Lundberg Corporation Statement of Financial Position December 31, 2012 and 2011

Question

Lundberg Corporation Statement of Financial Position December 31, 2012 and 2011 (in thousands of dollars) 2012 2011 Assets: Current assets: Cash $ 100 $ 110 Accounts receivable 210 220 Inventory 110 120 Prepaid expenses 10 10 Total current assets 430 460 Plant and equipment, net 900 880 Total Assets: $ 1,330 $ 1,340 Liabilities and Stockholders' Equity: Current liabilities: Accounts payable $ 160 $ 170 Accrued liabilities 50 50 Notes payable, short term 100 90 Total current liabilities 310 310 Bonds payable 190 240 Total Liabilities: 500 550 Stockholders' Equity: Preferred stock, $100 par value, 10% 200 200 Common stock, $1 par value 100 100 Additional paid-in capital--common stock 110 110 Retained earnings 420 380 Total Stockholders' Equity: 830 790 Total Liabilities and Stockholders' Equity: $ 1,330 $ 1,340 ? Lundberg Corporation Income Statement for the year ended December 31, 2012 (in thousands of dollars) Sales (all on account) $ 1,330 Cost of goods sold 850 Gross margin 480 Selling and administrative expense 292 Net operating income 188 Interest expense 31 Net income before taxes 157 Income taxes (30%) 47 Net income $ 110 Other Facts:

Explanation / Answer

Hi, EPS would be = Net Income - Preferred Dividend/Average Shares O/s = (110 - 20)/200 = .45 per share. Share issued less number of treasury shares is the number of common shares outstanding. Since, there are no treasury shares in this case, 200 (common stock) will be taken as common shares outstanding. Thanks, Aman

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