Jenks Corp

question 66

Essay

Jenks Corp. began the year with 200,000 shares of common stock and 30,000 shares of 7%, $100 par value, cumulative, nonconvertible preferred stock. On March 1 it declared a 5% stock dividend on common shares. On June 30, it purchased 10,000 shares of treasury stock. On October 1, Jenks declared a 2 for 1 stock split. Net income for the year was $650,000. 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.

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Definitions:

Transfer Steps

Sequential actions taken to safely move a person from one place or position to another, often used in healthcare settings to prevent injury to patients and caregivers.

Own Strength

Referring to an individual's inherent physical or mental power and capacity for effort or endurance.

Articular Ends

The end parts of bones that come into contact with each other in a joint, often covered with cartilage to allow for smooth movement.

Synovial Fluid

A viscous, non-Newtonian fluid found in the cavities of synovial joints, facilitating smooth movement and reducing friction between articular cartilages.