On December 31, 2023, Ainsworth, Incorporated had 760 million shares of common stock outstanding. B Twenty nine million shares of 6%, $100 par value cumulative, nonconvertible preferred stock were sold on January 2, 2024. ⚫ On April 30, 2024, Ainsworth purchased 30 million shares of its common stock as treasury stock. • Twelve million treasury shares were sold on August 31. B Ainsworth issued a 5% common stock dividend on June 12, 2024. ■ No cash dividends were declared in 2024. . For the year ended December 31, 2024, Ainsworth reported a net loss of $185 million, including an after-tax loss from discontinued operations of $490 million. Required: 1. Compute Ainsworth's net loss per share for the year ended December 31, 2024. 2. Compute the per share amount of income or loss from continuing operations for the year ended December 31, 2024. 3. Prepare an EPS presentation that would be appropriate to appear on Ainsworth's 2024 and 2023 comparative income statements. Assume EPS was reported in 2023 as $0.75, based on net income (no discontinued operations) of $570 million and a weighted-average number of common shares of 760 million. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 1. Compute Ainsworth's net loss per share for the year ended December 31, 2024. 2. Compute the per share amount of income or loss from continuing operations for the year ended December 31, 2024. Note: Do not round intermediate calculations. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Negative amounts should be indicated by a minus sign. Numerator 1. Denominator = Net Loss Per Share =1 0 Numerator + Denominator Income or (Loss) from Continuing Operations Per Share Show less A
On December 31, 2023, Ainsworth, Incorporated had 760 million shares of common stock outstanding. B Twenty nine million shares of 6%, $100 par value cumulative, nonconvertible preferred stock were sold on January 2, 2024. ⚫ On April 30, 2024, Ainsworth purchased 30 million shares of its common stock as treasury stock. • Twelve million treasury shares were sold on August 31. B Ainsworth issued a 5% common stock dividend on June 12, 2024. ■ No cash dividends were declared in 2024. . For the year ended December 31, 2024, Ainsworth reported a net loss of $185 million, including an after-tax loss from discontinued operations of $490 million. Required: 1. Compute Ainsworth's net loss per share for the year ended December 31, 2024. 2. Compute the per share amount of income or loss from continuing operations for the year ended December 31, 2024. 3. Prepare an EPS presentation that would be appropriate to appear on Ainsworth's 2024 and 2023 comparative income statements. Assume EPS was reported in 2023 as $0.75, based on net income (no discontinued operations) of $570 million and a weighted-average number of common shares of 760 million. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 1. Compute Ainsworth's net loss per share for the year ended December 31, 2024. 2. Compute the per share amount of income or loss from continuing operations for the year ended December 31, 2024. Note: Do not round intermediate calculations. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Negative amounts should be indicated by a minus sign. Numerator 1. Denominator = Net Loss Per Share =1 0 Numerator + Denominator Income or (Loss) from Continuing Operations Per Share Show less A
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 10MC
Related questions
Question
Transcribed Image Text:On December 31, 2023, Ainsworth, Incorporated had 760 million shares of common stock outstanding.
B
Twenty nine million shares of 6%, $100 par value cumulative, nonconvertible preferred stock were sold on January 2, 2024.
⚫ On April 30, 2024, Ainsworth purchased 30 million shares of its common stock as treasury stock.
• Twelve million treasury shares were sold on August 31.
B
Ainsworth issued a 5% common stock dividend on June 12, 2024.
■ No cash dividends were declared in 2024.
. For the year ended December 31, 2024, Ainsworth reported a net loss of $185 million, including an after-tax loss from
discontinued operations of $490 million.
Required:
1. Compute Ainsworth's net loss per share for the year ended December 31, 2024.
2. Compute the per share amount of income or loss from continuing operations for the year ended December 31, 2024.
3. Prepare an EPS presentation that would be appropriate to appear on Ainsworth's 2024 and 2023 comparative income
statements. Assume EPS was reported in 2023 as $0.75, based on net income (no discontinued operations) of $570 million and
a weighted-average number of common shares of 760 million.
Complete this question by entering your answers in the tabs below.
Req 1 and 2
Req 3
1. Compute Ainsworth's net loss per share for the year ended December 31, 2024.
2. Compute the per share amount of income or loss from continuing operations for the year ended December 31, 2024.
Note: Do not round intermediate calculations. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).
Negative amounts should be indicated by a minus sign.
Numerator
1.
Denominator
=
Net Loss Per Share
=1
0
Numerator +
Denominator
Income or (Loss) from
Continuing Operations
Per Share
Show less A
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College