The company has 2,200 shares of common stock outstanding What is Atlantic's earnings per share? (Round the earnings per share to two decimal places O A. $1.90 Financial Statements OB. $3.58 OC. $2.49 O D. 3.19 times Atlantic Corporation Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Current Assets: Cash and Cash Equivalents 2$ 2,052 $ 1,655 Accounts Receivable 1,951 1,731 Merchandise Inventory 1,342 1,094 1,615 1,817 Prepaid Expenses Total Current Assets 6,960 6,297 18,240 16,174 Other Assets 2$ 25,200 $ 22,471 Total Assets Liabilities Current Liabilities %24 7,087 $ 8,158 4,698 3,844 Long-term Liabilities Total Liabilities 11,785 12,002 Stockholders' Equity Common Stock, no par 7,015 4,169 6,400 6,300 Retained Earnings Click to select your an Total Stockholders' Equity 13,415 10,469 25,200 $ 22,471 All parts showing Total Liabilities and Stockholders' Equity
The company has 2,200 shares of common stock outstanding What is Atlantic's earnings per share? (Round the earnings per share to two decimal places O A. $1.90 Financial Statements OB. $3.58 OC. $2.49 O D. 3.19 times Atlantic Corporation Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Current Assets: Cash and Cash Equivalents 2$ 2,052 $ 1,655 Accounts Receivable 1,951 1,731 Merchandise Inventory 1,342 1,094 1,615 1,817 Prepaid Expenses Total Current Assets 6,960 6,297 18,240 16,174 Other Assets 2$ 25,200 $ 22,471 Total Assets Liabilities Current Liabilities %24 7,087 $ 8,158 4,698 3,844 Long-term Liabilities Total Liabilities 11,785 12,002 Stockholders' Equity Common Stock, no par 7,015 4,169 6,400 6,300 Retained Earnings Click to select your an Total Stockholders' Equity 13,415 10,469 25,200 $ 22,471 All parts showing Total Liabilities and Stockholders' Equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:### Atlantic Corporation Financial Overview
Atlantic Corporation provided a comparative balance sheet for the fiscal years ending December 31, 2019, and 2018. The statements include details on assets, liabilities, and stockholders' equity.
**Assets**
- **Current Assets:**
- Cash and Cash Equivalents:
- 2019: $2,052
- 2018: $1,655
- Accounts Receivable:
- 2019: $1,951
- 2018: $1,731
- Merchandise Inventory:
- 2019: $1,342
- 2018: $1,094
- Prepaid Expenses:
- 2019: $1,615
- 2018: $1,817
- Total Current Assets:
- 2019: $6,960
- 2018: $6,297
- **Other Assets:**
- 2019: $18,240
- 2018: $16,174
- **Total Assets:**
- 2019: $25,200
- 2018: $22,471
**Liabilities**
- **Current Liabilities:**
- 2019: $7,087
- 2018: $8,158
- **Long-term Liabilities:**
- 2019: $4,698
- 2018: $3,844
- **Total Liabilities:**
- 2019: $11,785
- 2018: $12,002
**Stockholders' Equity**
- **Common Stock, no par:**
- 2019: $7,015
- 2018: $4,169
- **Retained Earnings:**
- 2019: $6,400
- 2018: $6,300
- **Total Stockholders' Equity:**
- 2019: $13,415
- 2018: $10,469
- **Total Liabilities and Stockholders' Equity:**
- 2019: $25,200
- 2018: $22,471
The problem requires calculating the earnings per share for Atlantic Corporation, given that the company has 2,200 shares
Transcribed Image Text:**Atlantic Corporation Income Statement**
*Year Ended December 31, 2019*
- **Net Sales Revenue:** $20,251
- **Cost of Goods Sold:** $4,872
- **Gross Profit:** $15,379
- **Operating Expenses:** $7,495
- **Operating Income:** $7,884
- **Interest Expense:** $300
- **Income Before Income Taxes:** $7,584
- **Income Tax Expense:** $2,096
- **Net Income:** $5,488
This income statement provides a detailed summary of Atlantic Corporation's financial performance for the year ending December 31, 2019. It outlines the revenue and expenses, leading to the final net income.
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