答案和详解如下： 1．BWT, Inc. shows the following data in its financial statements at the end of the year. Assume all securites were outstanding at the beginning of the year: § 6.125% convertible bonds, convertible into 33 shares of common stock. Issue price $1,000, 100 bonds outstanding. § 6.25% convertible preferred stock, $100 par, 2,315 shares outstanding. Convertible into 3.3 shares of common stock, Issue price $100 § 8% convertible preferred stock, $100 par, 2,572 shares outstanding. Convertible into 5 common shares, Issue price $80 § 9,986 warrants are outstanding with an exercise price of $38. Each warrant is convertible into 1 share of common. Average market price of common is $52.00 per share. § Common shares outstanding at the beginning of the year were 40,045. § Net Income for the period was $200,000, while the tax rate was 40%. What were the preferred dividends paid this whole year? A) $35,045. B) $20,576. C) $14,469. D) $30,930. The correct answer was A) (.0625)(100)(2315) = 14469 (.08)(100)(2572) = 20576 14469 + 20576 = 35045 2．What was the after-tax interest charge? A) $6,215. B) $2,450. C) $2,021. D) $3,675. The correct answer was D) (.06125)(1000)(100) (6125)(1 - .4) = 3675 3．How many new shares had to be issued to facilitate warrant conversion? A) 13,665. B) 9,986. C) 2,689. D) 7,297. The correct answer was C) 9986 x $38 = $379,468 $379,468/$52 = 7297 common shares 9986 - 7297 = 2689 new common shares 4．What were the Basic and Diluted EPS for the year?
A) $4.12
$2.95 B) $4.12 $3.06 C) $3.97
$3.06 D) $3.97
$2.95 The correct answer was B) Basic EPS = Net income - preferred dividends/Wt Average shares of common = ($200,000 - $35045)/40,045 = 164955/40405 = $4.12 Diluted EPS: (100 bonds)(33 common shares/bond) = 3,300 common shares (2315 preferred shares)(3.3) = 7640 (2572 preferred shares)(5) = 12860 7640 + 12860 = 20,500 common shares from preferred [($200,000 - $35,045) + $35,045 + $3,675]/(40,045 + 3,300 + 20,500 + 2689) = $203,675/66534 shares = $3.06 5．Stanley Corp. had 100,000 shares of common stock outstanding throughout 2004. It also had 20,000 stock options with an exercise price of $20 and another 20,000 options with an exercise price of $28. The average market price for the company's stock was $25 throughout the year. The stock closed at $30 on December 31, 2004. What are the number of shares used to calculate diluted earnings per share for the year? A) 105,000. B) 110,000. C) 120,000. D) 104,000. The correct answer was D) Only the stock options with an exercise price of $20 are dilutive. The additional shares of 4,000 (20,000 - [(20,000*20)/25]) are added to the 100,000 common shares outstanding. | 
发表于 2008-4-10 11:49
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