Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Current Attempt in Progress On January 1, 2020, Pharoah Ltd. had 702,000 common shares outstanding. During 2020, it had the following transactions that affected the

image text in transcribedimage text in transcribed

Current Attempt in Progress On January 1, 2020, Pharoah Ltd. had 702,000 common shares outstanding. During 2020, it had the following transactions that affected the common share account: Feb. 1 Mar. 1 May 1 Issued 167,000 shares. Issued a 14% stock dividend. Acquired 180,000 common shares and retired them. Issued a 3-for-1 stock split Issued 78,000 shares. June 1 Oct. 1 The company's year end is December 31. Determine the weighted average number of shares outstanding as at December 31, 2020. (Round answer to decimal places, eg. 5,275.) Weighted average number of shares outstanding shares eTextbook and Media Assume that Pharoah earned net income of $3,436,000 during 2020. In addition, it had 90,000 of 10%, $100 par, non-convertible, non-cumulative preferred shares outstanding for the entire year. Because of liquidity limitations, however, the company did not declare and pay a preferred dividend in 2020 Calculate earnings per share for 2020, using the weighted average number of shares determined above. (Round answer to 2 decimal places, e.g. 15.25.) Earnings per share $ eTextbook and Media Assume that Pharoah earned net income of $3,436,000 during 2020. In addition, it had 90,000 of 10%, $100 par, non-convertible, cumulative preferred shares outstanding for the entire year. Because of liquidity limitations, however, the company did not declare and pay a preferred dividend in 2020. Calculate earnings per share for 2020, using the weighted average number of shares determined above. (Round answer to 2 decimal places, eg. 15.25.) Earnings per share $ eTextbook and Media Assume that Pharoah earned net income of $3,436,000 during 2020. In addition, it had 90,000 of 10%, $100 par, non-convertible, non-cumulative preferred shares outstanding for the entire year. Because of liquidity limitations, however, the company did not declare and pay a preferred dividend in 2020. Assume that net income included a loss from discontinued operations of $444,000, net of applicable income taxes. Calculate earnings per share for 2020. (Round answers to 2 decimal places, eg. 15.25.) Earnings per share $ Income from continuing operations Loss from discontinued operations $ Net income $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions