Question
Exercise 16-16 On January 1, 2021, Pina Corp. had 484,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the
Exercise 16-16
On January 1, 2021, Pina Corp. had 484,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account.
February 1 | Issued 116,000 shares | |
March 1 | Issued a 10% stock dividend | |
May 1 | Acquired 99,000 shares of treasury stock | |
June 1 | Issued a 3-for-1 stock split | |
October 1 | Reissued 61,000 shares of treasury stock |
Determine the weighted-average number of shares outstanding as of December 31, 2021.
The weighted-average number of shares outstanding =
______________________________________________________________________________________________________________________________________________
Assume that Pina Corp. earned net income of $3,296,000 during 2021. In addition, it had 105,000 shares of 9%, $100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in 2021. Compute earnings per share for 2021, using the weighted-average number of shares determined in part (a). (Round answer to 2 decimal places, e.g. $2.55.)
Earnings Per Share =
_____________________________________________________________________________________________________________________________________________
Assume the same facts as in part (b), except that the preferred stock was cumulative. Compute earnings per share for 2021. (Round answer to 2 decimal places, e.g. $2.55.)
Earnings Per Share=
______________________________________________________________________________________________________________________________________________
Assume the same facts as in part (b), except that net income included a loss from discontinued operations of $413,000 (net of tax). Compute earnings per share for 2021. (Round answer to 2 decimal places, e.g. $2.55.)
Pina Corp. Income StatementStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started