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EPS Junkyard Arts, Inc., had earnings of $316,000 for the year. The company had 40,000 shares of common stock outstanding during the year and issued 15,000 shares of $50 par value preferred stock. The preferred stock has a dividend of $1.60 per share. There were no transactions in either common or preferred stock during the year. Determine the basic earnings per share for Junkyard Arts for the year.

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Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

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BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 13, Problem 23E
Textbook Problem
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EPS

Junkyard Arts, Inc., had earnings of $316,000 for the year. The company had 40,000 shares of common stock outstanding during the year and issued 15,000 shares of $50 par value preferred stock. The preferred stock has a dividend of $1.60 per share. There were no transactions in either common or preferred stock during the year.

Determine the basic earnings per share for Junkyard Arts for the year.

To determine

Calculate the basic earnings per share for Incorporation J for the year.

Explanation of Solution

Earnings per share:  Earnings per share represent the amount of income earned per share of outstanding common stock in a period. This ratio is used for analyzing the profitability of company’s stockholders’.

The following formula can be used to calculate earnings per share:

Earnings per shareNet income(loss) – Preferred dividendsAverage number of common shares outstanding

Determine the basic earnings per share for Incorporation J for the year.

Basic earnings per share forIncorporation J for the year}Net income – Preferred dividen

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Chapter 13 Solutions

Financial Accounting
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