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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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Providing and recording documents are performed by:____________.
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Providing and recording documents are performed by : The closing agent

<h3>Who is a closing agent?</h3>

Closing agents are basically professionals who acts directly for the buyer by making interest of the buyer known to the seller. They are usually associated with real estate transactions.

A closing agent could be a lawyer speaking to a bank or lender. The actual closing is conducted by a closing agent who might be a worker or employee of the lender or the title company or organization.

Other duties of a closing agent are :

  • Ordering title work and a property survey.
  • Issuing commitment title.
  • Assisting with obtaining requisite insurance
  • Issuing and sending the title insurance policy to both the buyer and lender
  • Assembling the loan closing package .

Therefore, closing agent responsible for providing and recording documents.

Learn more about closing agent here : brainly.com/question/8023863

5 0
2 years ago
A business process consists of one or moreâ _______, many of which are supported by information systems.
Pani-rosa [81]
The answer is A operations
6 0
3 years ago
Brummer Corporation makes a product whose variable overhead standards are based on direct labor-hours. The quantity standard is
IRISSAK [1]

Answer:

$91 favorable

Explanation:

Variable overhead rate variance = (Standard variable overhead rate - Actual variable overhead rate) * Actual hour worked

Therefore, we have:

Variable overhead rate variance = ($8.00 - $7.90) * 910 = $91 favorable

Note: the variable overhead rate variance is said to be favorable becasue standard variable overhead rate is geater than the actual variable overhead rate.

6 0
3 years ago
July 31: during july, ps music provided guest disc jockeys for kxmd for a total of 115 hours. the contract requires ps music to
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Answer:

The journal entries to record service revenue during July should be:

Dr Cash 3,600

    Cr Service revenue (80 hours per month) 3,600

Dr Accounts receivable [(115 - 80 hours) x $40] 1,400

    Cr Service revenue 1,400

Since the company has collected only the regular hours provided according to the contract, the remaining hours should be recorded as accounts receivable.

5 0
3 years ago
The following information pertains to Pernell Company's pension plan. Beginning PBO: $500,000; current service cost $50,000; dis
monitta

Answer:

= $560,000

Explanation:

Given that:

  • -Beginning PBO: 500,000
  • -Current Service Cost: 50,000
  • -Discount Rate: 6%  => interest cost = 500,000*6% = 30,000
  • -Contributions by Pernell: 40,000
  • -Benefits paid to employees 25,000
  • -Loss on PBO: 5,000

As we know that service cost; gains and losses; payments to retired employees; prior service cost; interest cost; payments to employees are factors that change the balance of the PBO

So the ending balance of the PBO will be:

Beginning PBO + Current Service Cost + Interest cost Loss on PBO -Benefits paid to employees

$500,000 + $50,000+ $30,000+$5,000-$25,000

= $560,000

4 0
3 years ago
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