Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Harris Pilton Inc. has 5,000 shares outstanding on January 1. The company issued 2,000 new shares on May 1, repurchased 3,000 shares on August 1,
Harris Pilton Inc. has 5,000 shares outstanding on January 1. The company issued 2,000 new shares on May 1, repurchased 3,000 shares on August 1, and issued a 30% stock dividend on July 1. On December 1, the company issued 1,000 new shares. Net income is $50,000 and the firm has 500 shares of 5%, nonconvertible, noncumulative preferred stock in issue. No dividends were declared for the period.
Instructions
Compute basic earnings per share for the period.
Computations:
Basic EPS:
Step 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