13) Young Money Cash Money has net sales revenue of $793,000 cost of goods sold

Question

13) Young Money Cash Money has net sales revenue of $793,000 cost of goods sold of $349,700 net income of $193,200, and preferred dividends of $16,500 during the current year. At the beginning of the year, 477,000 shares of common stock were outstanding, and, at the end of the year, 550,000 shares of common stock were outstanding. A total of 7,500 preferred shares were outstanding throughout the year. The company's earnings per share for the current year are closest to: O $0.34 $0.86 O $0.93 $1.45

Explanation / Answer

Average common shares outstanding=(477000+550000)/2= 513500 Earnings per share=(193200-16500)/513500= 0.34 Option 1 is correct

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