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Except for the earnings per share statistics, the 2019, 2020, and 2021 income statements for Ace Group Inc. were originally presented as follows:

Except for the earnings per share statistics, the 2019, 2020, and 2021 income statements for Ace Group Inc. were originally presented as follows:

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter14: Financial Statement Analysis
Section: Chapter Questions
Problem 24E: Income statement and earnings per share for discontinued operations Apex Inc. reports the following...
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Except for the earnings per share statistics, the 2019, 2020, and 2021 income statements for Ace Group Inc. were originally presented as follows: Required: 1. Calculate the 11 missing amounts. (Loss should be indicated by a minus sign.) Sales Costs and expenses Profit from continuing operations Gain (loss) on discontinued operations Profit (loss) 2019 $ 477,855 $ 698,040 $314,935 2020 83,160 $ 155,994 $ 535,700 Information on Common Shares for Ace Group Inc. * Shares outstanding on December 31, 2018 Purchase and retirement of shares on March 1, 2019 Sale of shares on June 1, 2019 Share dividend of 5% on August 1, 2019 Shares outstanding on December 31, 2019 Sale of shares on February 1, 2020 Purchase and retirement of shares on July 1, 2020 Shares outstanding on December 31, 2020 Sale of shares on March 1, 2021 Purchase and retirement of shares on September 1, 2021 Share split of 3:1 on October 1, 2021 Shares outstanding on December 31, 2021 - + + + - + - + 2021 $1,009,900 329,070 (110,075) 34,300 3,980 14,680 6,860 1,990 18,760 5,250 2. Calculate the weighted-average number of common shares outstanding during the following years: (Do not round intermediate calculations. Round your answers to nearest whole number.) 3. Prepare the earnings per share income statement presentation during the following years: (Round your answers to 2 decimal places. Negative amounts should be indicated by a minus sign.)
Transcribed Image Text:Except for the earnings per share statistics, the 2019, 2020, and 2021 income statements for Ace Group Inc. were originally presented as follows: Required: 1. Calculate the 11 missing amounts. (Loss should be indicated by a minus sign.) Sales Costs and expenses Profit from continuing operations Gain (loss) on discontinued operations Profit (loss) 2019 $ 477,855 $ 698,040 $314,935 2020 83,160 $ 155,994 $ 535,700 Information on Common Shares for Ace Group Inc. * Shares outstanding on December 31, 2018 Purchase and retirement of shares on March 1, 2019 Sale of shares on June 1, 2019 Share dividend of 5% on August 1, 2019 Shares outstanding on December 31, 2019 Sale of shares on February 1, 2020 Purchase and retirement of shares on July 1, 2020 Shares outstanding on December 31, 2020 Sale of shares on March 1, 2021 Purchase and retirement of shares on September 1, 2021 Share split of 3:1 on October 1, 2021 Shares outstanding on December 31, 2021 - + + + - + - + 2021 $1,009,900 329,070 (110,075) 34,300 3,980 14,680 6,860 1,990 18,760 5,250 2. Calculate the weighted-average number of common shares outstanding during the following years: (Do not round intermediate calculations. Round your answers to nearest whole number.) 3. Prepare the earnings per share income statement presentation during the following years: (Round your answers to 2 decimal places. Negative amounts should be indicated by a minus sign.)
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