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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Hyde Corporation’s capital structure at December 31, 2018, was as follows:

Chapter 16, Problem 8MC, Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde

On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of $2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was $780,000. What should be Hyde’s 2019 basic earnings per share?

  1. a. $7.80
  2. b. $7.09
  3. c. $7.68
  4. d. $6.73

To determine

Ascertain the Company H’s basic earnings per share.

Explanation

Earnings per share (EPS):

The amount of net income available to each shareholder per common share outstanding is referred to as earnings per share (EPS).

Earnings per share =Net incomePreferred dividendWeighted Average  number of common shares outstanding=$780,000$40,000(20,000×$2

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