A company had a net income of $33,120. The weighted average common shares outstanding were 9,600. They declared a $4,300 dividend on its noncumulative preferred stock. There were no other stock transactions. The company's basic earning per share is what? Round to 2 decimal places.

A company had a net income of $33,120. The weighted average common shares outstanding were 9,600. They declared a $4,300 dividend on its noncumulative preferred stock. There were no other stock transactions. The company's basic earning per share is what? Round to 2 decimal places.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 55E: Rebert Inc. showed the following balances for last year: Reberts net income for last year was...

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Definition Definition Type of stock which is granted priority over dividend distributions as compared to common stockholders. Preferred stocks also do not carry any voting rights. Notably, in a case where a company is going to be liquidated, preferred stockholders have a priority claim on the value of assets of the company as quoted in the balance sheet, as compared to the common stockholders.

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