Rizzo Co. has Net Income of $279,000 for 2024. Over the past two years, the company had outstanding 125,000 shares of common stock.  During the year, the company paid dividends on preferred stock in the amount of $45,000.  The company has outstanding all year 20,000 shares of cumulative preferred stock.  Each share of preferred stock is convertible into 4 shares of common stock.  The company's tax rate is 20 percent. What is the company's diluted earnings per share?

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A:

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A: Converted preferred shares=Number of share×2=5,500×2=11,000

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A: Cumulative preferred stock is a stock whose dividend keeps on cumulating if not received in any…

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A: Correct answer with all calculations are as follows.  Please find it in all below pages.

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

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A: Diluted earnings per share=Net incomeWeighted average number of shares adjusted for dilutive shares

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A: Earnings per share (EPS): The amount of net income available to each shareholder per common share…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.