Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Li Group had 2 3 0 , 0 0 0 shares of common stock outstanding at January 1 , 2 0 2 4 .

The Li Group had 230,000 shares of common stock outstanding at January 1,2024. The following activities affected common shares during the year. There are no potential common shares outstanding.
2024
February 28 Purchased 27,000 shares of treasury stock.
October 31 Sold the treasury shares purchased on February 28.
November 30 Issued 108,000 new shares.
December 31 Net income for 2024 is $1,547,000.
2025
January 15 Declared and issued a 2-for-1 stock split.
December 31 Net income for 2025 is $1,547,000.
Required:
Determine the 2024 EPS.
Determine the 2025 EPS.
At what amount will the 2024 EPS be presented in the 2025 comparative financial statements?
Note: Do not round intermediate calculations. Enter your answers in thousands (i.e.,10,000 should be entered as 10).

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_2

Step: 3

blur-text-image_3

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

Essentials of Accounting for Governmental and Not for Profit Organizations

Authors: Paul A. Copley

13th edition

125974101X, 978-1259741012

More Books

Students also viewed these Accounting questions