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jonny [76]
3 years ago
8

In 2020, Wildhorse Corporation reported net income of $1,021,600. It declared and paid preferred stock dividends of $265,100. Du

ring 2020, Wildhorse had a weighted average of 199,600 common shares outstanding. Compute Wildhorse’s 2020 earnings per share._________
Business
1 answer:
ikadub [295]3 years ago
8 0

Answer:

Wildhorse’s 2020 earnings per share is $3.79

Explanation:

The computation of the earning per share is shown below:

Earning per share = (Net income - preference dividend) ÷ (Average weighted of common outstanding shares)

where,  

Net income and the preference dividend is $1,021,600 and $265,100

And, the number of shares are 199,600 shares

Now put these values to the above formula  

So, the value would equal to

= ( $1,021,600 - $265,100) ÷ (199,600 shares)

= $3.79 per share

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On common size balance sheets, Company A's inventory is 8% and Company B's inventory is 14%. What do just these two percentages
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2 years ago
MILLS ALLOCATES MANUFACTURING OVERHEAD TO PRODUCTION BASED ON STANDARD DIRECT LABOR HOURS. MILLS REPORTED THE FOLLOWING ACTUAL R
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Answer:

1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances.

  • variable overhead cost variance = $1,000 unfavorable
  • variable efficiency variance = -$1,200 favorable
  • fixed overhead costs = $1,500 unfavorable
  • fixed overhead volume variance = -$100 favorable

2. EXPLAIN (as best you can) why the variances are favorable or unfavorable. Based on cost and efficiency budget standards.

  • variable overhead cost variance is unfavorable because actual variable overhead costs per unit are higher than budgeted.
  • variable efficiency variance is favorable because the company used less direct labor hours than budgeted to produce a higher amount of units (1,600 vs. 2,000).
  • fixed overhead costs are unfavorable because total fixed overhead costs were much higher than budgeted, but most of this variance can be explained by higher output.
  • fixed overhead volume variance are favorable because a higher volume was produced using less hours than budgeted.

Explanation:

Static budget variable overhead $1,200

Actual variable overhead $4,000

Static budget fixed overhead $1,600

Actual fixed overhead $3,100

Static budget direct labor hours 800 hours

Actual direct labor hours 1,600

Static budget number of units 400 units

Actual units produced 1,000

Standard direct labor hours 2 hours per unit

Actual direct labor hours 1.6 per unit

standard variable rate = $1,200 / 400 units = $3 per unit

actual variable rate = $4,000 / 1,000 units = $4 per unit

standard fixed rate = $1,600 / 800 hours = $2 per hour

actual fixed rate = $3,100 / 1,600 hours = $1.9375 per hour

variable overhead cost variance = actual costs - (standard rate x actual units) = $4,000 - ($3 x 1,000) = $1,000 unfavorable

variable efficiency variance = (actual hours x standard rate) - (standard hours x standard rate) = (1,600 × $3) − (2,000 x $3) = $4,800 - $6,000 = -$1,200 favorable

fixed overhead costs = actual overhead costs - budgeted overhead costs = $3,100 - $1,600 = $1,500 unfavorable

fixed overhead volume variance = (actual fixed rate x actual hours) - (standard rate x actual hours) = ($1.9375 x 1,600) - ($ x 1,600) = $3,100 - $3,200 = -$100 favorable

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