Financial Accounting > FINAL EXAM > ACC 3100 Final Exam – Version A | Stan Ross Department of Accountancy, Baruch College (All)

ACC 3100 Final Exam – Version A | Stan Ross Department of Accountancy, Baruch College

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ACC 3100 Final Exam – Version A A Stan Ross Department of Accountancy, Baruch College ACCOUNTING 3100, Final Exam, Spring 2017 Name: Last 4 Digits of SSN: Exam Number: Provide your numerical answers in the spaces provided on this exam. Show all your workings (partial credit is awarded for correct but incomplete answers). For correct answers, you must show all your supporting calculations/explanations. All supporting calculations and schedules must be legible and in good form. Be neat with your answers. Please note: - Pace yourself according to the points per problem and time available. - You are not allowed to use a cell phone in any way during the exam. - You are not allowed to ask questions during the exam. If you feel that there is not enough information provided, make the appropriate assumptions regarding the problem and note these assumptions on your exam. This will be taken into account when grading. - Programmable calculators with text memory capability are not permitted. - You must return the entire exam book when you are complete. ACADEMIC INTEGRITY You must honor Baruch College’s standards regarding integrity, honesty, and cheating at all times; sharing of information during this exam in any form is strictly forbidden. Any breach of these standards will be dealt with in accordance with Baruch College’s Code of Academic Integrity. Any suspected case of exam cheating will be reported to the Dean of student affairs. For proven cases of exam cheating, an “F” grade will be awarded for the entire course. HONOR CODE BY SIGNING YOUR NAME BELOW, YOU ARE ACKNOWLEDGING YOUR COMPLIANCE WITH THE BARUCH COLLEGE CODE OF ACADEMIC INTEGRITY AND ALL POLICIES RELATED TO IT AS DISCUSSED IN THE COURSE SYLLABUS. Question 1 On December 31, 2015, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2016, Berclair purchased 24 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2016. Four million treasury shares were sold on October 1. Net income for the year ended December 31, 2016, was $150 million. The income tax rate is 40%. Also outstanding at December 31 were incentive stock options granted to key executives on September 13, 2011. The options are exercisable as of September 13, 2015, for 30 million common shares at an exercise price of $56 per share. During 2016, the market price of the common shares averaged $70 per share. In 2012 $62.5 million of 8% bonds, convertible into 6 million common shares, were issued at face value. Required: Compute Berclair's basic and diluted earnings per share for the year ended December 31, 2016.

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