Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. marathon company reported the following data in it

Marathon Company reported the following data in its financial statements for the fiscal year ending...

90.2K

Verified Solution

Question

Accounting

image
image
Marathon Company reported the following data in its financial statements for the fiscal year ending May 31, 2021: Net income for 2021 $5,665,000 Book value of 5% cumulative, convertible preferred $1,764,000 shares Number of stock options outstanding for purchase of common shares, exercisable at $14 per share 75,730 Dollar value of 8% convertible bonds $2,555,000 Average number of common shares outstanding during 2021 2,519,000 Income tax rate for 2021 22% The cumulative preferred shares outstanding can be converted to a total of 86,600 common shares. The bonds can be converted to a total of 89,900 common shares. All the preferred shares, bonds, and stock options were outstanding for the entire 2021 fiscal year. The average market price of the common shares in the 2021 fiscal year was $25. Required: 1. Calculate basic earnings per share for Marathon Company for the year ended May 31, 2021. (2 marks) 2. Calculate diluted earnings per share for Marathon Company for the year ended May 31, 2021

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

Finance
1.2K views

Your company has spent $180,000 on research to develop a new computer game. The firm is...

Chemistry
1.2K views

In the reaction shown below, what species is oxidized? 2NaI + Br2 → 2NaBr + I2 A)...

Chemistry
1.2K views

1)The data below were collected for the following reaction: CH3Cl(g)+3Cl2(g)→CCl4(g)+3HCl(g) [CH3Cl](M) [Cl2](M) Initial Rate (M/s) 0.050 0.050 0.014 0.100 0.050 0.029 0.100 0.100 0.041 0.200 0.200 0.115 A Calculate the value of the rate...

Physics
1.2K views

Consider capacitance circuit consisting 12 identical capacitors each of capacitance luF as shown in the...

Algebra
1.2K views

e the following formula for t G W Wrt Simplify your answer

Accounting
1.2K views

Sandhill Inc. is a construction company specializing in custom patios. The patios are constructed of...

Accounting
1.2K views

Which accurately describes the deduction for Interest pald by a partnership If the partnership has...

Accounting
1.2K views

Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem- 4 , from a joint...

Accounting
1.2K views

1.Petty Cash Fund. Peterson Co. established a $1500 petty cash fund on January 1, 2017....

Accounting
1.2K views

Sheridan Company has several outdated computers that cost a total of $17800 and could be...

Accounting
1.2K views

Monty Corp. is authorized to issue both preferred and common stock. The par value of...

Finance
1.2K views

34. Which of the following is not a good proxy for the market portfolio? A)...