Homework Answers
Exercise 19-15 - Answer -
Step - ( 1 ) - Information Given -
At December 31, 2017, Albrecht Corporation had outstanding 208000 shares of common stock and 6000 shares of 9.5%, $100 par value cumulative, non-convertible preferred stock.
On May 31, 2018, Albrecht sold for cash 12,000 shares of its common stock.
No cash dividends were declared for 2018. For the year ended December 31, 2018, Albrecht reported a net loss of -$115000.
.
Step - ( 2 ) - Calculation of Weighted average common shares outstanding during the period -
| Date | No. of shares issued | Calculations | No.of shares outstanding |
| December 31, 2017 | 208000 | [(12 months / 12 months) * 208000 shares | 208000 |
| May 31, 2018 | 12000 | [(7 months / 12 months) * 12000 shares | 7000 |
| Weighted average common shares outstanding | 215000 | ||
.
Step - ( 3 ) - Calculation of Numerator amount -
In the given question there is, 6000 shares of 9.5%, $100 par value cumulative, non-convertible preferred stock, and Albrecht reported a net loss of -$115000.
No cash dividends were declared for 2018.
So, the Loss should be increased by the amount of the dividend for the year.
The preferred dividends would be = ( 6000 shares * $100 * 9.5% ) = $57000
Therefore, Numerator = Net loss increased by the amount of Preferred dividends
= -$115000 - $57000
= -$172000
.
Step - ( 4 ) - Calculation of Albrecht's net loss per share for the year ended December 31, 2018
| Numerator | / | Denominator | = | Net Loss per Share |
|
-$172000 [Refer step - (3) for calculations] |
/ |
215000 [Refer step - (2) for calculations] |
= |
-$0.8 [-$172000 / 215000 shares] |
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