Question
PLEASE SHOW ALL WORK AND EXPLAIN On January 1, 2016, Bailey, Inc. had 86,418 shares of common stock outstanding. The following transactions occurred during 2016:
PLEASE SHOW ALL WORK AND EXPLAIN
On January 1, 2016, Bailey, Inc. had 86,418 shares of common stock outstanding. The following transactions occurred during 2016: April 1: Reacquired 30,000 shares, accounted for as treasury stock. August 1: Sold all the treasury shares. November 1: Sold 6,000 new shares for cash. December 31 Reported a net income of $217,688. Calculate Bailey's basic earnings per share for the year ended December 31, 2016. (Round your answer to 2 decimal places.)
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
13th Edition
978-0073379616, 73379611, 978-0697789938
