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Nezavi [6.7K]
3 years ago
7

At December 31, 2021 and 2020, P Co. had 58,000 shares of common stock and 5,800 shares of 5%, $100 par value cumulative preferr

ed stock outstanding. No dividends were declared on either the preferred or common stock in 2021 or 2020. Net income for 2021 was $620,000. For 2021, basic earnings per common share amounted to: (Round your answer to 2 decimal places.)
Business
1 answer:
Finger [1]3 years ago
6 0

Answer:

$10.19 per share

Explanation:

With regards to the above, the basic earnings per common share is seen below;

Preferred dividend = Shares × Par value × Shares percentage

= 5,800 × $100 × 5%

= $29,000

So, basic earning per share = (Net income - Preferred dividend) ÷ Common shares

= ($620,000 - $29,000) ÷ 58,000

= $10.19 per share

Therefore, for 2021, basic earnings per common share amounted to $10.19

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On January 1, 2019, Patrick Polk purchased real estate as an investment. On April 1, 2019, Patrick exchanged it for other real e
Leokris [45]

Answer:

a. long-term capital gain.

Explanation:

A 1031 exchange allows investors to delay paying taxes when they swap like-kind properties. The basis of this property will start on January 1, 2019, the date the first property was acquired. If the investor sold the property on February 1, 2020, more than a year passed, so this should be taxed as a long term capital gain.

5 0
3 years ago
In April 2013, Sparkle Enterprises purchased the Crimson Mine at a cost of $18,000,000. The mine is estimated to contain 500,000
DaniilM [7]

Answer:

The correct answer is B.

Explanation:

Giving the following information:

In April 2013, Sparkle Enterprises purchased the Crimson Mine for $18,000,000. The mine is estimated to contain 500,000 tons of ore with a residual value of $2,000,000 after mining operations are completed. During 2013, 120,000 tons of ore were removed from the mine and sold.

Annual depreciation= [(original cost - salvage value)/useful life of production in units]*units produced

Annual depreciation= (16,000,000/500,000)*120,000= $3,840,000

6 0
3 years ago
Distribution strategies ​
serious [3.7K]
At the strategic level, there are three broad approaches to distribution, namely mass, selective and exclusive distribution. The number and type of intermediaries selected largely depends on the strategic approach. The overall distribution channel should add value to the consumer.
3 0
3 years ago
What's the present value of a perpetuity that pays $250 per year if the appropriate interest rate is 5%
KengaRu [80]

Answer:

PV of Perpetuity = $5000

Explanation:

A perpetuity is a series of cash flows that are constant, occur after equal intervals of time and are for infinite period of time or are perpetual. Thus, it is like and annuity but with an infinite time period. The formula for the present value of of perpetuity is,

PV of Perpetuity = Cash Flow  /  r

Where,

  • r is the required rate of return

PV of Perpetuity = 250 / 0.05

PV of Perpetuity = $5000

3 0
3 years ago
Select all that apply. Which traits do all employers desire in employees? honesty only occasional tardiness loyalty cooperation
tresset_1 [31]
Honesty
Loyalty
Cooperation
<span>responssibility
</span><span> ability to get along with others</span>
8 0
3 years ago
Read 2 more answers
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