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Bumek [7]
3 years ago
10

For the year ended December 31, 2021, Norstar Industries reported net income of $655,000.

Business
1 answer:
iragen [17]3 years ago
7 0

Answer:

Earnings per share = $0.64

Explanation:

To calculate the Earnings per share, we first need to compute weighted average number of shares:

Jan.1: 900,000 * (12/12) = 900,000 * 1.05               =     945,000

Apr.30: 60,000 * (8/12) = 40,000 * 1.05                  =       42,000

Jun.1: 72,000 * (7/12)                                                 =       <u>42,000</u>

Weighted Average No. of Shares Outstanding      =     <u>1,029,000</u>

Note: We multiplied by 1.05 factors on Jan.1 and Apr.30 to account for 5% declared and distribution of a stock dividend.

Earnings Per Share =  <u>                         Net Income                                </u>

                                    Weighted Average No.of Shares Outstanding

Earnings Per Share =  <u>655,000</u>

                                    1,029,000

Earnings Per Share = $0.64

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