Question
Ecker Company reports $1,975,000 of net income and declares $276,500 of cash dividends on its preferred...
Ecker Company reports $1,975,000 of net income and declares $276,500 of cash dividends on its preferred stock for the year. At year-end, the company had 310,000 weighted average shares of common stock. 1. What amount of net income is available to common stockholders? Net income To preferred stockholders Net income available to common stockholders
2. What is the company's basic EPS? Choose Numerator: Basic Earnings per Share 1 Choose Denominator: 1 Basic Earnings per Share Basic earnings per share
Answers
1. Income available to common shareholders= Net income-Dividend distributed to preferred stock
- Net income = 1975000
- Dividend to preferred stock = -276500
- Earning to common shareholders = 1698500
2. Earning Per share= Earning available to common shareholder/ Weighted average of outstanding common shares
- Earning to common shareholders = 1698500
- Outstanding common shares = 310000
- Basic Earning per share = 5.48
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