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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