Question

In: Accounting

Except for the earnings per share statistics, the 2019, 2020, and 2021 income statements for Ace...

Except for the earnings per share statistics, the 2019, 2020, and 2021 income statements for Ace Group Inc. were originally presented as follows:

Required:
1. Calculate the 11 missing amounts. (Loss should be indicated by a minus sign.)

Answer is complete and correct.

	2019	2020	2021
Sales	$486,855	$707,040	$1,018,900
Costs and expenses	167,420selected answer correct	254,500selected answer correct	333,570
Profit from continuing operations	$319,435	$452,540selected answer correct	$685,330selected answer correct
Gain (loss) on discontinued operations	(161,191)selected answer correct	85,410	(112,325)
Profit (loss)	$158,244	$537,950	$573,005

Shares outstanding on December 31, 2018

38,800

Purchase and retirement of shares on March 1, 2019

−

4,880

Sale of shares on June 1, 2019

16,480

Share dividend of 5% on August 1, 2019

2,520selected answer correct

Shares outstanding on December 31, 2019

52,920selected answer correct

Sale of shares on February 1, 2020

7,760

Purchase and retirement of shares on July 1, 2020

−

2,440

Shares outstanding on December 31, 2020

58,240selected answer correct

Sale of shares on March 1, 2021

20,560

Purchase and retirement of shares on September 1, 2021

−

6,600

Share split of 3:1 on October 1, 2021

Shares outstanding on December 31, 2021

2. Calculate the weighted-average number of common shares outstanding during the following years: (Do not round intermediate calculations. Round your answers to nearest whole number.)

	2019	2020	2021
Weighted-average outstanding shares

Solutions

Expert Solution

ekkarill92 answered 1 year ago

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