Oriole Inc. presented the following data. Net income $2.340,000 Preferred stock: 53,000 shares outstanding, $100 par, 8% cumulative, not convertible 5,300,000 Common stock: Shares outstanding 1/1 692,400 321.600 Issued for cash, 5/1 Acquired treasury stock for cash, 8/1 2-for-1 stock split, 10/1 160,800 Compute earnings per share. (Round answer to 2 decimal places, e.g. 52.55.) Earmings per share 2.69

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Oriole Inc. presented the following data.
Net income
$2,340,000
Preferred stock: 53,000 shares outstanding, $100 par, 8%
cumulative, not convertible
5,300,000
Common stock: Shares outstanding 1/1
692,400
Issued for cash, 5/1
321,600
Acquired treasury stock for cash, 8/1
2-for-1 stock split, 10/1
160,800
Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.)
Earnings per share
2.69
Transcribed Image Text:Oriole Inc. presented the following data. Net income $2,340,000 Preferred stock: 53,000 shares outstanding, $100 par, 8% cumulative, not convertible 5,300,000 Common stock: Shares outstanding 1/1 692,400 Issued for cash, 5/1 321,600 Acquired treasury stock for cash, 8/1 2-for-1 stock split, 10/1 160,800 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share 2.69
Expert Solution
Step 1

Earning per Shares = (Net income - Preferred Dividend) / Weighted average shares

trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

Blurred answer
Knowledge Booster
Accounting for stockholder's equity
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education