Refer to the information from the financial statements of Topaz Corp. for Year 2 and Year...
Refer to the information from the financial statements of Topaz
Corp. for Year 2 and Year 1.
| Year 2 | Year 1 | ||
| Net income | $200,000 | $130,000 | |
| Cash dividends paid on preferred stock | $20,000 | $21,000 | |
| Cash dividends paid on common stock | $30,000 | $28,000 | |
| Weighted average number of common shares outstanding | $120,000 | $100,000 |
Earnings per share is reported on the Year 2 income statement
as:
a.$1.80.
b.$1.50.
c.$ 0.32.
d.$ 0.40.
Homework Answers
| Net income | 200000 |
| Less: Cash dividends paid on preferred stock | 20000 |
| Net income for common shareholders | 180000 |
| Divide
by Weighted average number of common shares outstanding |
120000 |
| Earnings per share for Year 2 | 1.50 |
| Option B $1.50 is correct |
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