The company earned net income of $475,617 and had 1,000 shares of $50 par 10% preferred shares of stock outstanding. Preferred stock dividends were paid. If the weighted average number of common shares was 78,806, state the earnings per share in decimal form rounded to the nearest two decimals. (For example, if the EPS was $1.16, then write 1.16 as your answer.)
The company earned net income of $475,617 and had 1,000 shares of $50 par 10% preferred shares of stock outstanding. Preferred stock dividends were paid. If the weighted average number of common shares was 78,806, state the earnings per share in decimal form rounded to the nearest two decimals. (For example, if the EPS was $1.16, then write 1.16 as your answer.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
4.
The company earned net income of $475,617 and had 1,000 shares of $50 par 10% preferred shares of stock outstanding. Preferred stock dividends were paid. If the weighted average number of common shares was 78,806, state the earnings per share in decimal form rounded to the nearest two decimals. (For example, if the EPS was $1.16, then write 1.16 as your answer.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education