Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help me prepare an EXCEL spreadsheet (not written) to show how you calculated both the Basic Earnings Per Share and the Diluted Earnings per
please help me prepare an EXCEL spreadsheet (not written) to show how you calculated both the Basic Earnings Per Share and the Diluted Earnings per share.
XYZ Company had 200,000 shares of common stock outstanding on December 31, 2017. On July 1, 2018, XYZ issued an additional 53,000 shares for cash. On January 1, 2018, XYZ issued 23,000 shares of convertible preferred stock. The preferred stock had a par value of $100 per share and paid a 6% dividend. Each share of preferred stock is convertible into 8 shares of common. During 2018, XYZ paid the regular annual dividend on the preferred and common stock. Net income for the year was $330,000 Required: Calculate XYZ's basic and diluted earnings per share for 2018. (Round your answers to 2 decimal places.)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