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Assume that Sheridan Corp. earned net income of $3,330,000 during 2026. In addition, it had 96,000 shares of 9%, $100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in 2026. Compute earnings per share for 2026, using the weighted-average number of shares determined in part (a). (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share 187

Assume that Sheridan Corp. earned net income of $3,330,000 during 2026. In addition, it had 96,000 shares of 9%, $100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in 2026. Compute earnings per share for 2026, using the weighted-average number of shares determined in part (a). (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share 187

FINANCIAL ACCOUNTING
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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Assume that Sheridan Corp, earned net income of $3,330,000 during 2026. In addition, it had 96,000 shares of 9%, $100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in 2026. Compute earnings per share for 2026, using the weighted-average: number of shares determined in part (a). (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share. $ Show Transcribed Text (d) Assume the same facts as in part (b), except that the preferred stock was cumulative. Compute earnings per share for 2026. (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share $ Your answer is incorrect. 1.87 Earnings per share Assume the same facts as in part (b), except that net income included a loss from discontinued operations of $431.000 (net of tax). Compute earnings per share for 2026. (Round answers to 2 decimal places, e.g. 2.55.) Show Transcribed Text 1.38
Transcribed Image Text:Assume that Sheridan Corp, earned net income of $3,330,000 during 2026. In addition, it had 96,000 shares of 9%, $100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in 2026. Compute earnings per share for 2026, using the weighted-average: number of shares determined in part (a). (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share. $ Show Transcribed Text (d) Assume the same facts as in part (b), except that the preferred stock was cumulative. Compute earnings per share for 2026. (Round answer to 2 decimal places, e.g. 2.55.) Earnings per share $ Your answer is incorrect. 1.87 Earnings per share Assume the same facts as in part (b), except that net income included a loss from discontinued operations of $431.000 (net of tax). Compute earnings per share for 2026. (Round answers to 2 decimal places, e.g. 2.55.) Show Transcribed Text 1.38
On January 1, 2026, Sheridan Corp. had 488,000 shares of common stock outstanding. During 2026, it had the following transactions that affected the common stock account. February 1 March 1 May 1 June 1 October 1 Issued 115,000 shares Issued a 10% stock dividend Acquired 96,000 shares of treasury stock Issued a 3-for-1 stock split Reissued 61,000 shares of treasury stock Show Transcribed Text Ć Determine the weighted-average number of shares outstanding as of December 31, 2026. The weighted-average number of shares outstanding eTextbook and Media 1781525
Transcribed Image Text:On January 1, 2026, Sheridan Corp. had 488,000 shares of common stock outstanding. During 2026, it had the following transactions that affected the common stock account. February 1 March 1 May 1 June 1 October 1 Issued 115,000 shares Issued a 10% stock dividend Acquired 96,000 shares of treasury stock Issued a 3-for-1 stock split Reissued 61,000 shares of treasury stock Show Transcribed Text Ć Determine the weighted-average number of shares outstanding as of December 31, 2026. The weighted-average number of shares outstanding eTextbook and Media 1781525
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