TRI began the year, 2021 with 132,000 shares of common stock and 30,000 shares of 7%, $100 par value, cumulative, nonconvertible preferred stock. On March 1 it declared a 10% stock dividend on common shares. On September 30, it purchased 20,000 common shares and cancelled them. On October 1, TRI declared a 2-for-one stock split. Operating income for the year was $911,000 and no dividends for 2021 were declared. Compute the weighted average number of common shares and the basic EPS for the year. Select one: a. 250,400 shares and $2.80. b. 140,200 shares and $1.57 c. 280,400 shares and $2.50. d. 280,400 shares and $3.25. e. None of the above.
TRI began the year, 2021 with 132,000 shares of common stock and 30,000 shares of 7%, $100 par value, cumulative, nonconvertible preferred stock. On March 1 it declared a 10% stock dividend on common shares. On September 30, it purchased 20,000 common shares and cancelled them. On October 1, TRI declared a 2-for-one stock split. Operating income for the year was $911,000 and no dividends for 2021 were declared. Compute the weighted average number of common shares and the basic EPS for the year. Select one: a. 250,400 shares and $2.80. b. 140,200 shares and $1.57 c. 280,400 shares and $2.50. d. 280,400 shares and $3.25. e. None of the above.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
TRI began the year, 2021 with 132,000 shares of common stock and 30,000 shares of 7%, $100 par value, cumulative, nonconvertible preferred stock. On March 1 it declared a 10% stock dividend on common shares. On September 30, it purchased 20,000 common shares and cancelled them. On October 1, TRI declared a 2-for-one stock split. Operating income for the year was $911,000 and no dividends for 2021 were declared. Compute the weighted average number of common shares and the basic EPS for the year.
Select one:
a.
250,400 shares and $2.80.
b.
140,200 shares and $1.57
c.
280,400 shares and $2.50.
d.
280,400 shares and $3.25.
e.
None of the above.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education