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On January 1, 2021, Sweet Corp. had 482,000 shares of common stock outstanding. During 2021, it...

On January 1, 2021, Sweet Corp. had 482,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account.

February 1 Issued 126,000 shares
March 1 Issued a 10% stock dividend
May 1 Acquired 104,000 shares of treasury stock
June 1 Issued a 3-for-1 stock split
October 1 Reissued 61,000 shares of treasury stock

Determine the weighted-average number of shares outstanding as of December 31, 2021.

The weighted-average number of shares outstanding

enter the weighted-average number of shares outstanding as of December 31, 2018

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Assume that Sweet Corp. earned net income of $3,395,000 during 2021. In addition, it had 105,000 shares of 10%, $100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in 2021. Compute earnings per share for 2021, using the weighted-average number of shares determined in part (a). (Round answer to 2 decimal places, e.g. $2.55.)

Earnings Per Share

$enter earnings per share rounded to 2 decimal places

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Assume the same facts as in part (b), except that the preferred stock was cumulative. Compute earnings per share for 2021. (Round answer to 2 decimal places, e.g. $2.55.)

Earnings Per Share

$enter earnings per share rounded to 2 decimal places

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Assume the same facts as in part (b), except that net income included a loss from discontinued operations of $436,000 (net of tax). Compute earnings per share for 2021. (Round answer to 2 decimal places, e.g. $2.55.)

Sweet Corp.
Income Statement
choose the accounting period                                                                      December 31, 2021For the Year Ended December 31, 2021For the Quarter Ended December 31, 2021

select an opening name for this statement                                                                      DividendsExpensesExtraordinary LossExtraordinary GainIncome Before Extraordinary ItemIncome From Continuing OperationsIncome Per Share Before Extraordinary ItemLoss From Discontinued OperationsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

$enter a dollar amount per share rounded to 2 decimal places

select an income statement item                                                                      DividendsExpensesExtraordinary LossExtraordinary GainIncome Before Extraordinary ItemIncome From Continuing OperationsIncome Per Share Before Extraordinary ItemLoss From Discontinued OperationsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

enter a dollar amount per share rounded to 2 decimal places

select a closing name for this statement                                                                      DividendsExpensesExtraordinary LossExtraordinary GainIncome Before Extraordinary ItemIncome From Continuing OperationsIncome Per Share Before Extraordinary ItemLoss From Discontinued OperationsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

enter a total earnings per share amount rounded to 2 decimal places

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ekkarill92 answered 1 year ago
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