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Compute earnings per share data as it should appear on the income statement of Whispering Winds 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 Whispering Winds 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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Vishnu 

The stockholders' equity section of Whispering Winds Corp, as of December 31, 2017 is as follows: 8% preferred stock, $ 100 par value, authorized 100,000 shares, outstanding 66,000 shares Common stock, $ 1 par, authorized and issued 6,700,000 shares Additional paid-in capital Retained earnings Earnings Per Share $6,600,000 Net Income /(Loss) 6,700,000 $ 78,240,000 Net income was $ 14,540,000 in 2017. This net income figure reflects a total effective tax rate of 35%. Included in the net income figure is a $5,000,000 (before tax) loss from an earthquake centered in a city where Whispering Winds has a warehouse. Earthquakes are rare in that city. Preferred stock dividends of $ 528,000 were declared and paid in 2017. Whispering Winds Corp. declared and paid dividends of $ 2,950,000 to common stockholders in 2017. 402,100,000 Compute earnings per share data as it should appear on the income statement of Whispering Winds Corporation. (Round answers to 2 decimal places, e.g. 1.48.) $493,640,000
Transcribed Image Text:The stockholders' equity section of Whispering Winds Corp, as of December 31, 2017 is as follows: 8% preferred stock, $ 100 par value, authorized 100,000 shares, outstanding 66,000 shares Common stock, $ 1 par, authorized and issued 6,700,000 shares Additional paid-in capital Retained earnings Earnings Per Share $6,600,000 Net Income /(Loss) 6,700,000 $ 78,240,000 Net income was $ 14,540,000 in 2017. This net income figure reflects a total effective tax rate of 35%. Included in the net income figure is a $5,000,000 (before tax) loss from an earthquake centered in a city where Whispering Winds has a warehouse. Earthquakes are rare in that city. Preferred stock dividends of $ 528,000 were declared and paid in 2017. Whispering Winds Corp. declared and paid dividends of $ 2,950,000 to common stockholders in 2017. 402,100,000 Compute earnings per share data as it should appear on the income statement of Whispering Winds Corporation. (Round answers to 2 decimal places, e.g. 1.48.) $493,640,000
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