Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Vent, Inc. reported net income of $770,000 for 2015. Vent sold 15,000 shares of treasury stock acquired in a previous year on July 1 and
Vent, Inc. reported net income of $770,000 for 2015. Vent sold 15,000 shares of treasury stock acquired in a previous year on July 1 and 15,000 new shares on November 1. At yearend, 180,000 shares were outstanding. Vent had 20,000 shares of $100 par value 7% preferred stock outstanding all year. Vent paid dividends to the preferred shareholders. What is the weighted average number of common shares used to compute earnings per share for 2015? Calculate the basic earnings per share for 2015. (rounded) If each share of preferred stock is convertible into 2 shares of common stock, what is the diluted earnings per share for 2015
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