For the year ended December 31, 2024, Norstar Industries reported net income of $950,000. At January 1, 2024, the company had 1,010,000 common shares outstanding. The following changes in the number of shares occurred during 2024: April 30 Sold 70,000 shares in a public offering May 24 Declared and distributed a 5% stock dividend June 1 Issued 78,000 shares as part of the consideration for the purchase of assets from a subsidiary Required: Compute Norstar's earnings per share for the year ended December 31, 2024. Note: Do not round intermediate calculations. Except for per share amounts, enter your answers in thousands (i.e., 10,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places. Numerator Denominator = Earnings per Share
For the year ended December 31, 2024, Norstar Industries reported net income of $950,000. At January 1, 2024, the company had 1,010,000 common shares outstanding. The following changes in the number of shares occurred during 2024: April 30 Sold 70,000 shares in a public offering May 24 Declared and distributed a 5% stock dividend June 1 Issued 78,000 shares as part of the consideration for the purchase of assets from a subsidiary Required: Compute Norstar's earnings per share for the year ended December 31, 2024. Note: Do not round intermediate calculations. Except for per share amounts, enter your answers in thousands (i.e., 10,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places. Numerator Denominator = Earnings per Share
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
please answer without image
Transcribed Image Text:For the year ended December 31, 2024, Norstar Industries reported net
income of $950,000. At January 1, 2024, the company had 1,010,000
common shares outstanding. The following changes in the number of shares
occurred during 2024:
April 30 Sold 70,000 shares in a public offering
May 24 Declared and distributed a 5% stock dividend
June 1
Issued 78,000 shares as part of the consideration for the
purchase of assets from a subsidiary
Required:
Compute Norstar's earnings per share for the year ended December 31,
2024.
Note: Do not round intermediate calculations. Except for per share
amounts, enter your answers in thousands (i.e., 10,000 should be entered
as 10). Round "Earnings per share" answer to 2 decimal places.
Numerator
Denominator
11
Earnings per Share
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education