Rock Corp. earned net income of $140,040 and paid the minimum dividend to preferred stockholders for 2024. Assume that there are no changes in common shares outstanding during 2024. Rock's books include the following figures:(Click the icon to view the figures.)Read the requirements.Requirement 1. Compute Rock's EPS for the year.Select the formula, then enter the amounts to calculate the company's earnings per share for 2024. (Abbreviations used: Ave. = average, OS = outstanding, SE = stockholders' equity, shrs = shares. Enter the earnings per share to the nearest cent.)= Earnings per share- XRequirements1. Compute Rock's EPS (Earnings Per Share) for the year.2.Assume Rock's market price of a share of common stock is $7 per share.Compute Rock's price/earnings ratio.Print(...)DoneData tablePreferred Stock-2%, $30 par value; 2,000 shares authorized, 1,000shares issued and outstandingCommon Stock-$5 par value; 120,000 shares authorized, 51,000 sharesissued, 49,800 shares outstandingPaid-In Capital in Excess of Par-CommonTreasury Stock-Common; 1,200 shares at costPrintDone$30,000255,000450,000(24,000)

Answer : 1) Earning per share : Earning per share =(net income - preferred dividends) / Average…

the year. to calculate the company's earnings per share for 2024. (Abbreviations used: Ave.= average, OS = outstanding, SE= stockholder Earnings per share irements X Data table Preferred Stock-2%, shares issued and ou Common Stock-$5 p issued, 49,800 shares Paid In Capital in Exe

the year. to calculate the company's earnings per share for 2024. (Abbreviations used: Ave.= average, OS = outstanding, SE= stockholder Earnings per share irements X Data table Preferred Stock-2%, shares issued and ou Common Stock-$5 p issued, 49,800 shares Paid In Capital in Exe

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 19E: Lyon Company shows the following condensed income statement information for the year ended December...

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Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?
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Data table Income Statement-partial: Net Income Balance Sheet-partial: Total Assets Paid-In Capital: Preferred Stock-2%, $5 Par Value; 85,000 shares authorized, 5,000 shares issued and outstanding Common Stock-$3 Par Value; 85,000 shares authorized; 55,000 shares issued and outstanding Paid-In Capital in Excess of Par-Common Retained Earnings Total Stockholders' Equity Print $ $ $ $ Done 2024 22,500 $ 260,000 $ Dec. 31, 2024 Dec. 31, 2023 25,000 $ 165,000 2023 5,000 52,000 247,000 $ 25,000 265,000 25,000 165,000 5,000 30,000 225,000
Answer the questions based on the Data Table.
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