Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sarasota Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,790,000 shares of $10 par common stock. At no time

Sarasota Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,790,000 shares of $10 par common stock. At no time has Sarasota issued any potentially dilutive securities. Listed below is a summary of Sarasotas common stock activities. 1. Number of common shares issued and outstanding at December 31, 2018 2,200,000 2. Shares issued as a result of a 10% stock dividend on September 30, 2019 220,000 3. Shares issued for cash on March 31, 2020 2,090,000 Number of common shares issued and outstanding at December 31, 2020 4,510,000 4. A 2-for-1 stock split of Sarasotas common stock took place on March 31, 2021 Compute the weighted-average number of common shares used in computing earnings per common share for 2019 on the 2020 comparative income statement. ...shares Compute the weighted-average number of common shares used in computing earnings per common share for 2020 on the 2020 comparative income statement....shares Compute the weighted-average number of common shares to be used in computing earnings per common share for 2020 on the 2021 comparative income statement..... shares Compute the weighted-average number of common shares to be used in computing earnings per common share for 2021 on the 2021 comparative income statement. .... shares

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