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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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Given the following year-end information for Somerset Corporation, compute its basic earnings per share.

  • Net income, $13,000
  • Preferred dividends declared, $4,000
  • Weighted average common shares for the year, 4,500

To determine

Calculate the 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).

Calculate the basic earnings per share.

Basic earnings per share = Earnings and shares Weighted average  common shares =$9,000

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