Ringgold Corporation has outstanding at December 31, 2020, 50,000 shares of $20 par value, cumulative, 6% preferred
Question:
Ringgold Corporation has outstanding at December 31, 2020, 50,000 shares of $20 par value, cumulative, 6% preferred stock and 200,000 shares of $5 par value common stock. All shares were outstanding the entire year. During 2020, Ringgold earned total revenues of $2,000,000 and incurred total expenses (except income taxes) of $1,300,000. Ringgold’s income tax rate is 30%.
Instructions
Compute Ringgold’s 2020 earnings per share.
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...
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Net income 2000000 1300000 700000 700000 30 X 700000 490000 Preferred di...View the full answer
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Related Book For 
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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