Essay
Woolery,Inc. ,had 50,000 shares of common stock outstanding at January 1,2016.On March 31,2016,an additional 12,000 shares were sold for cash.Woolery also had $4,000,000 of 6% convertible bonds outstanding throughout the year.The bonds are convertible into 40,000 shares of common stock.Net income for the year was $350,000.The tax rate is 35%.
Required: Compute basic and diluted earnings per share (rounded to 2 decimal places)for the year ended December 31,2016.
Correct Answer:
Verified
Basic
$350,000 ÷ [50,000 + (12...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
$350,000 ÷ [50,000 + (12...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q10: Fully vested incentive stock options for 100,000
Q11: ABC declared and paid cash dividends to
Q98: Zeba Company granted 27 million of its
Q99: On December 31,2015,the Bennett Company had 100,000
Q100: Burnet Company had 30,000 shares of common
Q101: Jet Corporation had 8 million shares of
Q104: XYZ Company had 200,000 shares of common
Q105: On December 31,2015,Jackson Company had 100,000 shares
Q107: Horrocks Company granted 180,000 restricted stock awards
Q198: The adjustment to the weighted-average shares for