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Net income was $323,500 for the year. Throughout the year the company had outstanding preferred stock and 116,000 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 Less: Dividends on preferred stock Net income available for common stockholders Number of common share outstanding Earnings per share-basic $ 323,500 62.500 261,000 116,000 2.25

Net income was $323,500 for the year. Throughout the year the company had outstanding preferred stock and 116,000 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 Less: Dividends on preferred stock Net income available for common stockholders Number of common share outstanding Earnings per share-basic $ 323,500 62.500 261,000 116,000 2.25

FINANCIAL ACCOUNTING
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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( Mini-Exercise 9-4 (Algo) Calculate basic EPS LO 9-6 Net income was $323,500 for the year. Throughout the year the company had outstanding 25,000 shares of $2.50, $50 par value preferred stock and 116,000 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 Less: Dividends on preferred stock Net income available for common stockholders Number of common share outstanding Earnings per share-basic $ 323,500 62.500 261,000 116,000 2.25 $ S
Transcribed Image Text:( Mini-Exercise 9-4 (Algo) Calculate basic EPS LO 9-6 Net income was $323,500 for the year. Throughout the year the company had outstanding 25,000 shares of $2.50, $50 par value preferred stock and 116,000 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 Less: Dividends on preferred stock Net income available for common stockholders Number of common share outstanding Earnings per share-basic $ 323,500 62.500 261,000 116,000 2.25 $ S
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