Question

At December 31, 2017 Rice Company had 300,000 shares of common stock and 10,000 shares of 6%, $100 par value non-cumulative p

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Earnings per share = (Net Income - Preferred dividend) / weighted average outstanding common shares

= (1140000 - 10000*100*6%) / (300000 + 300000)

= $1.80 per share

Option c. is correct answer.

Add a comment
Know the answer?
Add Answer to:
At December 31, 2017 Rice Company had 300,000 shares of common stock and 10,000 shares of...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • At December 31, 2017 Pine Company had 200,000 shares of common stock and 10,000 shares of 6%, $100 par value cumulative...

    At December 31, 2017 Pine Company had 200,000 shares of common stock and 10,000 shares of 6%, $100 par value cumulative preferred stock outstanding. No cash dividends were declared on either the preferred or common stock in 2017 or 2018. In 2018, Pine declared a 100% stock dividend on its common stock. Net income for 2018 was $1,960,000. In its 2018 financial statements, Pine's 2018 earnings per common share should be Select one: O a. $4.45. O O b. $2.25....

  • 26. The ZZ Corporation had the following shares of stock outstanding at December 31, 2019: Common...

    26. The ZZ Corporation had the following shares of stock outstanding at December 31, 2019: Common Stock, $50 par value, 40,000 shares outstanding; and Preferred Stock, 6 percent, $100 par value, cumulative,10,000 shares outstanding. Dividends for 2017 and 2018 were in arrears. On December 31, 2019, ZZ declared total cash dividends of $250,000. The total amounts payable to preferred stockholders and common stockholders, respectively, are: $60,000/$190,000 $120,000/$130,000 $125,000/$125,000 $180,000/$70,000

  • At December 31, 2018 and 2017, Marigold Corp. had 185000 shares of common stock and 11600...

    At December 31, 2018 and 2017, Marigold Corp. had 185000 shares of common stock and 11600 shares of 6%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2018 or 2017. Net income for 2018 was $441000. For 2018, earnings per common share amounted to (rounded to the nearest penny)

  • Capital Consulting Company had 330,000 shares of common stock outstanding on December 31, 2017. On that...

    Capital Consulting Company had 330,000 shares of common stock outstanding on December 31, 2017. On that date, there were also 4,300 shares of $100 par, 6% noncumulative preferred stock outstanding. On March 1, 2018, the company's common stock split 4-for-1. On December 15, 2018, a preferred dividend was declared and paid in the amount of $18,000. Net income for 2018 was $2,300,000. Required: Compute basic earnings per share for the year ended December 31, 2018. (Round your answer to 2...

  • At December 31, 2017, Albrecht Corporation had outstanding 248,000 shares of common stock and 14,000 shares...

    At December 31, 2017, Albrecht Corporation had outstanding 248,000 shares of common stock and 14,000 shares of 9.5%, $100 par value cumulative, nonconvertible preferred stock. On May 31, 2018, Albrecht sold for cash 12,000 shares of its common stock. No cash dividends were declared for 2018. For the year ended December 31, 2018, Albrecht reported a net loss of $326,000. Required: Calculate Albrecht's net loss per share for the year ended December 31, 2018. (Enter your answers in thousands. Negative...

  • Shawn Industries has 5,000 outstanding shares of 5%, $20 par preferred stock and 100,000 shares of...

    Shawn Industries has 5,000 outstanding shares of 5%, $20 par preferred stock and 100,000 shares of $1.50 par common stock outstanding. During a three year period, Vogue declared and paid cash dividends as follows: 2016 of $4,000; 2017 of $10,000; and 2018 of $20,000. Required: 1. Compute the total dividends to preferred and common for each of the three years if the preferred stock is: a. Cumulative b. Non cumulative For case la, journalize the declaration of the 2018 dividend...

  • On December 31, 2017, Berclair Inc. had 220 million shares of common stock and 4 million...

    On December 31, 2017, Berclair Inc. had 220 million shares of common stock and 4 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2018, Berclair purchased 30 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2018. Five million treasury shares were sold on October 1. Net income for the year ended December 31, 2018, was $200 million. Required: Compute Berclair's earnings...

  • On December 31, 2017, Berclair Inc. had 580 million shares of common stock and 6 million...

    On December 31, 2017, Berclair Inc. had 580 million shares of common stock and 6 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2018, Berclair purchased 176 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2018. Four million treasury shares were sold on October 1. Net income for the year ended December 31, 2018, was $1,100 million. Also outstanding at December...

  • 28. On December 31, 2018, Tamber Company had 100,000 shares of $5 par value common stock...

    28. On December 31, 2018, Tamber Company had 100,000 shares of $5 par value common stock and 60,000 shares of 8%, $10 par value preferred stock. Tamber declared a $150,000 dividend in the year 2018. The company did not pay any dividends in years 2016 and 2017 and they had $10,000 of unpaid preferred dividends from the year 2015. All dividends had been paid prior to the year 2015. Assuming that the preferred dividend IS cumulative, how much will Tamber...

  • At December 31, 2017, Bridgeport Company had 450,000 shares of common stock issued and outstanding, 300,000...

    At December 31, 2017, Bridgeport Company had 450,000 shares of common stock issued and outstanding, 300,000 of which had been issued and outstanding throughout the year and 150,000 of which were issued on October 1, 2017. Net income for 2017 was $1,900,000, and dividends declared on preferred stock were $350,000. Compute Bridgeport’s earnings per common share.

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT