statements concerning the statement of retained earnings is NOT correct?  

a)            The statement of retained earnings contains information concerning new shares of stock issued during the period. 

b)            The statement of retained earnings reports how the company moved from its beginning balance to its ending balance during the period.  

c)            Companies often report income and retained earnings on a single statement.  

d)            Net income is reported as an increase in retained earnings.  

 

 

87)          Which of the following items in NOT found on a statement of retained earnings?  

a)            Cash dividends  

b)            Treasury stock purchases  

c)            Net income  

d)            Earnings per share  

 

 

88)          A corporation has $40,000 of retained earnings at the beginning of the period. The company has net income of $5,000 and pays dividends of $30,000 during the period. What is the balance in retained earnings at the end of the period?  

a)            $35,000  

b)            $15,000  

c)            $25,000  

d)            $ 5,000  

 

 

89)          Which of the following items are included in comprehensive income?  

a)            Changes in total stockholders equity from all sources other than from the income statement are included in comprehensive income.  

b)            Changes in total stockholders equity from all sources other than the owners are included in comprehensive income.  

c)            Comprehensive income includes net income from the income statement.  

d)            Both B and C are correct.  

 

 

90)          Which of the following items is NOT found on a statement of comprehensive income?  

a)            Net income  

b)            Foreign-currency translation adjustments  

c)            Unrealized gains or losses on certain investments  

d)            All of these items are found on a statement of comprehensive income.  

 

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