Homework Answers
| Weighted Average Number of Shares | ||||||
| Dates Relevant | Action | o/s shares | Period | Weighted Average Number of Shares | Calculation | |
| Ouststanding on Jan 1 | O/S | 78000 | Jan 1 to July 30 | 7 | 45500 | 78000*7/12 |
| 01-Aug | Sold | -30000 | Aug 1 to Oct 31 | 3 | 12000 | (78000-30000)*3/12 |
| Nov-01 | Sold | -30000 | Nov to Dec | 2 | 3000 | (48000-30000)*2/12 |
| Weighted Average Number of Shares | 60500 | 60500 | ||||
| Earnings per Share (EPS) | ||||||
| Profit for 2020 | 1075049 | |||||
| Less; Preference dividend | -75100 | |||||
| Profit available for Common Stock holders | 999949 | |||||
| Weighted average number of Common Share | 60500 | |||||
| EPS | 16.52808 | |||||
| EPS round to 2 decimal points | 16.53 |
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required to close dividends declared and net income to Retained
Earnings, open T accounts and post to the shareholders’ equity
accounts, prepare a statement of retained earnings for the
year.
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Record the above transactions for 2018, including any entries
required to close dividends declared and net income to Retained
Earnings. (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts.)
Transaction entries:
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