HomeworkLib
Question

At December 31, 2018 and 2017, Marigold Corp. had 185000 shares of common stock and 11600...

At December 31, 2018 and 2017, Marigold Corp. had 185000 shares of common stock and 11600 shares of 6%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2018 or 2017. Net income for 2018 was $441000. For 2018, earnings per common share amounted to (rounded to the nearest penny) a. $2.37.

b. $1.74.

c. $1.61.

d. $2.01.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Answer-Earnings per share =$2.01 per share.

Explanation-

Earning per Share = Net Income – Preferred Dividends / Weighted Average number of Common shares outstanding

={$441000 –($1160000*6%)}/185000 shares

=($441000 -$69600)/185000 shares

= $371400/185000 shares

=$2.01 per share

0 0
Add a comment
Know the answer?
Add Answer to:
At December 31, 2018 and 2017, Marigold Corp. had 185000 shares of common stock and 11600...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • At December 31, 2018 and 2017, Marigold Corp. had 185000 shares of common stock and 11600...

    At December 31, 2018 and 2017, Marigold Corp. had 185000 shares of common stock and 11600 shares of 6%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2018 or 2017. Net income for 2018 was $441000. For 2018, earnings per common share amounted to (rounded to the nearest penny)

  • Marigold Corp. had 192000 shares of common stock, 19900 shares of convertible preferred stock, and $1600000...

    Marigold Corp. had 192000 shares of common stock, 19900 shares of convertible preferred stock, and $1600000 of 5% convertible bonds outstanding during 2018. The preferred stock is convertible into 40100 shares of common stock. During 2015, Marigold paid dividends of $0.90 per share on the common stock and $4 per share on the preferred stock. Each $1,000 bond is convertible into 30 shares of common stock. The net income for 2018 was $597000 and the income tax rate was 40%....

  • Tower Corp. had the following stock outstanding and Retained Earnings at December 31, 2018:     Common...

    Tower Corp. had the following stock outstanding and Retained Earnings at December 31, 2018:     Common Stock (par $8; outstanding, 33,000 shares)$264,000 Preferred Stock, 8% (par $10; outstanding, 6,300 shares) 63,000 Retained Earnings 283,000 On December 31, 2018, the board of directors is considering the distribution of a cash dividend to the common and preferred stockholders. No dividends were declared during 2016 or 2017, and none have been declared yet in 2018. Three independent cases are assumed: Case A:The preferred...

  • At December 31, 2017 Pine Company had 200,000 shares of common stock and 10,000 shares of 6%, $100 par value cumulative...

    At December 31, 2017 Pine Company had 200,000 shares of common stock and 10,000 shares of 6%, $100 par value cumulative preferred stock outstanding. No cash dividends were declared on either the preferred or common stock in 2017 or 2018. In 2018, Pine declared a 100% stock dividend on its common stock. Net income for 2018 was $1,960,000. In its 2018 financial statements, Pine's 2018 earnings per common share should be Select one: O a. $4.45. O O b. $2.25....

  • At December 31, 2017 Rice Company had 300,000 shares of common stock and 10,000 shares of...

    At December 31, 2017 Rice Company had 300,000 shares of common stock and 10,000 shares of 6%, $100 par value non-cumulative preferred stock outstanding. No cash dividends were declared in 2017 or 2018. In 2019, Rice declared a 100% stock dividend on its common stock. Net income for 2018 was $1,140,000. In its 2018 financial statements, Rice's 2018 earnings per common share should be Select one: O a. $1.89. b. $3.60. ОО c. $1.80. d. $3.80.

  • At December 31, 2017 and 2018, Funk & Noble Corporation had outstanding 640 million shares of...

    At December 31, 2017 and 2018, Funk & Noble Corporation had outstanding 640 million shares of common stock and 4 million shares of 4%, $100 par value cumulative preferred stock. No dividends were declared on either the preferred or common stock in 2017 or 2018. Net income for 2018 was $464 million. The income tax rate is 40%. Calculate eamings per share for the year ended December 31, 2018. (Round your answer to 2 decimal places.) Earnings per share

  • On January 1, 2018, Marigold Corp. had 491,000 shares of common stock outstanding. During 2018, it...

    On January 1, 2018, Marigold Corp. had 491,000 shares of common stock outstanding. During 2018, it had the following transactions that affected the Common Stock account. February 1 Issued 114,000 shares March 1 Issued a 10% stock dividend May 1 Acquired 103,000 shares of treasury stock June 1 Issued a 3-for-1 stock split October 1 Reissued 60,000 shares of treasury stock Part 1 Incorrect answer icon Your answer is incorrect. Determine the weighted-average number of shares outstanding as of December...

  • At December 31, 2017, Crane Company had 1120000 shares of common stock outstanding. In addition, Crane...

    At December 31, 2017, Crane Company had 1120000 shares of common stock outstanding. In addition, Crane had 455000 shares of preferred stock which were convertible into 759000 shares of common stock. During 2018, Crane paid $1250000 cash dividends on the common stock and $796000 cash dividends on the preferred stock. Net income for 2018 was $6800000 and the income tax rate was 40%. The diluted earnings per share for 2018 is (rounded to the nearest penny) $2.55. $3.62. $6.06. $5.40.

  • Tower Corp. had the following stock outstanding and Retained Earnings at December 31, 2018: $ 272,000...

    Tower Corp. had the following stock outstanding and Retained Earnings at December 31, 2018: $ 272,000 64,000 284,000 Common Stock (par $8; outstanding, 34,000 shares) Preferred Stock, 9% (par $10, outstanding, 6,400 shares) Retained Earnings On December 31, 2018, the board of directors is considering the distribution of a cash dividend to the common and preferred stockholders. No dividends were declared during 2016 or 2017, and none have been declared yet in 2018. Three independent cases are assumed: Case A...

  • At December 31, 2017, Albrecht Corporation had outstanding 248,000 shares of common stock and 14,000 shares...

    At December 31, 2017, Albrecht Corporation had outstanding 248,000 shares of common stock and 14,000 shares of 9.5%, $100 par value cumulative, nonconvertible preferred stock. On May 31, 2018, Albrecht sold for cash 12,000 shares of its common stock. No cash dividends were declared for 2018. For the year ended December 31, 2018, Albrecht reported a net loss of $326,000. Required: Calculate Albrecht's net loss per share for the year ended December 31, 2018. (Enter your answers in thousands. Negative...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT