Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2021, Kingbird Corp. had 468,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock

On January 1, 2021, Kingbird Corp. had 468,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account.
February 1 Issued 115,000 shares
March 1 Issued a 10% stock dividend
May 1 Acquired 96,000 shares of treasury stock
June 1 Issued a 3-for-1 stock split
October 1 Reissued 63,000 shares of treasury stock
Determine the weighted-average number of shares outstanding as of December 31, 2021.
The weighted-average number of shares outstanding enter the weighted-average number of shares outstanding as of December 31, 2018

Assume that Kingbird Corp. earned net income of $3,288,000 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 $enter earnings per share rounded to 2 decimal places

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 $enter earnings per share rounded to 2 decimal places

Assume the same facts as in part (b), except that net income included a loss from discontinued operations of $411,000 (net of tax). Compute earnings per share for 2021. (Round answer to 2 decimal places, e.g. $2.55.)
Kingbird Corp. Income Statement choose the accounting period

December 31, 2021For the Year Ended December 31, 2021For the Quarter Ended December 31, 2021

select an opening name for this statement

DividendsExpensesExtraordinary LossExtraordinary GainIncome Before Extraordinary ItemIncome From Continuing OperationsIncome Per Share Before Extraordinary ItemLoss From Discontinued OperationsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

$enter a dollar amount per share rounded to 2 decimal places

select an income statement item

DividendsExpensesExtraordinary LossExtraordinary GainIncome Before Extraordinary ItemIncome From Continuing OperationsIncome Per Share Before Extraordinary ItemLoss From Discontinued OperationsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

enter a dollar amount per share rounded to 2 decimal places

select a closing name for this statement

DividendsExpensesExtraordinary LossExtraordinary GainIncome Before Extraordinary ItemIncome From Continuing OperationsIncome Per Share Before Extraordinary ItemLoss From Discontinued OperationsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

enter a total earnings per share amount rounded to 2 decimal places

Click if you would like to Show Work for this question:

Open Show Work

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Accounting For Non-Accounting Students

Authors: John R. Dyson, Ellie Franklin

9th Edition

978-1292128979, 1292128976

More Books

Students also viewed these Accounting questions

Question

What is a verb?

Answered: 1 week ago

Question

Explain the significance of employee selection.

Answered: 1 week ago

Question

Discuss the performance appraisal process.

Answered: 1 week ago