Ahnberg Corporation had 800,000 shares of common stock issued and outstanding at January 1. No common shares
Question:
Ahnberg Corporation had 800,000 shares of common stock issued and outstanding at January 1. No common shares were issued during the year, but on January 1, Ahnberg issued 100,000 shares of convertible preferred stock. The preferred shares are convertible into 200,000 shares of common stock. During the year Ahnberg paid $60,000 cash dividends on the preferred stock. Net income was $1,500,000. What were Ahnberg’s basic and diluted earnings per share for the year?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
The preferred shares are considered converted when ...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Determine the outstanding balance at the end of seven years on a $500,000 loan (paid monthly and fully amortized over 30 years), originated at 9.0 percent annual interest, with one discount point.
-
Please submit a 3 page, double spaced, MLA format, paper on the Iceland financial crisis of 2008-2011.You are to write as if you are the advisor to the Government. Present your best arguments to...
-
(Multiple Choice) 1. For purposes of computing the weighted average number of shares outstanding during the year, a midyear event that must be treated as occurring at the beginning of the year is the...
-
On January 18, 2021, Marigold Co. paid $450,000 for a three-year insurance policy that covers February 1, 2021 through January 31, 2024. Marigold's year end is June 30, 2021. Assuming she records the...
-
Suppose the ratio of deposits that banks hold in the form of reserves is 7 percent. Suppose further that people want to hold 8 percent of their deposits in the form of cash. Then, if the Fed wants...
-
(a) Using the values given for an MHD drive in Exercise 22.36, and assuming the force is uniformly applied to the fluid, calculate the pressure created in N/m2. (b) Is this a significant fraction of...
-
Have you ever bought a new (or used) car? What were the negotiations like? Did you enjoy the negotiations? Why or why not?
-
Med-Tech labs is a facility that provides medical tests and evaluations for patients, ranging from analyzing blood samples to performing magnetic resonance imaging (MRI). Average cost to patients is...
-
As of June 30, Year 1, the bank statement showed an ending balance of $16,878. The unadjusted Cash account balance was $15,239. The following information is available: 1. Deposit in transit, $2,190....
-
The balance sheet of Sco appeared as follows on March 1, 2011, when an interim trustee was appointed by the U.S. trustee to assume control of Sco's estate in a Chapter 7 case. ADDITIONAL...
-
Alciatore Company reported a net income of $150,000 in 2024. The weighted-average number of common shares outstanding for 2024 was 40,000. The average stock price for 2024 was $33. Assume an income...
-
At December 31, 2023 and 2024, Funk & Noble Corporation had outstanding 820 million shares of common stock and 2 million shares of 8%, $100 par value cumulative preferred stock. No dividends were...
-
Innocent Misrepresentation W. F. Yost, who owned the Red Barn Barbecue Restaurant (Red Barn), listed it for sale. Richard and Evelyn Ramano of Rieve Enterprises, Inc. (Rieve), were interested in...
-
What are the major advantages of electronic trading over traditional corporate bond trading in the over-the-counter maiket?
-
What are the different forms of credit risk?
-
a. In selling a mortgage loan for future delivery, what is the advantage of obtaining an optional rather than mandatory delivery agreement? b. What is the disadvantage of optional delivery?
-
What are the four types of negotiable CDs?
-
How does a credit rating differ from a recovery rating?
-
Use mesh analysis to find currents I1, I2, and I 3 in the circuit of Fig. 10.82. 120/90 V ( 120 230 V
-
Which of the following gives the range of y = 4 - 2 -x ? (A) (- , ) (B) (- , 4) (C) [- 4, ) (D) (- , 4] (E) All reals
-
Arnold Industries has pretax accounting income of $33 million for the year ended December 31, 2011. The tax rate is 40%. The only difference between accounting income and taxable income relates to an...
-
Bronson Industries reported a deferred tax liability of $8 million for the year ended December 31, 2010, related to a temporary difference of $20 million. The tax rate was 40%. The temporary...
-
The information that follows pertains to Esther Food Products: a. At December 31, 2011, temporary differences were associated with the following future taxable (deductible) amounts: Depreciation...
-
Consider the following first-price, sealed bid, private value auction of an object to two bidders. In the auction, the highest bidder wins the bid and pays her bid. Suppose that for i = 1, 2, bidder...
-
Sara was performing the SN2 reaction by adding NaBr to a solution of 1-butanol and heating it to reflux. When she isolated the product at the end of the reaction, she observed the following in her IR...
-
Mary and Kendal both work for Amazon. They both make $69,000 and they also each have $1200 a year in child care expenses. Mary deposits $1200 a year into a dependent care flexible spending account...
Study smarter with the SolutionInn App