Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 12.00

Goodrow Corporation

Excerpts from Goodrow Corporation's most recent balance sheet and income statement appear below:

  Year 2 Year 1
Total assets $7,689 $7,830
Total liabilities $1,360 $1,380
Stockholders' equity:    
Preferred stock, $100 par value, 10% $950 $950
Common stock, $2 par value 3,800 3,800
Additional paid-in capital--common stock 980 980
Retained earnings

599

720
Total stockholders' equity

$6,329

$6,450

 

Sales (all on account) $3,030
Cost of goods sold

1,820
Gross margin 1,210
Selling and administrative expense

910
Net operating income 300
Interest expense

66
Net income before taxes 234
Income taxes (30%)

70
Net income

$164


Dividends on common stock during Year 2 totaled $190. Dividends on preferred stock totaled $95. The market price of common stock at the end of Year 2 was $5.68 per share.

The earnings per share of common stock for Year 2 is closest to:

(PLEASE SHOW WORK FOR RATING)

 

A. $0.12

B. $0.16

C. $0.09

D. $0.04

 

 

 

2.)Archer Company had net income of $71,000 last year. The company has 6,000 shares of common stock and 3,500 shares of preferred stock outstanding. There was no change in the number of common or preferred shares outstanding during the year. Preferred dividends were $4 per share. The earnings per share of common stock was:

(PLEASE SHOW WORK TO GET RATED)

 

A. $9.50

B. $5.50

C. $16.29

D. $11.25

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 03:08 PM My Price 12.00

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