Longmont Corporation earned net income of $85,000 this year. The company began the year with 700 shares of common stock and issued 600 more on April 1. They issued $5,300 in preferred dividends for the year. What is the numerator of the EPS calculation for Longmont?

Longmont Corporation earned net income of $85,000 this year. The company began the year with 700 shares of common stock and issued 600 more on April 1. They issued $5,300 in preferred dividends for the year. What is the numerator of the EPS calculation for Longmont?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Bastion Corporation earned net income of $200,000 this year. The company began the year with 10,000…

A: Formula: EPS = ( Net income - Preferred dividends ) / Total weighted average outstanding shares

Q: At the beginning of the current fiscal year, the balance sheet of Hughey Incorporated showed…

A: The accounting equation states that assets are equal to the sum of the liabilities and equity.Ending…

Q: A company had 125,000 shares of common stock outstanding on January 1 and then sold 35.000…

A: Earnings per share is an financial ratio which was used to find the company's profitability. = Net…

Q: On October 23, Wilkerson Company had a market price of $40 per share of common stock. For the…

A: Dividend yield: This is the ratio which measures the amount of dividends paid relative to the market…

Q: Junkyard Arts, Inc., had earnings of $172,300 for the year. The company had 23,000 shares of common…

A: Earnings per share refer to the amount earned by each stockholder. This can be identified by…

Q: At the market close of a recent year, Sherman Corporation had a closing stock price of $200. In…

A: Dividend yield is a measure that tells the amount of dividend per share paid by the company as…

Q: Markus Company’s common stock sold for $2.75 per share at the end of this year. The company paid a…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Given the following information answer the three questions below. Brunleigh Corporation earned net…

A: EARNING PER SHAREEarning Per Share is the Ratio Between Net Operating Income for Common Shareholders…

Q: For its fiscal year-end, a company reported net income of $12 million and a weighted average of…

A: Diluted earnings per share is a measure that indicates the earnings of the company on a per-share…

Q: Jupiter Corporation earned net income of $90,000 this year. The company began the year with 600…

A: The weighted average number of shares is based on the number of shares issued and the duration of…

Q: Company Q bought and sold its outstanding shares as follows: 1st Quarter = 85,000 2nd Quarter =…

A: Average shares outstanding, often abbreviated as "ASO," is a financial metric used by investors and…

Q: At the market close of a recent year, Sherman Corporation had a closing stock price of $200. In…

A: Introduction: The dividend yield is a financial rate that equates the amount of cash dividend…

Q: During the year, Moore Corporation declared and paid $14,100 of dividends. Moore's assets,…

A: The income, losses and dividend affect the retained earnings of the business. The dividend is…

Q: If retained earnings at the beginning of the period was $42 million and net income during the year…

A: The dividend is declared to the shareholders from the retained earnings of the business. The…

Q: On June 30, Setzer Corporation had a market price of $46 per share of common stock. For the previous…

A: Dividend yield = Annual dividend/Market price

Q: On June 30, setzer corporation had a market price of $100 per share of common stock. For the…

A: The dividend yield is used to compare the dividend-paying stocks. It can be calculated by dividing…

Q: During Year 3, Jordan Corporation reported after-tax net income of $3,565,000. During the year, the…

A: Earning per share :— It is calculated by dividing net income available to common stockholders' by…

Q: Catalina Corporation begins the year with a $195 balance in Retained Earnings and a $320 balance in…

A: Stockholders' equity represents the amount of funds remaining with the entity after payment of all…

Q: During a recent year, Emerson Electric paid an annual dividend of $0.64 per share. Calculate the…

A: The share price is the current market price of the share. It is the price of the share at any…

Q: James Corporation earned net income of $85,000 this year. The company began the year with 800 shares…

A: Given: Net income = $85000 Beginning shares = 800 Issued shares = 700 Preference dividend = $4,500

Q: On June 30, Setzer Corporation had a market price of $100 per share of common stock. For the…

A: Dividend yield: This is the ratio which measures the amount of dividends paid relative to the market…

Q: Junkyard Arts, Inc., had earnings of $543,200 for the year. The company had 48,000 shares of common…

A: Basic earnings per share = Net income available to common stockholders/Number of common stock…

Q: On June 30, Rae Corporation had a market price of $100 per share of common stock. For the previous…

A: Dividend yield is expressed in percentage that depicts the percentage of dividend compared to…

Q: Brandies, Incorporated reported net income of $9.66 million. At the beginning of the year, 4.1…

A: Since the beginning number of the share were 4.1 million and at the end of the year it was 4.3…

Q: During Year 3, Thornton Corporation reported after-tax net income of $3,635,000. During the year,…

A: Common Stock: The ownership fund of a company is recorded by the name of the common stock in the…

Q: On June 30th, Ray Corporation had a market price of $100 per share of common stock. For the previous…

A: Market price = 100 per share Previous year annual dividend = $8.00 per share Calculation of…

Q: At the beginning of the current fiscal year, the balance sheet of Hughey Incorporated showed…

A: The accounting equation states that assets are equal to the sum of the liabilities and equity.Ending…

Q: Kelley Company reports $1,500,000 of net income and declares $210,000 of cash dividends on its…

A: Earnings per share indicate the profits per share of common stockholders. It can be calculated by…

Question

F Startup Opportuniti.
国 Read
>>
ncel Your...
Longmont Corporation earned net income of $85,000
this year. The company began the year with 700
shares of common stock and issued 600 more on April
1. They issued $5,300 in preferred dividends for the
year. What is the numerator of the EPS calculation for
Longmont?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

James Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the EPS for the year for James (rounded to the nearest dollar)?
Please help me. Thankyou.
Bastion Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is the EPS for the year for Bastion?
During Year 3, Solomon Corporation reported after-tax net income of $3,635,000. During the year, the number of shares of stock outstanding remained constant at 9,540 of $100 par, 10 percent preferred stock and 397,000 shares of common stock. The company's total stockholders' equity is $19,500,000 at December 31, Year 3. Solomon Corporation's common stock was selling at $53 per share at the end of its fiscal year. All dividends for the year have been paid, including $4.80 per share to common stockholders. Required a. Compute the earnings per share. (Round your answer to 2 decimal places.) b. Compute the book value per share of common stock. (Round your answer to 2 decimal places.) e. Compute the price-earnings ratio. (Round intermediate calculations and final answer to 2 decimal places.) d. Compute the dividend yield. (Round your percentage answer to 2 decimal places (i.e., 0.2345 should be entered as 23.45)) a Eamings per share b. Book value per share e. Price eamings ratio a. Dividend…
Helio Co. has retained earnings at the beginning of the current year of $400,000. During the current year net income of $70,000 was earned, and a cash dividend of $1.00 per share was declared and paid on the 50,000 shares of common stock outstanding. Prepare a statement of retained earnings as of the end of the current year.
James Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the EPS for the year for James (rounded to the nearest dollar)?