Question
In: Accounting
C-Bay Inc.'s accounting year ends on December 31. During the following three years, its common shares...
C-Bay Inc.'s accounting year ends on December 31. During the following three years, its common shares outstanding changed as follows.
| 2022 | 2021 | 2020 | |
|---|---|---|---|
| Shares outstanding, January 1 | 150,000 | 120,000 | 100,000 |
| Sales of shares, April 1, 2020 | 20,000 | ||
| 25% stock dividend, July 1, 2021 | 30,000 | ||
| 2-for-1 stock split, July 1, 2022 | 150,000 | ||
| Shares sold, October 1, 2022 | 50,000 | ||
| Shares outstanding, December 31 | 350,000 | 150,000 | 120,000 |
Required
a. For purposes of calculating EPS at the end of each year, determine the number of shares outstanding. Hint: consider each reporting year separately.
| 2022 | 2021 | 2020 | |
|---|---|---|---|
| Number of shares |
b. For purposes of calculating EPS at the end of 2022, when comparative statements are being prepared on a three-year basis, determine the number of shares outstanding for each year.
| 2022 | 2021 | 2020 | |
|---|---|---|---|
| Number of shares |
c. Compute EPS for each year based on computations in part b. Assume net income is $375,000, $330,000, and $299,000, for years 2022, 2021, and 2020, respectively.
Note: Round earnings per share amounts to two decimal places.
| Basic EPS | Net Income Available to Common Stockholders |
Weighted Avg. Common Shares Outstanding |
Per Share |
|---|---|---|---|
| 2020 | |||
| 2021 | |||
| 2022 |
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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