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Problem 16-6 (P16-6) EPS Computation of Basic and Diluted EPS

Problem 16-6 (P16-6) EPS Computation of Basic and Diluted EPS
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ACCOUNTING

ACC/423 (ACC423)
INTERMEDIATE FINANCIAL ACCOUNTING III
University of Phoenix (UoP)

Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2007).
Intermediate Accounting, (12th ed.) (13th Ed.)
Hoboken, NJ: John Wiley & Sons.

Week Two (Week 2) Chapter 15 and Chapter 16

Problem 16-6 (P16-6) (EPS Computation of Basic and Diluted EPS) Edmund Halvor of the controller’s office of East Aurora Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ending December 31, 2007. Halvor has compiled the information listed below.
1. The company is authorized to issue 8,000,000 shares of $10 par value common stock. As of December 31, 2006, 3,000,000 shares had been issued and were outstanding.
2. The per share market prices of the common stock on selected dates were as follows.

AND SO ON

Instructions
(a) Determine the number of shares used to compute basic earnings per share for the year ended December 31, 2007.
(b) Determine the number of shares used to compute diluted earnings per share for the year ended December 31, 2007.
(c) Compute the adjusted net income to be used as the numerator in the basic earnings per share calculation for the year ended December 31, 2007.

 

FILE: MS WORD

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