Answered: What is the weighted average number of…

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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Helen Company provided the following accounts for its business at the beginning of the year: Preference shares, 12% noncumulative and non- participating 25,000 at P120 per share P3 000 000 Preference share premium 375 000 Ordinary shares, 44,000 at P50 per share 2,200,000 Ordinary share premium 440,000 Retained Earnings 3,000,000 Other comprehensive income: Revaluation surplus 500,000 Unrealized gain on defined benefit plan 700,000 1,200,0000 Helen had these share transactions for the current year: No. of shares February 1 Issued ordinary shares for cash 56,000 May 1 Acquired ordinary treasury shares 25,000 August 1 Declared P250,000 cash dividend for preference shares and 25% stock dividend for ordinary shares. September 1 Resold ordinary treasury shares 10,000 November 1 Issued 3 for 1 share split for ordinary shares The company reported P4,850,000 net income for the year. What is the weighted average number of shares for EPS computation? What is the basic earnings per share of Helen Company during the year?

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