Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. use the following information for questions 31 and

Use the following information for questions 31 and 32. Hanson Co. had 200,000 shares of...

80.2K

Verified Solution

Question

Accounting

Use the following information for questions 31 and 32. Hanson Co. had 200,000 shares of common stock, 20,000 shares of convertible preferred stock, and $1,000,000 of 6% convertible bonds outstanding during 2015. The preferred stock is convertible into 40,000 shares of common stock. During 2015, Hanson paid dividends of $.60 per share on the common stock and $1.50 per share on the preferred stock. Each $1,000 bond is convertible into 40 shares of common stock. The net income for 2015 was $400,000 and the income tax rate was 30%.

31. Basic earnings per share for 2015 is (rounded to the nearest penny)

a. $1.57.

b. $1.71.

c. $1.80.

d. $1.85.

32. Diluted earnings per share for 2015 is (rounded to the nearest penny)

a. $1.41.

b. $1.49.

c. $1.53.

d. $1.58.

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

Q

A fisherman can row upstream at 4mph and downstream at 6mph. He started rowing upstream until...

Basic Math
Q

Which of the following is more encompassing? A) Electron transport chain B) Oxidation phosphorylation C) They are both...

Medical Sciences
Q

Locate the bifurcation values for the one-parameter family and draw the phase lines for values of...

Advance Math
Q

He whether each of the following quadrilaterals can be classified as a parallelogram based on...

Geometry
Q

HW Complete problems 1 6 below f 1 Find the surface area of the sphere...

Geometry
Q

Assuming there is a 0 5 probability that a coin will land on heads what...

Statistics
Q

give the revenue x from theatrical release in millions of dollars and the revenue y...

Statistics
Q

Evaluate Assume x 0 Check by differentiating S5x In S5 5x In x dx 5x...

Calculus
Q

three reasons why a company may sell its receivable

Accounting
Q

Joe-Joe Inc. produces yo yo's. The variable cost of production is $0.60 per unit. Fixed...

Accounting
Q

using the infomation provided below calculate the maximum, minimum, re-order and averge stock level for...

Accounting
Q

Sam, age 35 , and Kristy, age 33 , are married and have a extent,...

Finance