A corporation has 2000 shares, 10% preferred stock of $60.00 par preferred stock, and 8,000 shares of common stock outstanding. The net income for the year is $280,000. What is the earnings per share? a. $140.00. b. $35.00. c. $33.50. d. $60.00.

A corporation has 2000 shares, 10% preferred stock of $60.00 par preferred stock, and 8,000 shares of common stock outstanding. The net income for the year is $280,000. What is the earnings per share? a. $140.00. b. $35.00. c. $33.50. d. $60.00.

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 12RE: Given the following year-end information, compute Greenwood Corporations basic and diluted earnings...

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Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.
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