On January 1, 2021, Tonge Industries had outstanding 820,000 common shares ($1 par) that originally sold for $25 per share, and 4,000 shares of 10% cumulative preferred stock ($100 par), convertible into 40,000 common shares. On October 1, 2021, Tonge sold and issued an additional 12,000 shares of common stock at $38. At December 31, 2021, there were 27,000 incentive stock options outstanding, issued in 2020, and exercisable after one year for 27,000 shares of common stock at an exercise price of $35. The market price of the common stock at year-end was $53. During the year, the price of the common shares had averaged $45. Net income was $960,000. The tax rate for the year was 25%. Required: Compute basic and diluted EPS for the year ended December 31, 2021. (Round "Earnings per share" answers to 2 decimal places. Enter your answers in thousands.)

Match each of the terms below with an example that fits the term. a. fungibility the production of gasoline b. inelasticity the switch from coffee to tea c. non-excludability the provision of national defense d. substitution the demand for cigarettes

Prairie, inc. produces one single product. it has an annual capacity of 10,000 units, but currently uses only 80% of it. each unit is sold for $50 and requires direct material worth $30 and direct labor worth $5. manufacturing overhead cost is $10 per unit of which 70% is variable. should a special order to sell 1,000 units at $44 be accepted? yes no

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at december 31. step 1: determine what the current account balance equals. step 2: determine what the current account balance should equal. step 3: record the december 31 adjusting entry to get from step 1 to step 2. assume no other adjusting entries are made during the year. a. prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. b. prepaid insurance. the prepaid insurance account has a $5,890 debit balance at the start of the year. a review of insurance policies and payments shows $1,040 of insurance has expired by year-end. c.prepaidrent.onseptember1ofthecurrentyear,thecompanyprepaid$24,000 for 2 years of rentfor facilities being occupied that day. the company debited prepaid rent and credited cash for $24,000.