Quantum Technology
Quantum Technology had $669,000 of retained earnings on December 31, 20X2. The company
paid common dividends of $35,500 in 20X2 and had retained earnings of $576,000 on December
31, 20X1. How much did Quantum Technology earn during 20X2, and what would earnings per
share be if 47,400 shares of common stock were outstanding?
Homework Answers
Retained earnings, December 31, 20X2 ........................ $669,000
Less: Retained earnings, December 31, 20X1............... (576,000)
Change in retained earnings.................................. $93,000
Add: Common stock dividends...................................... 35,500
Earnings available to common stockholders................. $128,500
*Earnings per share = $128,500/47,400 = $2.71 per share
SOLUTION :
Earning in 20X2
= RE in 20X2 - RE in 20X1 + dividends paid in 20X2
= 669000 - 576000 + 35500
= 128500 ($) (ANSWER)
Earning per share
= Earnings / Number of shares
= 128500 / 47400
= 2.71 ($) (ANSWER).
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