Current Attempt in Progress At January 1, 2020 Sweet Company's outstanding shares included the following 298.000 shares of $50 per value, 85 cumulative preferred stock 886,000 shares of $1 par value common stock Net income for 2020 was $2.513,000. No cash dividends were declared or paid during 2020. On February 15, 2021, however, a preferred dividends in arrears were paid together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2020 On April 1, 2020, 429,000 shares of common stock were sold for $10 per hare, and on October 1.2020, 105.000 shares of common stock were purchased for $22 per share and held as treasury stock Compute earnings per share for 2020. Assume that financial statements for 2020 were issued in March 2021. Round arower to 2 decimal places a $2.553 Earnings per share
Current Attempt in Progress At January 1, 2020 Sweet Company's outstanding shares included the following 298.000 shares of $50 per value, 85 cumulative preferred stock 886,000 shares of $1 par value common stock Net income for 2020 was $2.513,000. No cash dividends were declared or paid during 2020. On February 15, 2021, however, a preferred dividends in arrears were paid together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2020 On April 1, 2020, 429,000 shares of common stock were sold for $10 per hare, and on October 1.2020, 105.000 shares of common stock were purchased for $22 per share and held as treasury stock Compute earnings per share for 2020. Assume that financial statements for 2020 were issued in March 2021. Round arower to 2 decimal places a $2.553 Earnings per share
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Current Attempt in Progress
At January 1, 2020, Sweet Company's outstanding shares included the following
298.000 shares of $50 par value, 8% cumulative preferred stock
886,000 shares of $1 par value common stock
Net income for 2020 was $2.513,000 No cash dividends were declared or paid during 2020. On February 15, 2021, however, all
preferred dividends in arrears were paid together with a 5% stock dividend on common shares. There were no dividends in arrears
prior to 2020.
On April 1, 2020, 429,000 shares of common stock were sold for $10 per dare and on October 1,2020, 105.000 shares of common
stock were purchased for $22 per share and held as treasury stock
Compute earnings per share for 2020 Assume that financial statements for 2020 were issued in March 2021. Round arower to 2
decimal places $2.55)
Earnings per share
1.P
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