Brisky Corporation had net sales of $2,408,500 and interest revenue of $34,100 during 2014. Expenses for 2014 were cost of goods sold of $1,453,700; administrative expenses of $221,500; selling expenses of $291,100; and interest expense of $49,000. Brisky’s tax rate is 30%. The corporation had 109,100 shares of common stock authorized and 72,020 shares issued and outstanding during 2014.
Prepare a single-step income statement for the year ended December 31, 2014.
Regal Company had 100,000 shares of common stock, 50,000 shares of convertible preferred stock, and $1,000,000 of 10% convertible bonds outstanding. The preferred stock is convertible into 80,000 shares of common stock and the bonds convertible into 50,000 shares of common stock. During 2015, the company paid dividends at 0.50 cent per share on common and $1.00 per share on preferred stock. The net income for 2015 was $300,000 and the income tax rate is 40%. Calculate:
A) Basic earning per share
B) Diluted earning per share
Oracle reported the following earnings per share information in its 2008 annual report. The company has only one class of stock.
| ($ in millions) | |
| Net income | $5,521 |
| Dividends to common shareholders | $1,563 |
| Weighted average common shares outstanding | 5,133 |
| Weighted average dilutive shares from employee stock plans | 96 |
| Weighted average anti-dilutive shares from employee stock plans | 98 |
Basic earnings per share was:
A. $0.72
B. $0.77
C. $1.08
D. $1.12
E. None of the above
