earnings balance of $928,000. During 2012, the firm earned $377,000 after taxes. From this amount, preferred stockholders were paid $47,000 in dividends. At year-end 2012, the firm's retained earnings totaled $1,048,000. The firm had 140,000 shares of common stock outstanding during 2012.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 18E: Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares...
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Hayes Enterprises began 2012 with a retained
earnings balance of $928,000. During 2012, the firm
earned $377,000 after taxes. From this amount,
preferred stockholders
were paid $47,000 in
dividends. At year-end 2012, the firm's retained
earnings totaled $1,048,000. The firm had 140,000
shares of common stock outstanding during 2012.
a. Prepare a statement of retained earnings for the
year ended
December 31, 2012,
for
Hayes
Enterprises.
b. Calculate the firm's 2012 earnings per share (EPS).
c. How large a per-share cash dividend did the firm
pay on common stock during 2012?
Transcribed Image Text:Hayes Enterprises began 2012 with a retained earnings balance of $928,000. During 2012, the firm earned $377,000 after taxes. From this amount, preferred stockholders were paid $47,000 in dividends. At year-end 2012, the firm's retained earnings totaled $1,048,000. The firm had 140,000 shares of common stock outstanding during 2012. a. Prepare a statement of retained earnings for the year ended December 31, 2012, for Hayes Enterprises. b. Calculate the firm's 2012 earnings per share (EPS). c. How large a per-share cash dividend did the firm pay on common stock during 2012?
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