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Question - Entity ML provided the following data:
January 1 - 100,000 shares issued and outstanding
April 1 - Share split 2 for 5
June 1 - Issued 50,000 new shares
July 1 - Share split 2 for 1
September 1 - 20% share dividend or bonus issue
The entity also has 9% Convertible Preference shares. The 5 Million Convertible shares with 100 par value can be converted into 5 common shares per preference share. Net income is 6,950,000.00.
Required -
1. Compute the Basic Earnings Per Share and Diluted Earning Per Share.
2. Compute the average shares excluding the effect of the convertible preference shares.
Sunny Screen Company signs an $80,000, 9-month, 5% note. What is the adjusting entry required if Sunny Screen Company prepares financial statements on June 30
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