On January 1. 2021, Novak Corp. had 502,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account. February 1 Issued 125,000 shares March 1 Issued a 10% stock dividend May 1 Acquired 97.000 shares of treasury stock June 1 Issued a 3-for-1 stock split October 1 Reissued 62.000 shares of treasury stock Determine the weighted-average number of shares outstanding as of December 31, 2021. The weighted-average number of shares outstanding eTextbook and Media Assume that Novak Corp. earned net income of $3,550,000 during 2021. In addition, it had 102,000 shares of 9%, $100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and paya preferred dividend in 2021. Compute earnings per share for 2021, using the weighted-average number of shares determined in part (a). (Round answer to 2 decimal places, eg $2.55.) Earnings Per Share %24 Assume the same facts as in part (b), except that the preferred stock was cumulative. Compute earnings per share for 2021. (Round answer to 2 decimal places, eg. $2.55.) Earnings Per Share Assume the same facts as in part (b), except that net income included a loss from discontinued operations of $454,000 (net of tax Compute earnings per share for 2021. (Round answer to 2 decimal places, eg. $2.55.) Novak Corp. Income Statement %24

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Chapter10: Stockholder's Equity
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Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...
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On January 1. 2021, Novak Corp. had 502,000 shares of common stock outstanding. During 2021, it had the following transactions
that affected the Common Stock account.
February 1
Issued 125,000 shares
March 1
Issued a 10% stock dividend
May 1
Acquired 97.000 shares of treasury stock
June 1
Issued a 3-for-1 stock split
October 1
Reissued 62.000 shares of treasury stock
Determine the weighted-average number of shares outstanding as of December 31, 2021.
The weighted-average number of shares outstanding
eTextbook and Media
Assume that Novak Corp. earned net income of $3,550,000 during 2021. In addition, it had 102,000 shares of 9%, $100 par
nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the
company did not declare and paya preferred dividend in 2021. Compute earnings per share for 2021, using the weighted-average
number of shares determined in part (a). (Round answer to 2 decimal places, eg $2.55.)
Earnings Per Share
%24
Assume the same facts as in part (b), except that the preferred stock was cumulative. Compute earnings per share for
2021. (Round answer to 2 decimal places, eg. $2.55.)
Earnings Per Share
Assume the same facts as in part (b), except that net income included a loss from discontinued operations of $454,000 (net of tax).
Compute earnings per share for 2021. (Round answer to 2 decimal places, eg. $2.55.)
Novak Corp.
Income Statement
%24
Transcribed Image Text:On January 1. 2021, Novak Corp. had 502,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account. February 1 Issued 125,000 shares March 1 Issued a 10% stock dividend May 1 Acquired 97.000 shares of treasury stock June 1 Issued a 3-for-1 stock split October 1 Reissued 62.000 shares of treasury stock Determine the weighted-average number of shares outstanding as of December 31, 2021. The weighted-average number of shares outstanding eTextbook and Media Assume that Novak Corp. earned net income of $3,550,000 during 2021. In addition, it had 102,000 shares of 9%, $100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and paya preferred dividend in 2021. Compute earnings per share for 2021, using the weighted-average number of shares determined in part (a). (Round answer to 2 decimal places, eg $2.55.) Earnings Per Share %24 Assume the same facts as in part (b), except that the preferred stock was cumulative. Compute earnings per share for 2021. (Round answer to 2 decimal places, eg. $2.55.) Earnings Per Share Assume the same facts as in part (b), except that net income included a loss from discontinued operations of $454,000 (net of tax). Compute earnings per share for 2021. (Round answer to 2 decimal places, eg. $2.55.) Novak Corp. Income Statement %24
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