Snow Cleaners, Inc., had a net income of $493,600 for its year ended December 31, 2018....
Snow Cleaners, Inc., had a net income of $493,600 for its year ended December 31, 2018. During the year, the company had outstanding 64,000 shares of Preferred Stock at 12% with a $40 par value, and 37,280 shares of common stock with a par value of $10. Calculate the earnings per share of common stock for the year ended December 31, 2018.
Homework Answers
Earnings per share
= (Net income - Preferred dividends)/Outstanding common shares
= [493,600 - (64,000*12%*40)] / 37,280
= (493,600 - 307,200)/37,280
= 5 per share
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