Homework Answers
1.
Given data:
Number of shares = 29 million shares
Share par value = $100
Interest rate = 6%
Preferred Dividend = 6% x $100 x 29 million
Therefore, Preferred Dividend = $174 million
Weighted average of common stock :
Weighted average shares = 744 million
Net loss per share
Formula:
Net loss per share = (Net loss - preferred dividend) / Weighted average shares
= (($185) - 174 ) / 744
= (-185 - 174) / 744
= ($ 0.483)
Therefore, Net loss per share = ($0.483)
2.
Income from continuing operations = ( 490 - 185 ) = $ 305
Extraordinary loss, net of tax = $ 490
Net loss = ($185)
Earning per share (EPS) for continuing operations
= (Net profit - Preferred dividend) / Weighted average shares
= (305 - 174) / 744
= $ 0.176
3.
Applicable of 5% of stock dividend issued.
Weighted average shares = 760 million x 1.05
= 798 million
2020 EPS = $ 570 / 798 = $0.714
2021 EPS = ($490) / 780 = $0.628
1.
Above answer is correct except for weighted average. Weighted average is:
Dec. 31, 2020
Ainsworth, Inc., had 760 million shares of common stock outstanding
Jan 2, 2021
Twenty nine million shares of 6 % , $100 par value cumulative, nonconvertible preferred stock were sold
preferred stock, does not count for common stock weighted average
April 30,2021
Ainsworth purchased 30 million shares of its common stock as treasury stock
May through Dec = 8 months left in year
-30m x 8/12 = -20m
760m - 20m = 740m
June 12, 2021
Ainsworth issued a 5 % common stock dividend
740m x 1.05 = 777m
Aug 31, 2021 (info in problem is given out of order)
Twelve million treasury shares were sold
Sept through Dec = 4 months left in year
12m x 4/12 = 4m
777m + 4m = 781m
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omework Saved Help Save & Exit Check m On December 31, 2020, Ainsworth, Inc., had 760...
omework Saved Help Save & Exit Check On December 31, 2020, Ainsworth, Inc., had 760 million...
omework Saved Help Save & Exit Check On December 31, 2020, Ainsworth, Inc., had 760 million shares of common stock outstanding. Twenty nine million shares of 6%, $100 par value cumulative, nonconvertible preferred stock were sold on January 2, 2021. On April 30, 2021. Ainsworth purchased 30 million shares of its common stock as treasury stock. Twelve million treasury shares were sold on August 31. Ainsworth issued a 5% common stock dividend on June 12, 2021. No cash dividends were...
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On December 31, 2020, Ainsworth, Inc., had 500 million shares of common stock outstanding. Twenty three million shares of 7%, $100 par value cumulative, nonconvertible preferred stock were sold on January 2, 2021. On April 30, 2021, Ainsworth purchased 50 million shares of its common stock as treasury stock. Twenty million treasury shares were sold on August 31. Ainsworth issued a 4% common stock dividend on June 12, 2021. No cash dividends were declared in 2021. For the year ended...
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On December 31, 2017, Ainsworth, Inc., had 550 million shares of common stock outstanding. Eighteen million shares of 6%, $100 par value cumulative, nonconvertible preferred stock were sold on January 2, 2018. On April 30, 2018, Ainsworth purchased 50 million shares of its common stock as treasury stock. Twenty million treasury shares were sold on August 31. Ainsworth issued a 4% common stock dividend on June 12, 2018. No cash dividends were declared in 2018. For the year ended December...
On December 31, 2017, Ainsworth, Inc., had 600 million shares of common stock outstanding. Ninteen million shares of 8%, $100 par value cumulative, nonconvertible preferred stock were sold on January 2, 2018. On April 30, 2018, Ainsworth purchased 50 mill
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At December 31, 2020 and 2021, Funk & Noble Corporation had outstanding 760 million shares of...
At December 31, 2020 and 2021, Funk & Noble Corporation had outstanding 760 million shares of common stock and 7 million shares of 4%, $100 par value cumulative preferred stock. No dividends were declared on either the preferred or common stock in 2020 or 2021. Net income for 2021 was $788 million. The income tax rate is 25% Calculate earnings per share for the year ended December 31, 2021. (Round your answer to 2 decimal places.) Earnings per share
omework Saved Help Save & Exit Check On December 31, 2020, Ainsworth, Inc., had 760 million shares of common stock outstanding. Twenty nine million shares of 6%, $100 par value cumulative, nonconvertible preferred stock were sold on January 2, 2021. On April 30, 2021. Ainsworth purchased 30 million shares of its common stock as treasury stock. Twelve million treasury shares were sold on August 31. Ainsworth issued a 5% common stock dividend on June 12, 2021. No cash dividends were...
On December 31, 2017, Ainsworth, Inc., had 760 million shares of common stock outstanding. Twenty nine million shares of 6%, $10 par value cumulative, nonconvertible preferred stock were sold on January 2, 2018. On April 30, 2018, Ainsworth purchased 30 million shares of its common stock as treasury stock. Twelve million treasury shares were sold on August 31. Ainsworth issued a 5% common stock dividend on June 12, 2018. No cash dividends were declared in 2018. For the year ended...
On December 31, 2020, Ainsworth, Inc., had 500 million shares of common stock outstanding. Twenty three million shares of 7%, $100 par value cumulative, nonconvertible preferred stock were sold on January 2, 2021. On April 30, 2021, Ainsworth purchased 50 million shares of its common stock as treasury stock. Twenty million treasury shares were sold on August 31. Ainsworth issued a 4% common stock dividend on June 12, 2021. No cash dividends were declared in 2021. For the year ended...
On December 31, 2020, Ainsworth, Inc., had 560 million shares of common stock outstanding. Fifteen million shares of 7%, $100 par value cumulative, nonconvertible preferred stock were sold on January 2, 2021. On April 30, 2021, Ainsworth purchased 30 million shares of its common stock as treasury stock. Twelve million treasury shares were sold on August 31. Ainsworth issued a 5% common stock dividend on June 12, 2021. No cash dividends were declared in 2021. For the year ended December...
on December 31, 2017, Ainsworth, Inc. had 650 million shares of common stock outstanding. Thirty five million shares of 8%. $100 par value cumulative, nonconvertible preferred stock were sold on January 2 shares of its common stock as treasury stock. Twenty milion treasury shares wer Ainsworth purchased 50 million sold on August 31, Ainsworth issued a 4% common dividend on June 12, 2018 No cash dividends were declared in 2018. For the year ended December 31, 2018, Ainsworth lion, including...
On December 31, 2017, Ainsworth, Inc., had 550 million shares of common stock outstanding. Eighteen million shares of 6%, $100 par value cumulative, nonconvertible preferred stock were sold on January 2, 2018. On April 30, 2018, Ainsworth purchased 50 million shares of its common stock as treasury stock. Twenty million treasury shares were sold on August 31. Ainsworth issued a 4% common stock dividend on June 12, 2018. No cash dividends were declared in 2018. For the year ended December...
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