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 Incorrect answer icon Your answer is incorrect. Determine the weighted-average number of shares outstanding as of December 31, 2021.
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 Incorrect answer icon Your answer is incorrect. Determine the weighted-average number of shares outstanding as of December 31, 2021.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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 |
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| June 1 | Issued a 3-for-1 stock split | |
| October 1 | Reissued 59,000 shares of treasury stock |
Part 1
Incorrect answer icon
Your answer is incorrect.
Determine the weighted-average number of shares outstanding as of December 31, 2021.
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.)
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. $2.55.)
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Novak Corp.
Income Statement choose the accounting period |
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select an opening name for this statement
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$ enter a dollar amount per share rounded to 2 decimal places
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select an income statement item
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enter a dollar amount per share rounded to 2 decimal places
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select a closing name for this statement
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enter a total earnings per share amount rounded to 2 decimal places
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