Agassi Corporation is preparing the comparative financial statements to be included in the annual report to shareholders. Agassi employs a fiscal year ending May 31. Income before income tax for Agassi was P1,400,000 and P660,000 respectively for fiscal year ended May 31, 2019 and 2018. Agassi experienced a loss from discontinued operations of P400,000 in March 2018. A 40% combined income tax rate pertains to any and all of Agassi Corporation’s profits, gains, and losses. Agassi’s capital structure consists of preference shares and ordinary shares. The company has not issued any convertible securities or warrants and there are no outstanding share options. Agassi issued 40,000 shares of P100 par value, 6% cumulative preference shares in 2018. All of these shares are outstanding, and no preference dividends are in arrears. There were 1,000,000 shares of P1 par ordinary shares outstanding on June 1, 2017. On September 1, 2017, Agassi sold an additional 400,000 ordinary shares at P17 per share. Agassi distributed a 20% share dividend on the ordinary shares outstanding on December 1, 2018. These were the only ordinary share transactions during the past 2 fiscal years. Compute for the appropriate earnings per share for the year ended May 31,2018. Compute for the appropriate earnings per share for the year ended May 31, 2019
Agassi Corporation is preparing the comparative financial statements to be included in the annual report to shareholders. Agassi employs a fiscal year ending May 31. Income before income tax for Agassi was P1,400,000 and P660,000 respectively for fiscal year ended May 31, 2019 and 2018. Agassi experienced a loss from discontinued operations of P400,000 in March
2018. A 40% combined income tax rate pertains to any and all of Agassi Corporation’s
Agassi’s capital structure consists of
Agassi issued 40,000 shares of P100 par value, 6% cumulative preference shares in 2018. All of these shares are outstanding, and no preference dividends are in arrears. There were 1,000,000 shares of P1 par ordinary shares outstanding on June 1, 2017. On September 1, 2017, Agassi sold an additional 400,000 ordinary shares at P17 per share. Agassi distributed a
20% share dividend on the ordinary shares outstanding on December 1, 2018. These were the only ordinary share transactions during the past 2 fiscal years.
Compute for the appropriate earnings per share for the year ended May 31,2018.
Compute for the appropriate earnings per share for the year ended May 31, 2019
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