purchased 42,000 shares of treasury Loeb Co had 600,000 shares of common stock o
ID: 2600863 • Letter: P
Question
purchased 42,000 shares of treasury Loeb Co had 600,000 shares of common stock outstanding on January 1, issued 84,000 shares on May 1, stack on September 1, and issued 36,000 shares on November 1. The weighted average shares shares outstanding for the year is 634,000. 648,000 662,000 d 676,000. At December 31,2017, Meyer Company had 500,000 shares of common stock issued and outstanding, 400,000 of which had been bsued and outstanding throughout the year and 100,000 of which were issued on October 1, 2017. Net income for the year ended December 31, 2017, was $510,000. Whst would be Meyers 2011 eamings per common share, rounded to the nearest penny a $1.02 b $1.27 C $1.20 d. $1.13. When computing diluted earnings per share, convertible preferred stocks are a. ignored b. assumed converted whether they are dilutive or antidilutive. c. assumed converted only if they are antidilutive. d assumed converted only if they are dilutive Use the following information for questions LS5 Bronks Co. had pension plan assets and PBO of $150,000 on 1/1/11. Service cost for the year was $40,000. It contributed $30,000 during the year and pad benefits of $20,000, lts expected rate of return was 10% while its actual rate was 8%. E)Pension expense for the year s . $37,000 b. $40,000 c $43,000 d $30,000 What is the PBO balance on 12/31/11 a. $195,000 b. $192,000 c. $175,000 d. $185,000 Benefits paid to retired employees increases a. pension expense b. the plan assets c. PBO e. None of the aboveExplanation / Answer
1. Answer : d. 676000 shares.
Common stock outstanding shares:
January 1 600000 shares * 12/12 600000 shares
May 1 84000 shares * 8 /12 56000 shares
September 1 42000 shares * 4/12 14000 shares
November 1 36000 shares * 2/12 6000 shares
676000 shares.
2. Answer : c. $1.20.
Ernings per share = Net income / weighted average shares outstanding
= $510000 / 425000 shares
= $1.20.
3. Answer : d. assumed converted only if they are dilutive.
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