Ringgold Corporation has outstanding at December 31, 2017, 46,500 shares of $22 par value, cumulative, 7%...
Ringgold Corporation has outstanding at December 31, 2017, 46,500 shares of $22 par value, cumulative, 7% preferred stock and 201,500 shares of $5 par value common stock. All shares were outstanding the entire year. During 2017, Ringgold earned total revenues of $2,020,000 and incurred total expenses (except income taxes) of $1,140,000. Ringgold’s income tax rate is 32%. Calculate Ringgold’s 2017 net income. Net Income $ Caculate Ringgold’s 2017 preferred dividends. (Round answer to 0 decimal places, e.g. 5,275.) Preferred dividends $ Compute Ringgold’s 2017 earnings per share. (Round answer to 2 decimal places, e.g. 2.25.) Earnings per share $
Homework Answers
Ringgold’s 2017 net income
Net Income = [Total Revenues – Total Expenses] x (1 – Tax Rate)
= [$2,020,000 - $1,140,000] x (1 – 0.32)
= $880,000 x 0.68
= $598,400
Ringgold’s 2017 preferred dividends
Preferred Dividends = [Number of preferred stocks x Par Value] x Preferred Dividend Rate
= [201,500 Shares x $5 per share] x 7%
= $1,007,500 x 7%
= $70,525
Ringgold’s 2017 earnings per share
Earnings per share = [Net Income – Preferred Dividends] / Number of common shares outstanding
= [$598,400 - $70,525] / 46,500 Shares
= $527,875 / 46,500 Shares
= $11.35 per share
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