Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need to figure out how to find the common stock Statement of retained earnings Hayes Enterprises began 2012 with a retained earnings balance of
I need to figure out how to find the common stock
Statement of retained earnings Hayes Enterprises began 2012 with a retained earnings balance of $937,000. During 2012, the firm earned $390,000 after taxes. From this amount, preferred stockholders were paid $41,500 in dividends. At year-end 2012, the firm's retained earnings totaled $1,052,000. The firm had 148,000 shares of common stock outstanding during 2012 a. Prepare a statement of retained earnings for the year ended December 31, 2012, for Hayes Enterprises. (Note: Be sure to calculate and include the amount of cash dividends paid in 2012.) b. Calculate the firm's 2012 earnings per share (EPS). c. How large a per-share cash dividend did the firm pay on common stock during 2012? a. Prepare a statement of retained earnings for the year ended December 31, 2012, for Hayes Enterprises. (Note: Be sure to calculate and include the amount of cash dividends paid in 2012.) The cash dividends paid on common stock are $ 233,500. (Round to the nearest dollar.) Complete the statement of retained earnings for the year ended December 31, 2012, for Hayes Enterprises below: (Round to the nearest dollar.) Hayes Enterprises Statement of Retained Earnings for the Year Ended December 31, 2012 Retained earnings balance (January 1, 2012) $ Plus: Net profits after taxes (for 2012) Less: Cash dividends (paid during 2012) Preferred stock 937,000 390,000 Common stock (41,500) (233,500) 1,052,000 Retained earnings (December 31, 2012) b. Calculate the firm's 2012 earnings per share (EPS). The firm's 2012 earnings per share are $ 2.35. (Round to the nearest cent.) c. How large a per-share cash dividend did the firm pay on common stock during 2012? The cash dividend paid on common stock during 2012 was $ 1.58. (Round to the nearest cent.)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started