Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sweet Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,680,000 shares of $10 par common stock. At no time

Sweet Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,680,000 shares of $10 par common stock. At no time has Sweet issued any potentially dilutive securities. Listed below is a summary of Sweets common stock activities.

1. Number of common shares issued and outstanding at December 31, 2018

2,140,000

2. Shares issued as a result of a 10% stock dividend on September 30, 2019

214,000

3. Shares issued for cash on March 31, 2020

1,820,000

Number of common shares issued and outstanding at December 31, 2020

4,174,000

4. A 2-for-1 stock split of Sweets common stock took place on March 31, 2021

1. Compute the weighted-average number of common shares used in computing earnings per common share for 2019 on the 2020 comparative income statement.

???? shares

2. Compute the weighted-average number of common shares used in computing earnings per common share for 2020 on the 2020 comparative income statement.

???? shares

3. 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

4.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

Recommended Textbook for

Governmental and Nonprofit Accounting

Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi

10th edition

132751267, 978-0132751261

Students also viewed these Accounting questions