HomeworkLib
Question

Martinez Inc. presented the following data. Net income $2,550,000 Preferred stock: 51,000 shares outstanding, $100 par,...

Martinez Inc. presented the following data. Net income $2,550,000 Preferred stock: 51,000 shares outstanding, $100 par, 8% cumulative, not convertible 5,100,000 Common stock: Shares outstanding 1/1 816,000 Issued for cash, 5/1 318,000 Acquired treasury stock for cash, 8/1 162,000 2-for-1 stock split, 10/1 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $enter earnings per share rounded to 2 decimal places

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Weighted average share outstanding

Date
1/1 (816000*2*4/12) = 544000
5/1 1134000*2*3/12 = 567000
8/1 972000*2*2/12 = 324000
10/1 1944000*3/12 = 486000
Total 1921000

EPS = (2550000-408000)/1921000 = 1.12 per share

0 0
Add a comment
Know the answer?
Add Answer to:
Martinez Inc. presented the following data. Net income $2,550,000 Preferred stock: 51,000 shares outstanding, $100 par,...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Tamarisk Inc. presented the following data. Net income Preferred stock: 51,000 shares outstanding, $100 par, 8%...

    Tamarisk Inc. presented the following data. Net income Preferred stock: 51,000 shares outstanding, $100 par, 8% cumulative, not convertible Common stock: Shares outstanding 1/1 Issued for cash, 5/1 Acquired treasury stock for cash, 8/1 2-for-1 stock split, 10/1 $2,550,000 5,100,000 816,000 318,000 162,000 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $

  • Novak Inc. presented the following data. Net income $2,740,000 Preferred stock: 45,000 shares outstanding, $100 par,...

    Novak Inc. presented the following data. Net income $2,740,000 Preferred stock: 45,000 shares outstanding, $100 par, 8% cumulative, not convertible 4,500,000 Common stock: Shares outstanding 1/1 714,000    Issued for cash, 5/1 291,600    Acquired treasury stock for cash, 8/1 135,600    2-for-1 stock split, 10/1 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $

  • Kingbird Inc. presented the following data. Net income Preferred stock: 53,000 shares outstanding, $100 par, 8%...

    Kingbird Inc. presented the following data. Net income Preferred stock: 53,000 shares outstanding, $100 par, 8% cumulative, not convertible Common stock: Shares outstanding 1/1 Issued for cash, 5/1 Acquired treasury stock for cash, 8/1 2-for-1 stock split, 10/1 $2,340,000 5,300,000 692,400 321,600 160,800 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $

  • Pronghorn Inc. presented the following data. Net income $2,470,000 Preferred stock: 52,000 shares outstanding, $100 par,...

    Pronghorn Inc. presented the following data. Net income $2,470,000 Preferred stock: 52,000 shares outstanding, $100 par, 8% cumulative, not convertible 5,200,000 Common stock: Shares outstanding 1/1 736,800 Issued for cash, 5/1 315,600 Acquired treasury stock for cash, 8/1 134,400 2-for-1 stock split, 10/1 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $

  • On January 1, 2021, Windsor Corp. had 461,000 shares of common stock outstanding. During 2021, it...

    On January 1, 2021, Windsor Corp. had 461,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account. February 1 March 1 May 1 June 1 October 1 Issued 124,000 shares Issued a 10% stock dividend Acquired 104,000 shares of treasury stock Issued a 3-for-1 stock split Reissued 61,000 shares of treasury stock (a) X Your answer is incorrect. Determine the weighted average number of shares outstanding as of December 31, 2021....

  • Exercise 16-18 Swifty Inc. presented the following data. Net income $2,340,000 Preferred stock: 53,000 shares outstanding,...

    Exercise 16-18 Swifty Inc. presented the following data. Net income $2,340,000 Preferred stock: 53,000 shares outstanding, $100 par, 8% cumulative, not convertible 5,300,000 Common stock: Shares outstanding 1/1 692,400    Issued for cash, 5/1 321,600    Acquired treasury stock for cash, 8/1 160,800    2-for-1 stock split, 10/1 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $

  • Current Attempt in Progress Monty Inc. presented the following data. $2,540,000 Net income Preferred stock: 53,000...

    Current Attempt in Progress Monty Inc. presented the following data. $2,540,000 Net income Preferred stock: 53,000 shares outstanding, $100 par, 8% cumulative, not convertible Common stock: Shares outstanding 1/1 Issued for cash, 5/1 Acquired treasury stock for cash, 8/1 2-for-1 stock split, 10/1 5,300,000 686,400 308,400 160,800 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $

  • 16.2 #1 PLEASE SHOW ALL WORK Stellar Inc. presented the following data. Net income Preferred stock:...

    16.2 #1 PLEASE SHOW ALL WORK Stellar Inc. presented the following data. Net income Preferred stock: 54,000 shares outstanding, $100 par, 8% cumulative, not convertible Common stock: Shares outstanding 1/1 Issued for cash, 5/1 Acquired treasury stock for cash, 8/1 2-for-1 stock split, 10/1 $2,670,000 5,400,000 712,800 272,400 148,800 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $

  • X Your answer is incorrect. Try again. Sage Inc. presented the following data. $2,540,000 Net income...

    X Your answer is incorrect. Try again. Sage Inc. presented the following data. $2,540,000 Net income Preferred stock: 54,000 shares outstanding, $100 par, 8% cumulative, not convertible Common stock: Shares outstanding 1/1 Issued for cash, 5/1 Acquired treasury stock for cash, 8/1 2-for-1 stock split, 10/1 5,400,000 718,800 328,800 165,600 compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share 0.82

  • At January 1, 2017, Martinez Company's outstanding shares included the following. 298,000 shares of $50 par...

    At January 1, 2017, Martinez Company's outstanding shares included the following. 298,000 shares of $50 par value, 8% cumulative preferred stock 886,000 shares of $1 par value common stock Net income for 2017 was $2,513,000. No cash dividends were declared or paid during 2017. On February 15, 2018, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2017. On April 1, 2017, 429,000 shares...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT