Mechforce, Incorporated had net income of $151,800 for the year ended December 31, 2022. At the beginning of the year, 15,000 shares of common stock were outstanding. On April 1, an additional 10,000 shares were issued. On October 1, the company purchased 3,000 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Mechforce pald the annual dividend on the 6,000 shares of 5%, $100 par value preferred stock that were outstanding the entire year. Required: Calculate basic earnings per share of common stock for the year ended December 31, 2022. Note: Round your answer to 2 decimal places. Earnings por share
Mechforce, Incorporated had net income of $151,800 for the year ended December 31, 2022. At the beginning of the year, 15,000 shares of common stock were outstanding. On April 1, an additional 10,000 shares were issued. On October 1, the company purchased 3,000 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Mechforce pald the annual dividend on the 6,000 shares of 5%, $100 par value preferred stock that were outstanding the entire year. Required: Calculate basic earnings per share of common stock for the year ended December 31, 2022. Note: Round your answer to 2 decimal places. Earnings por share
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Exercise 9-15 (Static) Calculate basic EPS LO 9-6
Mechforce, Incorporated had net income of $151,800 for the year ended December 31, 2022. At the beginning of the year, 15,000
shares of common stock were outstanding. On April 1, an additional 10,000 shares were issued. On October 1, the company purchased
3,000 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares
outstanding occurred during the year. During the year, Mechforce paid the annual dividend on the 6,000 shares of 5%, $100 par value
preferred stock that were outstanding the entire year.
Required:
Calculate basic earnings per share of common stock for the year ended December 31, 2022.
Note: Round your answer to 2 decimal places.
Earnings por share
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