On January 1, 2018, Algerian Delivery had 100,000 shares of common stock outstanding. The following transactions...
On January 1, 2018, Algerian Delivery had 100,000 shares of common stock outstanding. The following transactions occurred during 2018: March 1: Reacquired 3,800 shares, accounted for as treasury stock. September 30: Sold all the treasury shares. December 1: Sold 12,800 new shares for cash. December 31: Reported a net income of $305,750.
Required: Calculate Algerian Delivery's basic earnings per share for the year ended December 31, 2018. (Round your answer to 2 decimal places.)
Homework Answers
Ans:
Net Income = 305,750
Calculation of Weighted Average of Number of Equity Shares:
Outstanding on Jan 1 = 100,000*12/12 = 100,000
Less: Treasury Stock 3800*10/12 = (3167)
Sold Treasury Shares 3800*3/12 = 950
New Shares Sold 12,800*1/12 = 1067
Weighted Average of Equity Shares during the year = 98,850
Basic Earnings per Share = Net Income/Weighted Average of Equity Shares outstanding during the year
= 305,750/98,850 = $3.09
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