### Financial Statement Data for Hanscombe Corp.#### Summary of Financial DataFinancial statement data for this year and last year for Hanscombe Corp. are as follows:| | Current Year | Last Year ||-------------------------|--------------|-------------|| **Net Income** | $5,600,500 | $4,988,000 || **Preferred Dividends** | $60,000 | $60,000 || **Average Number of Common Shares Outstanding** | 125,000 | 110,000 |#### Instructions for Calculations**Task**: Calculate earnings per share for each year. Round your answers to two decimal places.#### Earnings Per Share Calculation**Formula**: \[ \text{Earnings Per Share (EPS)} = \frac{\text{Net Income} - \text{Preferred Dividends}}{\text{Average Number of Common Shares Outstanding}} \]##### Current YearEarnings Per Share: \[ \ \]##### Last YearEarnings Per Share: \[ \ \]Enter your calculated values for earnings per share below:| Current Year | Last Year ||--------------|-----------|| $ \ \ | $ \ \ |Note: Detailed graphs or diagrams are not provided in this text. The information is presented in tabular form for better clarity and ease of understanding.

Earnings per share =(Net Income-Preferred Dividend)/Number of shares outstanding…

Financial statement data for this year and last year for Hanscombe Corp. are as follows: Current Year Last Year $4,988,000 60,000 110,000 Net income $5,600,500 Preferred dividends 60,000 125,000 Average number of common shares outstanding Calculate earnings per share for each year. Round your answers to two decimal places. Current Year Last Year Earnings per Share

Financial statement data for this year and last year for Hanscombe Corp. are as follows: Current Year Last Year $4,988,000 60,000 110,000 Net income $5,600,500 Preferred dividends 60,000 125,000 Average number of common shares outstanding Calculate earnings per share for each year. Round your answers to two decimal places. Current Year Last Year Earnings per Share

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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