HomeworkLib
Question

Current Attempt in Progress Monty Inc. presented the following data. $2,540,000 Net income Preferred stock: 53,000 shares out
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Calculation of Weighted average shares outstanding

Date Outstanding shares Stock split Restatement Fraction of months Weighted average shares
Jan 1-May 1 Shares outstanding 686400 2 4/12 457600
May 1- Aug 1 Issued shares (686400+308400)= 994800 2 3/12 497400
Aug 1- Oct 1 Reacquired shares (994800-160800)= 834000 2 2/12 278000
Oct 1- Dec 31 Stock split (834000*2)= 1668000 - 3/12 417000
Weighted average shares outstanding 1650000

Preferred dividend= 53000*$100*8%= $424000

Earnings per share= (Net income-Preferred dividend)/Weighted average shares outstanding

= ($2540000-424000)/1650000

= $1.28

Earnings per share $1.28

NOTE:- Please rate the answer and for any problem regarding the answer please ask in the comment section.

0 0
Add a comment
Know the answer?
Add Answer to:
Current Attempt in Progress Monty Inc. presented the following data. $2,540,000 Net income Preferred stock: 53,000...
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

  • 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 $

  • 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 $

  • 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

  • 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 $

  • 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 $

  • 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 $

  • 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

  • 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 $

  • so Decrease No Effect Meyers, Inc. presented the following data: $2,500 2014 Net income Preferred stock:...

    so Decrease No Effect Meyers, Inc. presented the following data: $2,500 2014 Net income Preferred stock: 10% cumulative, not convertible $3.000 Common stock: 1/1: 1,000 shares outstanding nem 9/1: 1,000 shares issued in a 2-for-1 stock split 10/1: 200 shares treasury stock acquired 11/1: 240 shares issued for cash No preferred dividends were declared or paid in 2014, the first year of the company. The denominator to be used in Basic EPS is: a. 1.910 1,657 2,090 1,990 menn L....

  • Assume that the following data relate to Rosen, Inc. for the year 2017: Net income (40%...

    Assume that the following data relate to Rosen, Inc. for the year 2017: Net income (40% tax rate) $5,300,000 Average common shares outstanding 2017                                  1,000,000 shares 8% cumulative convertible preferred stock: Convertible into 90,000 shares of common     $2,000,000 6% convertible bonds; convertible into 75,000 shares of common $4,000,000 Stock options: Exercisable at the option price of $30 per share; Average market price in 2017, $36                                                 48,000 shares 1.Compute basic earnings per share. 2.Compute diluted earnings per share.

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