Net income was $388,500 for the year. Throughout the year the company had outstanding 5,000 shares of
Question:
Net income was $388,500 for the year. Throughout the year the company had outstanding 5,000 shares of $6.50, $100 par value preferred stock and 80,000 shares of common stock.
Required:
Calculate basic earnings per share of common stock for the year.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (15 reviews)
Net income Less Dividends on preferred sto...View the full answer
Answered By
Rukhsar Ansari
I am professional Chartered accountant and hold Master degree in commerce. Number crunching is my favorite thing. I have teaching experience of various subjects both online and offline. I am online tutor on various online platform.
5.00+
4+ Reviews
17+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
For each of the following situations, calculate basic earnings per share for the year ended December 31,2018: Situation A Situation B Situation C Situation D Situation E Shares outstanding orn...
-
A corporation buys $100 par value preferred stock of another corporation. The dividend payment is 7.8 percent of par. The corporation is in a 35 percent tax bracket. a. What will be the after-tax...
-
A corporation issued 100 shares of $100 par value preferred stock for $150 per share. The resulting journal entry would include which of the following? A. A credit to common stock B. A credit to cash...
-
Which of the following statements is FALSE about illusory correlations: An illusory correlation refers to the tendency to perceive two things as being related when they are not, or being more...
-
Green- Up Inc. contracts with a building manager to provide goods and services to enhance the energy efficiency. It offers consulting services, including recommending ways to increase energy...
-
Excerpts taken from the SEC Form 10-K of NIKE are reproduced in Appendix C. This chapter listed and defined four basic assumptions, four principles of measurement, and two exceptions. REQUIRED:...
-
Hulus Hybrids has the following information for the years ending January 31 2010 and 2009: Requirements 1. Compute the rate of inventory turnover for Hulus Hybrids for the years ended January 31,...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
A construction company needs to borrow $340 comma 000 for a new job. They decide to borrow the funds at 14% for 150 days. In 1980, the same note would have been at a rate of 23%. Find the difference...
-
Conduct a Pareto analysis for the number of minutes that flights are late in the accompanying data. Interpret the results. E Click the icon to view the Atlanta Airline Data. Conduct a Pareto analysis...
-
Net cash provided by operating activities for the year ended December 31, 2022, was $117,300. The cash balance on December 31, 2022, was $66,500. The net decrease in cash for the year was $38,000....
-
Selling, general, and administrative expenses were $78,000; net sales were $520,000; interest expense was $11,600; research and development expenses were $61,400; net cash provided by operating...
-
Vincent Cuomo is the credit manager for the Fine Fabrics Mill. He is currently faced with the question of whether to extend $100,000 credit to a potential new customer, a dress manufacturer. Vincent...
-
Stoichiometric air-fuel ratio for gasoline An average formulation for gasoline is C-H13. Complete combustion in air produces C7H13 + 10.25 02 + 38.54 N2 = 7 CO2 +6.5 H20+ 38.54 N2 Determine the...
-
During the 2023 FBT year, Alpine Resorts Pty Ltd (Alpine) paid the following amounts in relation to a corporate golf day: $500 for Simon, employed by Alpine as the marketing manager, to play golf and...
-
At standard temp and pressure (which is sea level pressure of about 1 atm and 25C) we can assume the following relationship-24,000 mL of gas = 1 mole of gas molecules. In fermentation, we can also...
-
Assuming A matrix. is (31-A) invertible? A [4-1 5-2 Answer
-
Global supply chain issues encompass a range of challenges that organisations face in managing their supply chains across borders. Such issues can disrupt the flow of goods, increase costs and impact...
-
(a) Write out a pseudo-code algorithm, using both row and column pointers, for Gaussian Elimination with Full Pivoting. (b) Implement your code on a computer, and try it on the systems in Exercise...
-
Suppose a population of bacteria doubles every hour, but that 1.0 x 106 individuals are removed before reproduction to be converted into valuable biological by-products. Suppose the population begins...
-
At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $876,000. During the year, liabilities decreased by $144,000; assets increased by $308,000; and...
-
From the following data, calculate the Retained Earnings balance as of December 31, 2017: Retained earnings. December 31, 2016...................................... $692,800 Cost of building...
-
Ringmeup, Inc.. had net income of $223,925 for the year ended December 31, 2016. At the beginning of the year, 20.000 shares of common stock were outstanding. On May 1, an additional 5,000 shares...
-
On a particular day, there were 300 stocks that advanced on the NYSE and 800 that declined. The volume in advancing issues was 1000 and the volume in declining issues was 3000. What is the trin ratio?
-
A coupon bond that pays interest of $30 annually has a par value of $1000, matures in 6 years, and is selling today at $850. What is the yield to maturity on this bond?
-
A callable bond pays annual interest of $40, has a par value of $1000, matures in 4 years but is callable in 3 years at a price of $1100, and has a value today of $1020. What is the yield to call on...
Study smarter with the SolutionInn App