On January 1, 2021, Novak Corp. had 479,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account. February 1 Issued 117,000 shares March 1 Issued a 10% stock dividend May 1 Acquired 103,000 shares of treasury stock June 1 Issued a 3-for-1 stock split October 1 Reissued 59,000 shares of treasury stock Part 1 Determine the weighted-average number of shares outstanding as of December 31, 2021. The weighted-average number of shares outstanding enter the weighted-average number of shares outstanding as of December 31, 2018 Part 2 Correct answer icon Your answer is correct. Assume that Novak Corp. earned net income of $ 3,408,000 during 2021. In addition, it had 102,000 shares of 10%, $ 100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in 2021. Compute earnings per share for 2021, using the weighted-average number of shares determined in part (a). (Round answer to 2 decimal places, e.g. $2.55.) Earnings Per Share $ enter earnings per share rounded to 2 decimal places Part 3 Correct answer icon Your answer is correct. Assume the same facts as in part (b), except that the preferred stock was cumulative. Compute earnings per share for 2021. (Round answer to 2 decimal places, e.g. $2.55.) Earnings Per Share $ enter earnings per share rounded to 2 decimal places Part 4 Assume the same facts as in part (b), except that net income included a loss from discontinued operations of $ 426,000 (net of tax). Compute earnings per share for 2021. (Round answer to 2 decimal places, e.g. $2.55.) Novak Corp. Income Statement choose the accounting period select an opening name for this statement $ enter a dollar amount per share rounded to 2 decimal places select an income statement item enter a dollar amount per share rounded to 2 decimal places select a closing name for this statement enter a total earnings per share amount rounded to 2 decimal places i have already solved for Part 2 and 3 part 2 Earning per share is 1.96 part 3 Earning per share 1.37

On January 1, 2021, Novak Corp. had 479,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account. February 1 Issued 117,000 shares March 1 Issued a 10% stock dividend May 1 Acquired 103,000 shares of treasury stock June 1 Issued a 3-for-1 stock split October 1 Reissued 59,000 shares of treasury stock Part 1 Determine the weighted-average number of shares outstanding as of December 31, 2021. The weighted-average number of shares outstanding enter the weighted-average number of shares outstanding as of December 31, 2018 Part 2 Correct answer icon Your answer is correct. Assume that Novak Corp. earned net income of $ 3,408,000 during 2021. In addition, it had 102,000 shares of 10%, $ 100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in 2021. Compute earnings per share for 2021, using the weighted-average number of shares determined in part (a). (Round answer to 2 decimal places, e.g. $2.55.) Earnings Per Share $ enter earnings per share rounded to 2 decimal places Part 3 Correct answer icon Your answer is correct. Assume the same facts as in part (b), except that the preferred stock was cumulative. Compute earnings per share for 2021. (Round answer to 2 decimal places, e.g. $2.55.) Earnings Per Share $ enter earnings per share rounded to 2 decimal places Part 4 Assume the same facts as in part (b), except that net income included a loss from discontinued operations of $ 426,000 (net of tax). Compute earnings per share for 2021. (Round answer to 2 decimal places, e.g. $2.55.) Novak Corp. Income Statement choose the accounting period select an opening name for this statement $ enter a dollar amount per share rounded to 2 decimal places select an income statement item enter a dollar amount per share rounded to 2 decimal places select a closing name for this statement enter a total earnings per share amount rounded to 2 decimal places i have already solved for Part 2 and 3 part 2 Earning per share is 1.96 part 3 Earning per share 1.37

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...

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Part 1

Determine the weighted-average number of shares outstanding as of December 31, 2021.

The weighted-average number of shares outstanding

enter the weighted-average number of shares outstanding as of December 31, 2018

Part 2

Correct answer icon

Your answer is correct.

Assume that Novak Corp. earned net income of $ 3,408,000 during 2021. In addition, it had 102,000 shares of 10%, $ 100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in 2021. Compute earnings per share for 2021, using the weighted-average number of shares determined in part (a). (Round answer to 2 decimal places, e.g. $2.55.)

Earnings Per Share

$ enter earnings per share rounded to 2 decimal places

Part 3

Correct answer icon

Your answer is correct.

Assume the same facts as in part (b), except that the preferred stock was cumulative. Compute earnings per share for 2021. (Round answer to 2 decimal places, e.g. $2.55.)

Earnings Per Share

$ enter earnings per share rounded to 2 decimal places

Part 4

Assume the same facts as in part (b), except that net income included a loss from discontinued operations of $ 426,000 (net of tax). Compute earnings per share for 2021. (Round answer to 2 decimal places, e.g. $2.55.)

Novak Corp. Income Statement choose the accounting period


select an opening name for this statement

select an income statement item
		$ enter a dollar amount per share rounded to 2 decimal places

select a closing name for this statement
		enter a dollar amount per share rounded to 2 decimal places

		enter a total earnings per share amount rounded to 2 decimal places

i have already solved for Part 2 and 3

part 2 Earning per share is 1.96

part 3 Earning per share 1.37

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February 1		Issued 117,000 shares
March 1		Issued a 10% stock dividend
May 1		Acquired 103,000 shares of treasury stock
June 1		Issued a 3-for-1 stock split
October 1		Reissued 59,000 shares of treasury stock