Oriole Medical manufactures hospital beds and other institutional furniture. The company’s comparative balance sheet and income statement for 2015 and 2016 follow.
Oriole
Medical Comparative Balance Sheet As of December 31 |
|||||
---|---|---|---|---|---|
2016 | 2015 | ||||
Assets | |||||
Current assets | |||||
Cash | $308,000 | $417,450 | |||
Accounts receivable, net | 1,065,800 | 776,450 | |||
Inventory | 726,000 | 681,050 | |||
Other current assets | 382,000 | 247,050 | |||
Total current assets | 2,481,800 | 2,122,000 | |||
Property, plant, & equipment, net | 9,987,505 | 8,418,295 | |||
Total assets | $12,469,305 | $10,540,295 | |||
Liabilities and Stockholders’ Equity | |||||
Current liabilities | $3,164,000 | $2,846,000 | |||
Long-term debt | 3,702,600 | 3,892,700 | |||
Total liabilities | 6,866,600 | 6,738,700 | |||
Preferred stock, $5 par value | 50,600 | 50,600 | |||
Common stock, $0.25 par value | 179,000 | 103,900 | |||
Retained earnings | 5,373,105 | 3,647,095 | |||
Total stockholders’ equity | 5,602,705 | 3,801,595 | |||
Total liabilities and stockholders’ equity | $12,469,305 | $10,540,295 |
Oriole
Medical Comparative Income Statement and Statement of Retained Earnings For the Year |
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---|---|---|---|---|---|
2016 | 2015 | ||||
Sales revenue (all on account) | $10,450,000 | $9,614,000 | |||
Cost of goods sold | 4,168,000 | 5,298,800 | |||
Gross profit | 6,282,000 | 4,315,200 | |||
Operating expenses | 2,840,200 | 2,634,150 | |||
Net operating income | 3,441,800 | 1,681,050 | |||
Interest expense | 351,000 | 308,700 | |||
Net income before taxes | 3,090,800 | 1,372,350 | |||
Income taxes (30%) | 927,240 | 411,705 | |||
Net income | $2,163,560 | $960,645 | |||
Dividends paid | |||||
Preferred dividends | 29,550 | 29,550 | |||
Common dividends | 408,000 | 460,000 | |||
Total dividends paid | 437,550 | 489,550 | |||
Net income retained | 1,726,010 | 471,095 | |||
Retained earnings, beginning of year | 3,647,095 | 3,176,000 | |||
Retained earnings, end of year | $5,373,105 | $3,647,095 |
(a)
Calculate the earnings per share (average of 412,000 shares outstanding for the year) for 2016. (Round answer to 2 decimal places, e.g. 2.55.)
Earning per share |
Answer:
Earnings per share = (Net Income – Preferred Dividends) /
Average Share
Earnings per share = ($2,163,560 - $29,550) / 412,000
Earnings per share = $2,134,010 / 412,000
Earnings per share = $5.18
Oriole Medical manufactures hospital beds and other institutional furniture. The company’s comparative balance sheet and income...
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