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scoundrel [369]
3 years ago
14

The senior accountant for Carlton Co., a public company with a complex capital structure, has just finished preparing Carlton's

income statement for the current fiscal year. While reviewing the income statement, Carlton's finance director noticed that the earnings per share data has been omitted. What changes will have to be made to Carlton's income statement as a result of the omission of the earnings per share data
Business
1 answer:
Misha Larkins [42]3 years ago
7 0

Answer: b. Carlton's income statement will have to be revised to include the earnings per share data

Explanation:

The options to the question are:

a. No changes will have to be made to Carlton's income statement. The income statement is complete without the earnings per share data.

b. Carlton's income statement will have to be revised to include the earnings per share data.

c. Carlton's income statement will only have to be revised to include the earnings per share data if Carlton's market capitalization is greater than $5,000,000.

d. Carlton's income statement will only have to be revised to include the earnings per share data if Carlton's net income for the past two years was greater than $5,000,000.

From the question, we are informed that the senior accountant for Carlton Co., a public company with a complex capital structure, has just finished preparing Carlton's income statement for the current fiscal year and that while reviewing the income statement, Carlton's finance director noticed that the earnings per share data has been omitted.

The changes that will have to be made to Carlton's income statement as a result of the omission of the earnings per share data is that Carlton's income statement will have to be revised to include the earnings per share data.

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Xelga [282]
A lot more than 100k I believe
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Pepsi [2]

Answer:

A) $0

Explanation:

as per IRC section 101g, if the payment exceeds the greater of per actual cost then the excess payment amount will be taxable.

total tax free payment = 360*30

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Therefore, The taxable amount is $0

4 0
3 years ago
Sporting goods charges .85 percent interest per month. what rate of interest are its credit customers actually paying?
seraphim [82]
To answer this item, we assume that the interest rate is simple, such that the yearly rate was only divided by 12 months in order to determine the rate per month. Hence, to answer this item, we simply have to multiply the given percent by 12.

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Therefore, the answer is 10.2%. 
8 0
3 years ago
XYZ stock price and dividend history are as follows: YearBeginning-of-Year PriceDividend Paid at Year-End2015 $130 $5 2016 144 5
Rina8888 [55]

Answer:

Arithmetic mean = 3.67%

Geometric mean = 3.02%

Explanation:

The following sorted data are given in the question:

Year           Beginning-of-Year Price         Dividend Paid at Year-End

2015                            $130                                            $5

2016                              144                                               5

2017                              120                                               5

2018                              125                                               5

Therefore, we have:

Arithmetic average return = Sum of returns/ number of years ………....….. (1)

Geometric average return = n * ((1+r1)*(1+r2)*(1+r3)…(1+rn)^(1/n) - 1 .……….. (2)

Where;

n = years 1, 2, 3….

r1, r2, r3… are the returns for year 1, 2, 3….

Return for each year = ((Current year Beginning-of-Year Price – Previous year Beginning-of-Year Price) + dividend) / Previous year Beginning-of-Year Price .................... (3)

Using equation (3), we have:

2016 Return = ((144 - 130) + 5) /130 = 0.146153846153846

2017 Return = ((120 - 144) + 5) /159 = -0.119496855345912

2018 Return = ((125 - 120) + 5) /120 = 0.0833333333333333

Using equation (1), we have:

Arithmetic mean = (2016 Return + 2017 Return + 2018 Return) / 3 = (0.1461538461538460 - 0.1194968553459120 + 0.0833333333333333) / 3 = 0.0367, or 3.67%.

Using equation (2), we have:

Geometric mean = ((1 + 2016 Return) * (1 + 2017 Return) * (1 + 2018 Return))^(1/3) - 1 = ((1 + 0.146153846153846) * (1 - 0.119496855345912) * (1 + 0.0833333333333333))^(1/3) - 1 = 0.0302, or 3.02%

3 0
3 years ago
South Sea Baubles has the following (incomplete) balance sheet and income statement. BALANCE SHEET AT END OF YEAR (Figures in $
drek231 [11]

Answer:

South Sea Baubles

1. Shareholders' equity in 2015 and 2016 =   $300  and  $260 respectively.

2. Net working capital in 2015 and 2016 = $25 and $110 respectively.

3. Taxes paid in 2016 = $84.

4. Cash provided by operations during 2016 = $666.

5. South Sea's gross investment in fixed assets = $100 ($105 - $95).

Explanation:

a) Data and Calculations:

BALANCE SHEET AT END OF YEAR (Figures in $ millions)

Assets                                                     2015         2016

Current assets                                       $ 105       $ 215

Net fixed assets                                       950       1,050

Total assets                                         $1,055    $1,265

Current liabilities                                    $ 80       $ 105

Long-term debt                                       675         900

Total liabilities                                       $755     $1,005

Shareholders' equity                           $300        $260

Liabilities and Shareholders' Equity $1,055      $1,265

INCOME STATEMENT, 2016 (Figures in $ millions)

Revenue               $ 2,025

Cost of goods sold   1,105

Gross profit             $ 920

Depreciation              425

EBIT                          $495

Interest expense       255

Profit before taxes  $240

Income taxes (35%)    84

Net Income            $ 156

Cash provided by operations:

Net income =      $156

Depreciation        425

Working capital:

Current assets      110

Current liabilities (25)

Net cash           $666

8 0
3 years ago
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