Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

on January 1, 2020, Crane Ltd. had 630,000 common shares outstanding. During 2020, it had the following transactions that affected the common share account: Feb.

on January 1, 2020, Crane Ltd. had 630,000 common shares outstanding. During 2020, it had the following transactions that affected the common share account:

Feb. 1Issued 156,000 shares. Mar. 1Issued a 20% stock dividend. May 1Acquired 180,000 common shares and retired them. June 1Issued a 2-for-1 stock split. Oct. 1Issued 76,000 shares.

The company's year end is December 31.

Your answer is incorrect.Try again.

Determine the weighted average number of shares outstanding as at December 31, 2020.(Round answer to 0 decimal places, e.g. 5,275.)

Weighted average number of shares outstandingenter the Weighted average number of shares outstanding rounded to 0 decimal places

shares - _______________

LINK TO TEXT

Your answer is incorrect.Try again.

Assume that Crane earned net income of $3,268,000 during 2020. In addition, it had 90,000 of 7%, $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$enter Earnings per share in dollars rounded to 2 decimal places ____________

LINK TO TEXT

Your answer is incorrect.Try again.

Assume that Crane earned net income of $3,268,000 during 2020. In addition, it had 90,000 of 7%, $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, e.g. 15.25.)

Earnings per share$enter Earnings per share in dollars rounded to 2 decimal places _________

LINK TO TEXT

Your answer is incorrect.Try again.

Assume that Crane earned net income of $3,268,000 during 2020. In addition, it had 90,000 of 7%, $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 $469,000, net of applicable income taxes.

Calculate earnings per share for 2020.(Round answers to 2 decimal places, e.g. 15.25.)

Earnings per share

Income from continuing operations ___________

$enter a dollar amount rounded to 2 decimal places

Loss from discontinued operations_______________

$enter a dollar amount rounded to 2 decimal places

Net income________________

$enter a total amount rounded to 2 decimal places

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