The table below contains data on Fincorp Inc. The balance sheet items correspond to values at year-end 2018 and 2019, while the income statement items correspond to revenues or expenses during the year ending in either 2018 or 2019. All values are in thousands of dollars. 2018 2019 Revenue$4,100 $4,200 Cost of goods sold 1,700 1,800 Depreciation 470 490 Inventories 270 335 Administrative expenses 520 570 Interest expense 240 240 Federal and state taxes* 340 360 Accounts payable 320 355 Accounts receivable 350 395 Net fixed assets† 4,800 5,540 Long-term debt 2,400 2,860 Notes payable 687 540 Dividends paid 380 380 Cash and marketable securities 760 480 * Taxes are paid in their entirety in the year that the tax obligation is incurred.† Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. Suppose that Fincorp has 509,000 shares outstanding. What were earnings per share? (Round your answers to 2 decimal places.)

Solution: Introduction: EPS stands for Earning Per share, which is a measure of financial…

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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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The table below contains data on Fincorp Inc. The balance sheet items correspond to values at year-end 2018 and 2019, while the income statement items correspond to revenues or expenses during the year ending in either 2018 or 2019. All values are in thousands of dollars.

	2018		2019
Revenue	$	4,100		$	4,200
Cost of goods sold		1,700			1,800
Depreciation		470			490
Inventories		270			335
Administrative expenses		520			570
Interest expense		240			240
Federal and state taxes*		340			360
Accounts payable		320			355
Accounts receivable		350			395
Net fixed assets^†		4,800			5,540
Long-term debt		2,400			2,860
Notes payable		687			540
Dividends paid		380			380
Cash and marketable securities		760			480

* Taxes are paid in their entirety in the year that the tax obligation is incurred.

^† Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed.

Suppose that Fincorp has 509,000 shares outstanding. What were earnings per share? (Round your answers to 2 decimal places.)

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