During the year ended December 31, 2020, Gluco Inc. split its stock on a 2-for-1 basis. In its annual report for 2019, the firm reported net income of $994,800 for 2019, with an average 212,000 shares of common stock outstanding for that year. There was no preferrec stock. Required: a. What amount of net income for 2019 will be reported in Gluco's 2020 annual report? b. Calculate Gluco's earnings per share for 2019 that would have been reported in the 2019 annual report. (Round your answer to 2 decimal places.) c. Calculate Gluco's earnings per share for 2019 that will be reported in the 2020 annual report for comparative purposes. (Round your answer to 2 decimal places.) a. Net Income b. Eanings per share C. Earnings per share
During the year ended December 31, 2020, Gluco Inc. split its stock on a 2-for-1 basis. In its annual report for 2019, the firm reported net income of $994,800 for 2019, with an average 212,000 shares of common stock outstanding for that year. There was no preferrec stock. Required: a. What amount of net income for 2019 will be reported in Gluco's 2020 annual report? b. Calculate Gluco's earnings per share for 2019 that would have been reported in the 2019 annual report. (Round your answer to 2 decimal places.) c. Calculate Gluco's earnings per share for 2019 that will be reported in the 2020 annual report for comparative purposes. (Round your answer to 2 decimal places.) a. Net Income b. Eanings per share C. Earnings per share
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:During the year ended December 31, 2020, Gluco Inc. split its stock on a 2-for-1 basis. In its annual report for 2019, the firm reported
net income of $994,800 for 2019, with an average 212,000 shares of common stock outstanding for that year. There was no preferrec
stock.
Required:
a. What amount of net income for 2019 will be reported in Gluco's 2020 annual report?
b. Calculate Gluco's earnings per share for 2019 that would have been reported in the 2019 annual report. (Round your answer to 2
decimal places.)
c. Calculate Gluco's earnings per share for 2019 that will be reported in the 2020 annual report for comparative purposes. (Round
your answer to 2 decimal places.)
a.
Net Income
"b. Earnings per share
Earnings per share
C.
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