Current Attempt in Progress At December 31, 2020, Florrict Company has $500,000 of $100 par value, 6%, cumulative preferred stock outstanding and $2,000,000 of $10 par value common stock issued. Florrict's net income for the year is $410,000. Compute earnings per share of common stock for 2020 under the following independent situations. (Round answers to 2 decimal places, eg. 1.50.) (a) The dividend to preferred stockholders was declared, and there has been no change in the number of shares of common stock outstanding during the year. (b) (a) (b) The dividend to preferred stockholders was not declared, and 10,000 shares of common treasury stock were held throughout the year. The preferred stock is cumulative. Earnings per share of common stock Earnings per share of common stock 1 $ $
Current Attempt in Progress At December 31, 2020, Florrict Company has $500,000 of $100 par value, 6%, cumulative preferred stock outstanding and $2,000,000 of $10 par value common stock issued. Florrict's net income for the year is $410,000. Compute earnings per share of common stock for 2020 under the following independent situations. (Round answers to 2 decimal places, eg. 1.50.) (a) The dividend to preferred stockholders was declared, and there has been no change in the number of shares of common stock outstanding during the year. (b) (a) (b) The dividend to preferred stockholders was not declared, and 10,000 shares of common treasury stock were held throughout the year. The preferred stock is cumulative. Earnings per share of common stock Earnings per share of common stock 1 $ $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Current Attempt in Progress
At December 31, 2020, Florrict Company has $500,000 of $100 par value, 6%, cumulative preferred stock outstanding and
$2,000,000 of $10 par value common stock issued. Florrict's net income for the year is $410,000.
Compute earnings per share of common stock for 2020 under the following independent situations. (Round answers to 2 decimal places,
e.g. 1.50.)
(a)
(b)
(a)
(b)
The dividend to preferred stockholders was declared, and there has been no change in the number of shares of common
stock outstanding during the year.
The dividend to preferred stockholders was not declared, and 10,000 shares of common treasury stock were held
throughout the year. The preferred stock is cumulative.
Earnings per share of common stock
Earnings per share of common stock
I
$
$
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