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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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BASIC EARNINGS PER SHARE

Problem 25. The following data are obtained from CRC-ACE's 2014 accounting records: 2014 Net Income P10,000,000 20,000,000 Preference Shares - Cumulative (10%) at par The following transactions occurred during the year 2014 regarding the ordinary shares: 1/1/2014 – 100,000 ordinary shares are issued and outstanding. 3/31/2014 - Declared 1 for 2 stock split 5/1/2014 - 20,000 ordinary shares are reacquired. 6/30/2014 - Issued 200,000 ordinary shares. 8/1/2014 - Declared 4 for 1 stock split 9/30/2014 – Isued 50,000 ordinary shares. 11/01/2014 - Declared 20% stock dividends. Required: Detemine the following: 1. Net Income for basic computation of basic earnings per share 2. Weighted average ordinary shares 3. Basic earnings per share
Transcribed Image Text:Problem 25. The following data are obtained from CRC-ACE's 2014 accounting records: 2014 Net Income P10,000,000 20,000,000 Preference Shares - Cumulative (10%) at par The following transactions occurred during the year 2014 regarding the ordinary shares: 1/1/2014 – 100,000 ordinary shares are issued and outstanding. 3/31/2014 - Declared 1 for 2 stock split 5/1/2014 - 20,000 ordinary shares are reacquired. 6/30/2014 - Issued 200,000 ordinary shares. 8/1/2014 - Declared 4 for 1 stock split 9/30/2014 – Isued 50,000 ordinary shares. 11/01/2014 - Declared 20% stock dividends. Required: Detemine the following: 1. Net Income for basic computation of basic earnings per share 2. Weighted average ordinary shares 3. Basic earnings per share
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