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On December 31, 2023, Ainsworth, Incorporated had 850 million shares of common stock outstanding. • Thirty four million shares of 6%, $100 par value cumulative, nonconvertible preferred stock were sold on January 2, 2024. • On April 30, 2024, Ainsworth purchased 50 million shares of its common stock as treasury stock. • Twenty million treasury shares were sold on August 31. • Ainsworth issued a 4% 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 $210 million, including an after-tax loss from discontinued operations of $540 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 $0.70, based on net income (no discontinued operations) of $595 million and a weighted-average number of common shares of 850 million. Complete this question by entering your answers in the tabs below. Req 1 and 2 1. 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. Req 3 Numerator Denominator Numerator + Denominator Net Loss Per Share Income or (Loss) from Continuing Operations Per Share < Req 1 and 2 Req 3 > Show less A

On December 31, 2023, Ainsworth, Incorporated had 850 million shares of common stock outstanding. • Thirty four million shares of 6%, $100 par value cumulative, nonconvertible preferred stock were sold on January 2, 2024. • On April 30, 2024, Ainsworth purchased 50 million shares of its common stock as treasury stock. • Twenty million treasury shares were sold on August 31. • Ainsworth issued a 4% 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 $210 million, including an after-tax loss from discontinued operations of $540 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 $0.70, based on net income (no discontinued operations) of $595 million and a weighted-average number of common shares of 850 million. Complete this question by entering your answers in the tabs below. Req 1 and 2 1. 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. Req 3 Numerator Denominator Numerator + Denominator Net Loss Per Share Income or (Loss) from Continuing Operations Per Share < Req 1 and 2 Req 3 > Show less A

Intermediate Accounting: Reporting And Analysis
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
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On December 31, 2023, Ainsworth, Incorporated had 850 million shares of common stock outstanding. • Thirty four million shares of 6%, $100 par value cumulative, nonconvertible preferred stock were sold on January 2, 2024. On April 30, 2024, Ainsworth purchased 50 million shares of its common stock as treasury stock. • Twenty million treasury shares were sold on August 31. • Ainsworth issued a 4% common stock dividend on June 12, 2024. 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 $0.70, based on net income (no discontinued operations) of $595 million and a weighted-average number of common shares of 850 million. • No cash dividends were declared in 2024. • For the year ended December 31, 2024, Ainsworth reported a net loss of $210 million, including an after-tax loss from discontinued operations of $540 million. Req 1 and 2 1. Complete this question by entering your answers in the tabs below. 2. 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 Req 3 Numerator + Denominator Denominator Net Loss Per Share Income or (Loss) from Continuing Operations Per Share < Req 1 and 2 Req 3 > Show less
Transcribed Image Text:On December 31, 2023, Ainsworth, Incorporated had 850 million shares of common stock outstanding. • Thirty four million shares of 6%, $100 par value cumulative, nonconvertible preferred stock were sold on January 2, 2024. On April 30, 2024, Ainsworth purchased 50 million shares of its common stock as treasury stock. • Twenty million treasury shares were sold on August 31. • Ainsworth issued a 4% common stock dividend on June 12, 2024. 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 $0.70, based on net income (no discontinued operations) of $595 million and a weighted-average number of common shares of 850 million. • No cash dividends were declared in 2024. • For the year ended December 31, 2024, Ainsworth reported a net loss of $210 million, including an after-tax loss from discontinued operations of $540 million. Req 1 and 2 1. Complete this question by entering your answers in the tabs below. 2. 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 Req 3 Numerator + Denominator Denominator Net Loss Per Share Income or (Loss) from Continuing Operations Per Share < Req 1 and 2 Req 3 > Show less
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