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Compute earnings per share data as it should appear on the income statement of Sheffield Corporation. (Round answers to 2 decimal places, e.g. 1.48.)

Compute earnings per share data as it should appear on the income statement of Sheffield Corporation. (Round answers to 2 decimal places, e.g. 1.48.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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8% preferred stock, $50 par value, authorized 110,800 shares, outstanding 100,800 shares Common stock, $1.00 par, authorized and issued 10,000,000 shares Additional paid-in capital Retained earnings (includes 2025 net income of $36,960,000) Total stockholders' equity $5,040,000 10,000,000 Net income for 2025 reflects a total effective tax rate of 20%. Included in the net income figure is a loss of $20,160,000 (before tax) as a result of a non-recurring major casualty. Preferred stock dividends of $403,200 were declared and paid in 2025. Dividends of $1,120,000 were declared and paid to common stockholders in 2025. Earnings per share 22,960,000 187,040,000 225,040,000 Compute earnings per share data as it should appear on the income statement of Sheffield Corporation. (Round answers to 2 decimal places, e.g. 1.48.) 3.59
Transcribed Image Text:8% preferred stock, $50 par value, authorized 110,800 shares, outstanding 100,800 shares Common stock, $1.00 par, authorized and issued 10,000,000 shares Additional paid-in capital Retained earnings (includes 2025 net income of $36,960,000) Total stockholders' equity $5,040,000 10,000,000 Net income for 2025 reflects a total effective tax rate of 20%. Included in the net income figure is a loss of $20,160,000 (before tax) as a result of a non-recurring major casualty. Preferred stock dividends of $403,200 were declared and paid in 2025. Dividends of $1,120,000 were declared and paid to common stockholders in 2025. Earnings per share 22,960,000 187,040,000 225,040,000 Compute earnings per share data as it should appear on the income statement of Sheffield Corporation. (Round answers to 2 decimal places, e.g. 1.48.) 3.59
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