User Account

All Pages

Determine the weighted-average number of shares outstanding

Assignment Help Financial Accounting
Reference no: EM132968709

For the year 20X1, Trinity Ltd., a company based in Barrie, had net income of $4,000,000 and there were no discontinued operations.

During 20X1, the company had two classes of shares outstanding:

Class A preferred shares: 1,200 shares issued and outstanding at the beginning of the year; quarterly dividend rate of $100 per share; cumulative; each share is convertible into 50 shares of Class B common.

Class B common shares: 150,000 shares issued and outstanding at the beginning of the year.Also note the following:

  1. 700 shares of Class A were converted into Class B shares on April 1 20X1; dividends for the first quarter of the year were paid on March 31 20X1.
  2. Options to issue 8,000 common shares to senior management personnel for $4 per share were outstanding during the entire year. The average share price during the year was $12.Required:

Problem (a) Determine the weighted-average number of shares outstanding during 20X1.

Problem (b) Determine basic EPS.

Problem (c) Determine diluted EPS.

Reference no: EM132968709

Questions Cloud

Calculate the inventory turnover ratio for the year : Calculate the inventory turnover ratio for the year, accounts receivable turnover ratio for the year and the average days of sales were in Accounts
Problem related to privacy on digital media : What are the problem related to privacy on digital media? Course: business communication
Compare key provisions of the wagner act : Compare key provisions of the Wagner Act, Taft-Hartely Act, and Lundrum-Griffin Act.
Calculate the present value and the compound interest : Calculate the present value (principal) and the compound interest (in $).
Determine the weighted-average number of shares outstanding : For the year 20X1, Trinity Ltd., a company based in Barrie, Determine the weighted-average number of shares outstanding during 20X1.
Description of the plan to implement the strategy : Identify three (3) communication strategies that would support more effective communication including a short description of the plan to implement the strategy
Calculate the depreciation expense and the cumulative effect : Assuming that this is a change in policy, calculate the 20X8 depreciation expense and the cumulative effect of the change on the 20X8 opening retained
Make a statement of partnership liquidation for period : Cash, noncash assets, and liabilities total $57,300, $100,800. Prepare a statement of partnership liquidation for the period July 1-29.
Which is a way to analyze a company financial statements : Which is a way to analyze a company's financial statements? Calculate ratios based on the numbers from a company's financial statements.

Reviews

Write a Review

Financial Accounting Questions & Answers

  How much total revenue will krabs recognize

The license grants Plankton rights. Plankton commences business operations on January 3, 20x2. How much total revenue will Krabs recognize in 20x2?

  What amount of personnel costs allocated to assembly will be

What The amount of personnel costs allocated to Assembly using the direct method will be? Ellis Manufacturing Company has two production departments

  What is balance in the paid-in capital and treasury stock

On August 1, it reissued the remaining treasury shares at $49 per share. What is the balance in the Paid-in Capital, Treasury Stock account on August 2

  How does the using of technology affect human factors

What are the major measurement topics in aviation human factor researches? Do you think any/some of them is/are more important?

  What is the inventory period

garnishes, inc has sales for the year of $46,300 and cost of goods sold of $21,700. the firm carries an average inventory of $4,800 and has an average accounts payable balance of $4.400. what is the inventory period?

  What will be the price of the house in ten years

Buy the house in 2029. What will be the price of the house in ten years? How much should invest every year in City Bank if the interest rate is 14%?

  How much revenue will you have recorded

On October 1, a customer pays your company $800 for four months of services (October through January). How much revenue will you have recorded

  Are the issues the result of financial or cultural

Are the issues the result of financial or cultural differences between the United States and other countries? U.S. corporations have offices worldwide

  What percentage of the total interest has been paid

After 27 payments have been made, what percentage of the total interest has been paid ( round to the nearest percentage point)?

  What amount before income taxes should be reported

What amount, before income taxes, should be reported in the 20x9 retained earnings statement as the cumulative effect of the change in accounting principle?

  How much if any did shareholder contributed capital change

They also had a net income of $40,000 and paid dividends of $8,000. By how much, if any, did their shareholder's contributed capital change?

  How do show the opening balances in any relevant accounts

Trading Securities account, How do show the opening balances in any relevant accounts and the required transactions for 2018.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd