intermediate accounting IInot sure what i did wrong when calculating this. please show work and explain. thank you.my work (shown below)1,190,000 * 12/12 => 1,190,000 * 1.05 = 1,249,500125,000 * 8/12 => 83,333.3333 * 1.05 = 87,500132,000 * 7/12 => 77,0001,249,500 + 87,500 + 77,000 = 1,414,000 numerator/denominator=earnings per share995,000/1,414,000 0.70picture is provided below For the year ended December 31, 2024, Norstar Industries reported net income of $995,000. At January 1, 2024, thecompany had 1,190,000 common shares outstanding. The following changes in the number of shares occurred during2024:April 30 sold 125,000 shares in a public offeringMay 24 Declared and distributed a 5% stock dividendJune 1 Issued 132,000 shares as part of the consideration for the purchase of assets from a subsidiaryRequired: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.Numerator995,000Answer is complete but not entirely correct.Earnings perShareDenominator1,414,000S0.70

Earnings per share=Net incomeWeighted average shares outstanding

For the year ended December 31, 2024, Norstar Industries reported net Income of $995,000. At January 1, 2024, th company had 1,190,000 common shares outstanding. The following changes in the number of shares occurred durin 2024: April 30 Sold 125,000 shares in a public offering May 24 Declared and distributed a 5% stock dividend June 1 Issued 132,000 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. 10,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places. $ Numerator 995,000 Answer is complete but not entirely correct. Denominator Earnings per Share 1,414,000 = $ 0.70

For the year ended December 31, 2024, Norstar Industries reported net Income of $995,000. At January 1, 2024, th company had 1,190,000 common shares outstanding. The following changes in the number of shares occurred durin 2024: April 30 Sold 125,000 shares in a public offering May 24 Declared and distributed a 5% stock dividend June 1 Issued 132,000 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. 10,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places. $ Numerator 995,000 Answer is complete but not entirely correct. Denominator Earnings per Share 1,414,000 = $ 0.70

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock…

A: Closing entries are the entries posted in the books at the financial year end after making the…

Q: F2 Use the following information for questions 20-23: You are provided with the following…

A: Net Income =Total Revenue -Total Expense. Income Statement Sales 56800 Less: Cost of goods…

Q: please do not provide solution in image format thank you!

A: A proforma income statement is a type of financial statement that describes how a firm expects to do…

Q: it says its incomplete so I was just wondering what I missed

A: The computation balance sheet is prepared to show the assets, liabilities, and shareholders' funds.…

Q: Bal. Bal. Bal. Bal. Bal. Bal. Cash 18,360 18360 Accounts Receivable 3,660 Office Supplies 850…

A: T-Accounts - T-Accounts are the T-Shaped ledgers which includes all the transactions entered into by…

Q: How do I find the Revenue amount for the following problem? Please be clear and concise and avoid…

A: Retained earnings at the end of any financial period is computed by adding the opening balance and…

Q: Marilyn Terrill is the senior auditor for the audit of Uden Supply Company for the year ended…

A: Income statement comparison provides a comprehensive view of a business's financial performance,…

Q: Income statement information for Sadie Company is below: Sales $175,000 Cost of goods sold…

A: Vertical analysis: It is a method of analyzing the financial statement in which each item is shows…

Q: how to solve for net income with what I have, thank you.

A: The net income is calculated as difference between sales and expenses incurred during the period.…

Q: Francis 31, but at Open so that r which cash Dec. Check on which inventory.

A: Working capital: It shows the difference of a company's assets and its current liabilities.

Q: Analyze Walmart The following data (in millions) are taken from the financial statements of WalMart…

A: Income statement is a financial statement that shows profitability, total revenue and total…

Q: Below is selected financial information for Swingline Inc. 2020 2019 2018 2017 Ending Inventory Cost…

A: The question is based on the concept of ratios analysis. As per the Bartleby guidelines we are…

Q: The ending balance of the Accounts Receivable account was $12,000 and the beginning balance was…

A: The ending balance of accounts receivable can be calculated by adding up services billed and…

Q: am. 174.

A: Steps to find the missing values:Calculate missing Net Income for Year 4:Net income is the…

Q: Use the Hillside, Inc. Balance Sheet information in cells A2 through D18 and cells A21 through B38…

A: Ratio analysis shows the interpretation of company's financial statements and comparison on the…

Q: There is more than one error in this balance sheet. Fix It Balance Sheet.pdf Can you find them all?…

A: The basic accounting equation for a balance sheet is A=L+E or that's assets = liabilities + equity.…

Q: 2.1. Transfer the data given below in the table provided in the answering block: Sales Less Cost of…

A: Business companies compile an income statement to determine how much profit/loss they earned during…

Q: The income statement and balance sheet columns of Iron and Larkspur Company's worksheet reflect the…

A: Income statement depicts the REVENUE and EXPENSE of an organisation during a year. And tell how much…

Q: Use the following table to answer the question. Periods 1 2 3 4 5 6 7 8 9 10 5% 0.95238 0.90703…

A: Present value: Present value means the discounted value of a future sum of money at a given…

Q: Krall Company recently had a computer malfunction and lost a portion of its accounting records. The…

A: Return on Investment = Net operating income / Average invested asset The Financial ratios can be…

Question

intermediate accounting II

not sure what i did wrong when calculating this. please show work and explain. thank you.

my work (shown below)

1,190,000 * 12/12 => 1,190,000 * 1.05 = 1,249,500

125,000 * 8/12 => 83,333.3333 * 1.05 = 87,500

132,000 * 7/12 => 77,000

1,249,500 + 87,500 + 77,000 = 1,414,000

numerator	/	denominator	=	earnings per share
995,000	/	1,414,000		0.70

picture is provided below

For the year ended December 31, 2024, Norstar Industries reported net income of $995,000. At January 1, 2024, the
company had 1,190,000 common shares outstanding. The following changes in the number of shares occurred during
2024:
April 30 sold 125,000 shares in a public offering
May 24 Declared and distributed a 5% stock dividend
June 1 Issued 132,000 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
995,000
Answer is complete but not entirely correct.
Earnings per
Share
Denominator
1,414,000
S
0.70

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!

SEE SOLUTION Check out a sample Q&A here

Step 1: Formula used:

VIEW

Step 2: Computation of the earnings per share:

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

A company is considering two mutually exclusive investments with a discount rate of 10%.The cash flows of the projects over time follows: Time Project A Project B 0 - RM300,000 - RM405,000 1 - RM387,000 RM134,000 2 - RM193,000 RM134,000 3 - RM100,000 RM134,000 4 RM600,000 RM134,000 5 RM600,000 RM134,000 6 RM850,000 RM134,000 7 - RM180,000 RM0 Question: The company does not want to issue new share capital or debentures to financethis project. Recommend three (3) appropriate financing methods for this project.Provide support for your recommendations.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Q4. Analysis of Financial StatementsThere was a bit of concern about one of Big Rock’s newer entities – Big Rock PavingCompany. Management wants you to review the two financial statements below and giveyour analysis of the company’s performance.Big Rock Paving CompanyAssets LiabilitiesCurrent Assets: Current Liabilities:Cash 200,000 Accounts Payable 700,000Accounts Receivable 300,000 Notes Payable 600,000Inventory 800,000Total Current Assets 1,300,000 Total Current Liabilities 1,300,000Fixed Assets: Owners’ Equity:Property, Plant & Equipment 2,200,000 Common Stock ($1 Par) 600,000Less: Accumulated Depreciation 600,000 Capital Surplus 100,000Net Fixed Assets 1,600,000 Retained Earnings 100,000Total Assets 2,900,000 Total Owners’ Equity 800,000Total Liabilities and Owners’Equity2,900,000Big Rock Paving CompanyIncome Statement for Year Ending December 31, 2021Sales 3,400,000Less: Cost of Goods Sold 2,700,000Less: Administrative Expenses 700,000Less Depreciation 682,000Earnings Before…
Pleaseeeee help me, I’m stuck on this problemmm
View Policies Current Attempt in Progress The following data were taken from the records of Shamrock Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $50,400 39,900 99,600 20,600 27,300 20,100 148,350 25,660 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $28,000 5,500 18,100 30,100 8,650 562,100 5,300 64,900 9.610 2,200 98,700 38,200
Hi expart give correct answer
Computing in the Business World Compare the numbers in Column 1 to those in Column 2. Find any transposition, slide, or omission errors. Identify the type of error for each line. Column 2 Column 1 $18.00 $15,000 $222.52 $187,235,499.05 $47,988 $578,334.99 $180.00 $1,500 $222.25 $187,235,499.50 $47,988 $5,778,334.99
Please do not give solution in image format thanku
Please help me fill out this table. I am very confused. Thank you so much.
i dont get this question, HELP!