On January 1, 2022, Sheffield Corporation purchased 6,500 shares of treasury stock. Other information regarding SheffieldCorporation is provided as follows.Net incomeDividends on preferred stockDividends on common stockWeighted-average number of common shares outstandingCommon stockholders' equity beginning of yearCommon stockholders' equity end of yearEarnings per share2021$2021LA$130,000$39,000$26,00065,000$780,000$975,000(a) Compute earnings per share for each year. (Round answer to 2 decimal places, e.g. 10.50.)20222022$143,000$39,000$32,50058,500$975,000$1,079,000

A company's profit divided by the number of outstanding shares of its common stock yields earnings…

Answered: (a) Compute earnings per share for each…

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(a) Compute earnings per share for each year. (Round answer to 2 decimal places, e.g. 10.50.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

On January 1, 2022, Sheffield Corporation purchased 6,500 shares of treasury stock. Other information regarding Sheffield
Corporation is provided as follows.
Net income
Dividends on preferred stock
Dividends on common stock
Weighted-average number of common shares outstanding
Common stockholders' equity beginning of year
Common stockholders' equity end of year
Earnings per share
2021
$
2021
LA
$130,000
$39,000
$26,000
65,000
$780,000
$975,000
(a) Compute earnings per share for each year. (Round answer to 2 decimal places, e.g. 10.50.)
2022
2022
$143,000
$39,000
$32,500
58,500
$975,000
$1,079,000

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