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17. Jackson, Inc. had 360,000 shares of common stock outstanding on January 1, 2003 and issued 60,000 additional shares on July 1, 2003. There was

17. Jackson, Inc. had 360,000 shares of common stock outstanding on January 1, 2003 and issued 60,000 additional shares on July 1, 2003. There was no preferred stock. If net income for the year ended December 31, 2003 was $1,072,500, the earnings per share were:

A) $2.23 B) $2.55 C) $2.75 D) $2.98 Answer: C Difficulty: Easy

Advance Systems, Inc. had 840,000 shares of common stock outstanding on January 1, 2006, and repurchased 75,000 shares on June 1, 2006. Net income for the year ended December 31, 2006, was $2,662,625, and preferred stock dividends for the year amounted to $35,000. The earnings per share for 2006 were:

A) $3.30 B) $3.34 C) $3.48 D) $3.53 Answer: A Difficulty: Easy

43. MMM Inc. had 5,000 shares outstanding on January 1, 2006. MMM Inc. issued 8,000 shares on May 1 and an additional 9,000 shares on August 1, 2006. How many shares will be used to calculated earnings per share ( 2006).

A) 5,000

B) 14,083

C) 15,225

D) 15,301

E) 22,000

Answer: B Difficulty: Medium

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