Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 20. c21.a unsure how to get to that conclusion

20. C21.A unsure how to get to that conclusion ...

50.1K

Verified Solution

Question

Accounting

20. C
21.A
unsure how to get to that conclusion
image
Use the following information to answer questions 20 and 21. During 2016, Angel Corporation had 900,000 shares of common stock and 50,000 shares of preferred stock outstanding. The preferred stock does not have cumulative or convertible features. Angel declared and paid cash dividends of $300,000 and $150,000 to common and preferred shareholders, respectively, during 2016. On January 1,2015, Angel issued $2,000,000 of convertible 5% bonds at face value. Each $1,000 bond is convertible into five common shares. Angel's net income for the year ended December 31,2016 , was $6 million. The income tax rate is 20%. 20. What is Angel's basic earnings per share for 2016, rounded to the nearest cent? a. $5.29. b. \$5.57. c. $6.50. d. $5.50. 21. What is Angel's diluted earnings per share for 2016 , rounded to the nearest cent? a. $6.50. b. $6.25. c. $6,22. d. $6.52

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Calculus
1.2K views

A research study is conducted to examine the relationship between reading ability and math ability...

Basic Math
1.2K views

Let s be the sales of frozen food bowls in millions in the year that...

Basic Math
1.2K views

A researcher wishes to? estimate, with 95?% ?confidence, the population proportion of adults who are confident...

Chemistry
1.2K views

At a certain temperature, 0.920 mol of SO3 is placed in a 4.00-L container. 2SO3(g) <===>2SO2(g)...

Psychology
1.2K views

How would you rather address the problems in the social security program. Will you fix the...

Biology
1.2K views

Which sentence below correctly uses italics? A. When defining the word series, we need to...

Algebra
1.2K views

Find the inverse of the following y log 3 x 8 O y 13 8...

Algebra
1.2K views

Use the data below to determine the exponential regression for the population of snakes on...

Accounting
1.2K views

In preparing its bank reconciliation for the month of April 2021, Bonita, Inc....

Accounting
1.2K views

Question 5 On January 1,2023 , Sunny Company issued 1,640 of its $20...

Accounting
1.2K views

the Foreclosure sale is usually conducted by the Ada County Sheriff or court-appointed receiver be...

Finance
1.2K views

undefined The current yield curve for default-free zero-coupon bonds is as follows: Maturity (Years)...