Net income was $170,000 for the year. Throughout the year the company had outstanding 10,000 shares of $2.00, $100 par value preferred stock and 100,000 shares of common stock. Required: Calculate basic earnings per share of common stock for the year. Note: Round "Earnings per share-basic" to 2 decimal places. Net income available for common stockholders Number of common share outstanding Earnings per share-basic $ 0

Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 55E: Rebert Inc. showed the following balances for last year: Reberts net income for last year was...
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Net income was $170,000 for the year. Throughout the year the company had outstanding 10,000 shares of $2.00, $100 par value
preferred stock and 100,000 shares of common stock.
Required:
Calculate basic earnings per share of common stock for the year.
Note: Round "Earnings per share-basic" to 2 decimal places.
Net income available for common stockholders
Number of common share outstanding
Earnings per share-basic
$
0
Transcribed Image Text:Net income was $170,000 for the year. Throughout the year the company had outstanding 10,000 shares of $2.00, $100 par value preferred stock and 100,000 shares of common stock. Required: Calculate basic earnings per share of common stock for the year. Note: Round "Earnings per share-basic" to 2 decimal places. Net income available for common stockholders Number of common share outstanding Earnings per share-basic $ 0
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