Last year, Music Corp. reported sales revenue of $997,000, other revenues and gains of $101,600, operating...

 

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Last year, Music Corp. reported sales revenue of $997,000, other revenues and gains of $101,600, operating expenses of $174,200. cost of goods sold of $385,000, and other expenses and losses of $33,100. The firm also declared preferred stock dividends of $20,000. If Music's tax rate was 29% and the firm had 75,000 weighted-average common shares, then the firm's EPS was $4.53. $4.60. $2.77. $2.63. Last year, Music Corp. reported sales revenue of $997,000, other revenues and gains of $101,600, operating expenses of $174,200. cost of goods sold of $385,000, and other expenses and losses of $33,100. The firm also declared preferred stock dividends of $20,000. If Music's tax rate was 29% and the firm had 75,000 weighted-average common shares, then the firm's EPS was $4.53. $4.60. $2.77. $2.63.

Answer rating: 100% (QA)

To calculate the earnings per share EPS we need to determine the net income attributable to common s... View the full answer