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(b) Assume that Sheridan earned net income of $3,156,450 during 2023. In addition, it had 120,000 of 7%, $100 par, non-convertible non-cumulative preferred shares outstanding for the entire year. Because of liquidity limitations, however, the company did not declare and pay a preferred dividend in 2023. Calculate earnings per share for 2023, using the weighted average number of shares determined above. (Round answer to 2 decimal places, e.g. 15.25.) Earnings per share $ C. Assume that Sheridan earned net income of $3,156,450 during 2023. In addition, it had 120,000 of 7%, $100 par, non-convertible, cumulative preferred shares outstanding for the entire year. Because of liquidity limitations, however, the company did not declare and pay a preferred dividend in 2023. Calculate earnings per share for 2023 using the weighted average number of shares determined above. (Round answer to 2 decimal places, e.g. 15.25.)

(b) Assume that Sheridan earned net income of $3,156,450 during 2023. In addition, it had 120,000 of 7%, $100 par, non-convertible non-cumulative preferred shares outstanding for the entire year. Because of liquidity limitations, however, the company did not declare and pay a preferred dividend in 2023. Calculate earnings per share for 2023, using the weighted average number of shares determined above. (Round answer to 2 decimal places, e.g. 15.25.) Earnings per share $ C. Assume that Sheridan earned net income of $3,156,450 during 2023. In addition, it had 120,000 of 7%, $100 par, non-convertible, cumulative preferred shares outstanding for the entire year. Because of liquidity limitations, however, the company did not declare and pay a preferred dividend in 2023. Calculate earnings per share for 2023 using the weighted average number of shares determined above. (Round answer to 2 decimal places, e.g. 15.25.)

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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Question a has been answered. Pls solve b and c. 

On January 1, 2023, Sheridan Ltd. had 528,000 common shares outstanding. During 2023, it had the following transactions that affected the common share account: Feb. 1 Mar. 1 May 1 June 1 Oct. 1 Issued 194,000 shares Issued a 10% stock dividend Acquired 215,000 common shares and retired them Issued a 3-for-1 stock split Issued 55,000 shares The company's year end is December 31. (a) Your Answer Correct Answer Your answer is correct. Determine the weighted average number of shares outstanding as at December 31, 2023. (Round answer to O decimal places, e.g. 5,275.) Weighted average number of shares outstanding (b) 1,913,000 shares Assume that Sheridan earned net income of $3,156,450 during 2023. In addition, it had 120,000 of 7%, $100 par, non-convertible, non-cumulative preferred shares outstanding for the entire year. Because of liquidity limitations, however, the company did not declare and pay a preferred dividend in 2023. Calculate earnings per share for 2023, using the weighted average number of shares determined above. (Round answer to 2 decimal places, e.g. 15.25.) Earnings per share $ C. Assume that Sheridan earned net income of $3,156,450 during 2023. In addition, it had 120,000 of 7%, $100 par, non-convertible, cumulative preferred shares outstanding for the entire year. Because of liquidity limitations, however, the company did not declare and pay a preferred dividend in 2023. Calculate earnings per share for 2023 using the weighted average number of shares determined above. (Round answer to 2 decimal places, e.g. 15.25.)
Transcribed Image Text:On January 1, 2023, Sheridan Ltd. had 528,000 common shares outstanding. During 2023, it had the following transactions that affected the common share account: Feb. 1 Mar. 1 May 1 June 1 Oct. 1 Issued 194,000 shares Issued a 10% stock dividend Acquired 215,000 common shares and retired them Issued a 3-for-1 stock split Issued 55,000 shares The company's year end is December 31. (a) Your Answer Correct Answer Your answer is correct. Determine the weighted average number of shares outstanding as at December 31, 2023. (Round answer to O decimal places, e.g. 5,275.) Weighted average number of shares outstanding (b) 1,913,000 shares Assume that Sheridan earned net income of $3,156,450 during 2023. In addition, it had 120,000 of 7%, $100 par, non-convertible, non-cumulative preferred shares outstanding for the entire year. Because of liquidity limitations, however, the company did not declare and pay a preferred dividend in 2023. Calculate earnings per share for 2023, using the weighted average number of shares determined above. (Round answer to 2 decimal places, e.g. 15.25.) Earnings per share $ C. Assume that Sheridan earned net income of $3,156,450 during 2023. In addition, it had 120,000 of 7%, $100 par, non-convertible, cumulative preferred shares outstanding for the entire year. Because of liquidity limitations, however, the company did not declare and pay a preferred dividend in 2023. Calculate earnings per share for 2023 using the weighted average number of shares determined above. (Round answer to 2 decimal places, e.g. 15.25.)
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