Mamba Metals, Limited reported net income of $755,000 for its fiscal year ended January 31, 2023. At the beginning of that fiscal year, 53,000 shares of common stock were outstanding. On October 31, 2022, an additional 39,000 shares were issued. No other changes n common shares outstanding occurred during the year. Also during the year, the company paid the annual dividend on the 36,000 shares of 6%, $40 par value preferred stock that were outstanding the entire year. Required: a. Calculate basic earnings per share of common stock for the year ended January 31, 2023. Note: Round your answer to 2 decimal places. b. If Mamba Metals, Limited's preferred stock were convertible into common stock, what additional calculation would be required? a. Earnings per share b. Additional calculation

Mamba Metals, Limited reported net income of $755,000 for its fiscal year ended January 31, 2023. At the beginning of that fiscal year, 53,000 shares of common stock were outstanding. On October 31, 2022, an additional 39,000 shares were issued. No other changes n common shares outstanding occurred during the year. Also during the year, the company paid the annual dividend on the 36,000 shares of 6%, $40 par value preferred stock that were outstanding the entire year. Required: a. Calculate basic earnings per share of common stock for the year ended January 31, 2023. Note: Round your answer to 2 decimal places. b. If Mamba Metals, Limited's preferred stock were convertible into common stock, what additional calculation would be required? a. Earnings per share b. Additional calculation

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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Mamba Metals, Limited reported net income of $755,000 for its fiscal year ended January 31, 2023. At the beginning of that fiscal year,
53,000 shares of common stock were outstanding. On October ,2022, an additional 39,000 shares were issued. No other changes
in common shares outstanding occurred during the year. Also during the year, the company paid the annual dividend on the 36,000
shares of 6%, $40 par value preferred stock that were outstanding the entire year.
Required:
a. Calculate basic earnings per share of common stock for the year ended January 31, 2023.
Note: Round your answer to 2 decimal places.
b. If Mamba Metals, Limited's preferred stock were convertible into common stock, what additional calculation would be required?
a. Earnings per share
b. Additional calculation

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