At December 31, 2019, Waterway Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 108,903 shares $10,890,300 Common stock, $5 par, 4,079,240 shares 20,396,200 During 2020, Waterway did not issue any additional common stock. The following also occurred during 2020. Income from continuing operations before taxes $23,214,400 Discontinued operations (loss before taxes) $3,311,400 Preferred dividends declared $1,089,030 Common dividends declared $2,372,200 Effective tax rate 35 % Compute earnings per share data as it should appear in the 2020 income statement of Waterway Corporation. (Round answers to 2 decimal places, e.g. 1.48.)
At December 31, 2019, Waterway Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 108,903 shares $10,890,300 Common stock, $5 par, 4,079,240 shares 20,396,200 During 2020, Waterway did not issue any additional common stock. The following also occurred during 2020. Income from continuing operations before taxes $23,214,400 Discontinued operations (loss before taxes) $3,311,400 Preferred dividends declared $1,089,030 Common dividends declared $2,372,200 Effective tax rate 35 % Compute earnings per share data as it should appear in the 2020 income statement of Waterway Corporation. (Round answers to 2 decimal places, e.g. 1.48.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At December 31, 2019, Waterway Corporation had the following stock outstanding.
| 10% cumulative |
$10,890,300 | |
| Common stock, $5 par, 4,079,240 shares | 20,396,200 |
During 2020, Waterway did not issue any additional common stock. The following also occurred during 2020.
| Income from continuing operations before taxes | $23,214,400 | ||
| Discontinued operations (loss before taxes) | $3,311,400 | ||
| Preferred dividends declared | $1,089,030 | ||
| Common dividends declared | $2,372,200 | ||
| Effective tax rate | 35 | % |
Compute earnings per share data as it should appear in the 2020 income statement of Waterway Corporation. (Round answers to 2 decimal places, e.g. 1.48.)
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