Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2021, Oriole Corp. had 459,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock

image text in transcribedimage text in transcribed

On January 1, 2021, Oriole Corp. had 459,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account. February 1 March 1 May 1 June 1 October 1 Issued 116,000 shares Issued a 10% stock dividend Acquired 100,000 shares of treasury stock Issued a 3-for-1 stock split Reissued 58,000 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 Oriole Corp.earned net income of $3,471,000 during 2021. In addition, it had 101,000 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 $436,000 (net of tax). Compute earnings per share for 2021. (Round answer to 2 decimal places, e.g. $2.55.) Oriole Corp. Income Statement $

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

Energy Management Audit And Conservation

Authors: U. P. Kumar Chaturvedula

1st Edition

6202015985, 978-6202015981

More Books

Students also viewed these Accounting questions

Question

Complexity of linear search is O ( n ) . Your answer: True False

Answered: 1 week ago