Question: Problem 3: Earnings per Share and Adjusting Entries (12 points) 1. The following information (in millions of dollars) is available for Kline Sportswear for 2012:

Problem 3: Earnings per Share and Adjusting Entries (12 points) 1.

Problem 3: Earnings per Share and Adjusting Entries (12 points) 1. The following information (in millions of dollars) is available for Kline Sportswear for 2012: Sales revenue $6,300 Net income Preferred stock dividend $504.6 $0 Stock price per share $18.45 Average shares outstanding 336.4 million Compute the earnings per share for Kline Sportswear. Before month-end adjustments are made, the September 30 trial balance of Horton Enterprise contains revenue of $9,200 and expenses of $6,300. Adjustments are necessary for the following items: 2. . Depreciation for September is $300 . Revenue earned but not yet billed is $2,100. . Accrued interest expense is $800. Revenue collected in advance that is now earned is $3,400. Portion of prepaid insurance expired during September is $300. . Calculate the correct net income for Horton's Enterprise for September. (Show all of your work for partial credit)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

How would your answer to BE17- 20 change if year 1 income were equal to $ 100,000? Income (Loss) Year Before Tax $300,000 200,000 450,000) Tax Rate 40% 35% 35%

Hello, I am pleased with an question you just completed. I have another spreadsheet that I am prepping for test, Will you please complete the tabs P10-3A, p11-2A, P13-7A, P14-3 and P14-9 in its...

State total budgeted cost formula, and prepare flexible budget s for 2 time periods P10-3A State total budgeted cost formula, and prepare flexible budget s for 2 time periods Ratchet Company uses...

Ratchet Company uses budgets in controlling costs. The August 2017 budget report for the company's Assembling P10-3A State total budgeted cost formula, and prepare flexible budget s for 2 time...

Hello, I am pleased with an question you just completed. I have another spreadsheet that I am prepping for test, Will you please complete the tabs P10-3A, p11-2A, P13-7A, P14-3 and P14-9 in its...

I've attached the question as a word file, thanks! JWCL165_c10_444-505.qxd 8/12/09 7:24 AM Page 444 10 Liabilities Chapter STUDY OBJECTIVES After studying this chapter, you should be able to: 1...

Problem 18-3A Condensed balance sheet and income statement data for Landwehr Corporation appear below. LANDWEHR CORPORATION Balance Sheets 2018 2017 2016 Cash $ 25,400 50,500 89,000 75,800 399,000...

QUESTION 5 Bellarus Inc. is a new business. During its first year of business, Bellarus purchased 10,000 widgets from a supplier for S3 cach. Bellarus paid $2,000 in shipping charges to have the...

1. (Points: 1) With respect to a corporation, select the statement that is correct. a. Its organization requires an approved charter which is governed by state law. b. Ownership rights to the...

a. The embezzler is a "low level" clerk. Did she have responsibility for issuing checks? What difference does it make whether or not she had responsibility? b. Did Nichols commit single or double...

Consider the following relation. y = x + 1 Step 1 of 2: Find four points contained in the inverse. Express your values as an integer or simplified fraction. Answer 177 D.C (0 p.q D.C D}

3. A certain consumer buys only food and compact discs. If the quantity of food bought increases, while that of compact discs remains the same, the marginal utility of food will a. fall relative to...

Teamwork. Your instructor will place you in a group and ask your group to design an online questionnaire to gather data about college students preferences about the following: a. energy drinks f....

At the request of your dentist, Jennifer Ryan, you surveyed the patients who had checkups at her office during May to determine their dental floss preference. Data gathered from 73 patients are...

Teamwork. Work with two or three of your classmates to design an experiment to determine how people react to receiving compliments. After getting feedback on your design from members of another team,...