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r-ruslan [8.4K]
3 years ago
11

At December 31, 2017 Sheridan Company had 294000 shares of common stock and 9500 shares of 6%, $100 par value cumulative preferr

ed stock outstanding. No dividends were declared on either the preferred or common stock in 2017 or 2018. On January 30, 2019, prior to the issuance of its financial statements for the year ended December 31, 2018, Sheridan declared a 100% stock dividend on its common stock. Net income for 2018 was $1148000. In its 2018 financial statements, Sheridan's 2018 earnings per common share should be (rounded to the nearest penny)
Business
2 answers:
-BARSIC- [3]3 years ago
8 0

Answer:

1.85

Explanation:

The working note for the answer to the above question is:

Net income (A)                                           1,148,000

Less:

Preferred devidend (B)                                   50500

Earning available C=A-B                            1,097,500

Devidend By

Number of share outstanding                  594,000

Earning Per share (LVC)                                     1.85

Number of share outstanding

=297 ,000 share +100% stock devidend

=297,000+297000

=594,000

White raven [17]3 years ago
6 0

Answer:

Earnings per common share =   $1,034,000/294,000 = $3.52

Explanation:

Earnings for year 2018

Net Income                                    $1,148,000

Cummulative Preferred dividend

( 6% * $100 * 9500)*2                   <u>   (  114,000)</u>

Earnings                                          <u>  1,034,000</u>

Before calculating the earning per share, earnings must have been determined. to determine earnings, the prefered dividend have to deducted. since prefered dividend is cummulative, it means that such dividend will be carried forward to year when company make profit if it is not paid in any year.

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snow_lady [41]

Answer:

12.28%

Explanation:

In this question, we use the Rate formula which is shown in the spreadsheet.  

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Given that,  

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3 0
2 years ago
A production possibilities frontier with a bowed-outward shape indicates a. increasing opportunity costs as more and more of one
Arada [10]

Answer:

a. increasing opportunity costs as more and more of one good is produced

Explanation:

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The production possibility curves is bowed outwards because of increasing opportunity costs as more and more of one good is produced.

If more of one good is to be produced, more of the second good would be given up to increase the production of the first good.

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3 0
3 years ago
Lucinda is a self-employed veterinarian in 2019. Her Schedule C net earnings are $86,000 for the year. Calculate the total amoun
trapecia [35]

Answer:

$79,421

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Step by Step Explanation:

The self-employment taxable income is 92.35% of net earnings. While the tax rate for self-employment tax liability is 15.3% for year 2019

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Self-employment taxable income rate: 92.35%

Self-employment taxable income= 92.35%×86,000

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5 0
3 years ago
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masya89 [10]

Answer:

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