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Sumner Industries began the year with 140,000 shares of common stock and 10,000 shares of 6%, $100 ...

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Sumner Industries began the year with 140,000 shares of common stock and 10,000 shares of 6%, $100 ...

Sumner Industries began the year with 140,000 shares of common stock and 10,000 shares of 6%, $100 par value, cumulative, nonconvertible preferred stock. On April 1 it declared a 10% stock dividend on common shares. On June 1, it purchased 15,000 shares of treasury stock. On December 1, Sumner declared a 2 for 1 stock split. Net income for the year was $570,000. Compute weighted average shares of common stock for the year and basic EPS.

Instructions: Write the EPS formula. Show all computations used in your solution.

Textbook

Intermediate Accounting

Edition: 1^st

Authors: Gordon, Raedy, Sannella

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More solutions for this book are available here

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Enough said, this helped my grade so much

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