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selected information from the accounting records of thome co. is as follows.       
net sales for 2004  900000    
cost of goods sold for 2004    600000  
inventory at December 31 2004  er 31 2003   180000
inventory at December 31 2004      156000

 

2) landrover Inc. had 150000 shares of common stock issued and outstanding at dec.31 2005 on july 1,2006 the additional 25000 shares of common stock were issued for cash Landrover also had unexercised stock options to buy 20000 shares of common stock at 15 per share outstanding at the starting and end of 2006 the market price of Landrover's common stock was 20 throughout 2006. Determine number of shares must be used in computing diluted earnings per share for year ended dec. 31,2006?

 

3) At dec.31,2005 the Roberts co. had 700000 shares of common stock outstanding on september 1,2006 an additional 300000 shares of common stock were issued in addition Beck had 20000000 of 8 percent convertible bonds outstanding at dec.31 2005 that are convertible into 400000 shares of common stock No bonds were converted into common stock in 2006 net income for year ende dec.31 2006 was 6000000 assuming the income tax rate was 40 percent what must be diluted earnings per share for year ended dec. 31 2006?

 

4) Gayle corporation reported 66000 operating loss in 2006 in preceding three years gayle reported following income before taxes and paid in indicated income taxes

 

year

income

taxes

tax rate

2003

36000

10800

30percent

2004

24000

8400

35

2005

48000

16800

35

 

Amount of tax benefit to be reported in 2006 arising from tax carryback provisions of current tax code would be?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M922064

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