Cash Temporary Investments Accounts and notes receivable Inventory Pre paid expe

Question

Cash Temporary Investments Accounts and notes receivable Inventory Pre paid expenses Fixed assests (net) Accounts payable Notes payable (Short term non-interest bearing) Accured Liabilities $65,000 50,000 110,000 140,000 10,000 900,000 125,000 100,000 25,000 250,000 100,000 400,000 50,000 Mortagage note payable, 5% due in 2025 Preferred 8% stock, $100 par Common Stock, $10 par Paid-in-capital in Exces of Par, Common stock Retaind earnings Selected data related to 12 mnths of the current year reveal the following: Average common stockholders' equity 225,000 $650,000 750,000 130,000 1,200,000 40,000 910,000 140,000 20,000 88,000 Average stockholders' equity Average inventory Average total assests Cash dovodends paid on common stock Cost of goods sold Income before income tax Interest expense Net Income Sales The common stock was selling for $25 per share a the end of the year. 1,500,000 The earnings per share on common stock is?

Explanation / Answer

Net income 88000 Preferred dividend 8000 (100000*8%) Net income available for common stock 80000 Average Common stock holders equity 650000 Earning per $1 of common stock 0.123 (80000/65000) Earning per share 1.23 (.123*10)

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