In: Accounting

# Except for the earnings per share statistics, the 2016, 2017, and 2018 income statements for Ace...

Except for the earnings per share statistics, the 2016, 2017, and 2018 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.)

 2016 2017 2018 Sales $483,855$704,040 $1,015,900 Costs and expenses 332,070 Profit from continuing operations$317,935 Gain (loss) on discontinued operations 84,660 (111,575) Profit (loss) $157,494$537,200
 Information on Common Shares for Ace Group Inc. * Shares outstanding on December 31, 2015 37,300 Purchase and retirement of shares on March 1, 2016 ? 4,580 Sale of shares on June 1, 2016 + 15,880 Share dividend of 5% on August 1, 2016 + Shares outstanding on December 31, 2016 Sale of shares on February 1, 2017 + 7,460 Purchase and retirement of shares on July 1, 2017 ? 2,290 Shares outstanding on December 31, 2017 Sale of shares on March 1, 2018 + 19,960 Purchase and retirement of shares on September 1, 2018 ? 6,150 Share split of 3:1 on October 1, 2018 + Shares outstanding on December 31, 2018

*No preferred shares have been issued.

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.)

 2016 2017 2018 Weighted-average outstanding shares

3. Prepare the earnings per share income statement presentation during the following years: (Round your answers to 2 decimal places. Negative amounts should be indicated by a minus sign.)

 2016 2017 2018 Income from continuing operations Gain (Loss) from discontinued operations $0.00$0.00 $0.00 ## Solutions ##### Expert Solution 1. 11 missing amounts.  2016 2017 2018 Sales$483,855 $704,040$1,015,900 Costs and expenses $165,920$82,180 332,070 Profit from continuing operations $317,935$621860 $683,830 Gain (loss) on discontinued operations$(160,441) $84,660 (111,575) Profit (loss)$157,494 $537,200$572,255
 Information on Common Shares for Ace Group Inc. * Shares outstanding on December 31, 2015 37,300 Purchase and retirement of shares on March 1, 2016 ? 4,580 Sale of shares on June 1, 2016 + 15,880 Share dividend of 5% on August 1, 2016 + 2497.57 Shares outstanding on December 31, 2016 48,600 Sale of shares on February 1, 2017 + 7,460 Purchase and retirement of shares on July 1, 2017 ? 2,290 Shares outstanding on December 31, 2017 53,770 Sale of shares on March 1, 2018 + 19,960 Purchase and retirement of shares on September 1, 2018 ? 6,150 Share split of 3:1 on October 1, 2018 + 202740 Shares outstanding on December 31, 2018 204740

2. Weighted-Average number of common shares outstanding during the following years:

 2016 2017 2018 Weighted-average outstanding shares 42,747 54293 68353

3. Earnings per share income statement presentation during the following years:

 2016 2017 2018 Income from continuing operations $317,935$621,860 $683,830 Gain (Loss) from discontinued operations$(160,441) $84,660$(111,575) Profit (loss) (A) $157,494$537,200 $572,255 No. of weighted-average outsatnding shares (B) 42,747 54,293 68,363 Earning per share (C) = A / B$3.68 $9.90$8.37

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