The Common Stock account for Baltimore Corporation on January 1, 2018 was $50,000. On July 1,...
The Common Stock account for Baltimore Corporation on January 1, 2018 was $50,000. On July 1, 2018 Baltimore issued an additional 8,000 shares of common stock. The Common Stock is $5 par. There was neither Preferred Stock nor any Treasury Stock. Paid in Capital Excess to par Common Stock was $20,000 on January 1 and $40,000 on July 2 and net income was $116,500. Use this information to determine for December 31, 2018 the amount of Earnings per Share (rounded to the nearest cent).
Homework Answers
| Shares outstanding on January 1, 2018 | 10000 | =50000/5 |
| Weighted average Shares outstanding | 14000 | =10000+(8000*6/12) |
| Net income | 116500 | |
| Divide by Weighted average Shares outstanding | 14000 | |
| Earnings per Share | 8.32 |
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