Question

At January 1, 2020, Cullumber Company’s outstanding shares included the following. 290,000 shares of $50 par...

At January 1, 2020, Cullumber Company’s outstanding shares included the following.

290,000 shares of $50 par value, 7% cumulative preferred stock
969,000 shares of $1 par value common stock


Net income for 2020 was $2,564,000. No cash dividends were declared or paid during 2020. On February 15, 2021, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2020.

On April 1, 2020, 479,000 shares of common stock were sold for $10 per share, and on October 1, 2020, 119,000 shares of common stock were purchased for $19 per share and held as treasury stock.

Compute earnings per share for 2020. Assume that financial statements for 2020 were issued in March 2021. (Round answer to 2 decimal places, e.g. $2.55.)

Earnings per share

$
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
At January 1, 2020, Skysong Company’s outstanding shares included the following. 276,000 shares of $50 par...
At January 1, 2020, Skysong Company’s outstanding shares included the following. 276,000 shares of $50 par value, 6% cumulative preferred stock 940,000 shares of $1 par value common stock Net income for 2020 was $2,512,000. No cash dividends were declared or paid during 2020. On February 15, 2021, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2020. On April 1, 2020, 408,000 shares...
At January 1, 2017, Pronghorn Company’s outstanding shares included the following. 262,000 shares of $50 par...
At January 1, 2017, Pronghorn Company’s outstanding shares included the following. 262,000 shares of $50 par value, 7% cumulative preferred stock 826,000 shares of $1 par value common stock Net income for 2017 was $2,542,000. No cash dividends were declared or paid during 2017. On February 15, 2018, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2017. On April 1, 2017, 456,000 shares...
E 11-1A. Dividend Distribution Lakeside Company has the following shares outstanding: 20,000 shares of $50 par...
E 11-1A. Dividend Distribution Lakeside Company has the following shares outstanding: 20,000 shares of $50 par value, six percent cumulative preferred stock and 80,000 shares of $10 par value common stock.  The company declared cash dividends amounting to $160,000. a. If no dividends in arrears on the preferred stock exist, how much in total dividends, and in dividends per share, is paid to each class of stock? b. If one year of dividends in arrears exist on the preferred stock, how...
The shareholders equity section of Yessir corporation at December 31, 2020 included the following: $6 preferred...
The shareholders equity section of Yessir corporation at December 31, 2020 included the following: $6 preferred shares cumulative, 10,000 shares authorized 8,000 shares issued            $800,000 Common shares, 250,000 shares authorized, 200,000 shares issued                                  $2,000,000 Dividends were not declared on the preferred shares in 2020 and are in arrears. On September 15, 2021, the board of directors of yessir corporation declared on the preferred shares for 2020 and 2021, to shareholders of record on October 1, 2021, payable on October 15,2021...
On January 1, 2020, Moving Company had 1,000,000 shares of $ 1 par value common stock,...
On January 1, 2020, Moving Company had 1,000,000 shares of $ 1 par value common stock, and 100,000 shares of $ 100 par value, 6% preferred stock outstanding. (The preferred stock is NOT convertible into common stock) On July 1, 2020, Moving Company issued an additional 400,000 shares of common stock, receiving $ 20 per share. No additonal share transactions were made during the year, and thus on December 31, 2020,Moving Company had 1,400000 shares of Common Stock, and 100,0000...
The stockholders' equity section of Mia Corporation at December 31, 2021, included the following: 6% preferred...
The stockholders' equity section of Mia Corporation at December 31, 2021, included the following: 6% preferred stock, $120 par value, cumulative, 10,000 shares authorized, 8,000 shares issued and outstanding $ 960,000 Common stock, $10 par value, 300,000 shares authorized, 200,000 shares issued and outstanding 32,000,000 Dividends were not declared on the preferred stock in 2019 and are in arrears. On September 15, 2020, the board of directors of Mia Corporation declared $50,000 cash dividends to stockholders of record on October...
Cullumber Inc. presented the following data. Net income $2,350,000 Preferred stock: 52,000 shares outstanding, $100 par,...
Cullumber Inc. presented the following data. Net income $2,350,000 Preferred stock: 52,000 shares outstanding, $100 par, 9% cumulative, not convertible 5,200,000 Common stock: Shares outstanding 1/1 686,400 Issued for cash, 5/1 270,000 Acquired treasury stock for cash, 8/1 148,800 2-for-1 stock split, 10/1 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $enter earnings per share rounded to 2 decimal places
At December 31, 2021 and 2020, P Co. had 50,000 shares of common stock and 5,000...
At December 31, 2021 and 2020, P Co. had 50,000 shares of common stock and 5,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2021 or 2020. Net income for 2021 was $500,000. For 2021, basic earnings per common share amounted to: Group of answer choices $9.50. $5.00. $9.00. $10.00.
Cullumber Limited had 42,600 common shares outstanding on January 1, 2020. On March 1, 2020, Cullumber...
Cullumber Limited had 42,600 common shares outstanding on January 1, 2020. On March 1, 2020, Cullumber issued 20,700 shares in exchange for equipment. On July 1, Cullumber repurchased and cancelled 11,700 shares. On October 1, 2020, Cullumber declared a 5–for–1 stock split. Calculate the weighted average number of shares outstanding for Cullumber for the year ended December 31, 2020. Weighted average number of shares outstanding :____________
Mustang Company has the following shares of stock outstanding: Preferred, 8%, $100 par, 10,000 shares (Dividends...
Mustang Company has the following shares of stock outstanding: Preferred, 8%, $100 par, 10,000 shares (Dividends totaling $15,000 are in arrears.) Common, $1 par, 100,000 shares On October 22, the board of directors declared cash dividends totaling $100,000, payable on December 24 to shareholders of record as of November 24. The preferred stock is NONCUMULATIVE. Which of the following will be included in the journal entry to record the declaration of the dividends? Question 1 options: Debit Paid-in capital –...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT