During the year ended December 31, 2020, Gluco Inc. split its stock on a 5-for-1 basis. In its annual report for 2019, the firm reported net income of $941,200 for 2019, with an average 211,000 shares of common stock outstanding for that year. There was no preferred stock.Required:What amount of net income for 2019 will be reported in Gluco's 2020 annual report?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.)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.) The image contains a table with three rows, each labeled with a letter on the left side:1. **Row a** - **Label**: Net Income - **Value**: Not provided (empty field)2. **Row b** - **Label**: Earnings per share - **Value**: Not provided (empty field)3. **Row c** - **Label**: Earnings per share - **Value**: Not provided (empty field)The table appears to be part of a financial analysis or report, possibly comparing or emphasizing the importance of net income and earnings per share. The columns are separated by a greater-than sign, indicating a placeholder for data input or comparison.

EPS = Net income / Average shares of common stock outstanding for that year

Answered: During the year ended December 31,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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During the year ended December 31, 2020, Gluco Inc. split its stock on a 5-for-1 basis. In its annual report for 2019, the firm reported net income of $941,200 for 2019, with an average 211,000 shares of common stock outstanding for that year. There was no preferred stock.

Required:

What amount of net income for 2019 will be reported in Gluco's 2020 annual report?
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.)
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.)

The image contains a table with three rows, each labeled with a letter on the left side:

1. **Row a**
- **Label**: Net Income
- **Value**: Not provided (empty field)

2. **Row b**
- **Label**: Earnings per share
- **Value**: Not provided (empty field)

3. **Row c**
- **Label**: Earnings per share
- **Value**: Not provided (empty field)

The table appears to be part of a financial analysis or report, possibly comparing or emphasizing the importance of net income and earnings per share. The columns are separated by a greater-than sign, indicating a placeholder for data input or comparison.

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