Question
Statement of retained earnings Hayes Enterprises began 2019 with a retained earnings balance of $940,000. During 2019, the firm earned $384,000 after taxes. From this
Statement of retained earnings Hayes Enterprises began 2019 with a retained earnings balance of $940,000. During 2019, the firm earned $384,000 after taxes. From this amount, preferred stockholders were paid $53,100 in dividends. At year-end 2019, the firm's retained earnings totaled $1,050,000. The firm had 143,000 shares of common stock outstanding during 2019.
a. Prepare a statement of retained earnings for the year ended December 31,2019,for Hayes Enterprises. (Note: Be sure to calculate and include the amount of cash dividends paid in 2019.)
b. Calculate the firm's 2019 earnings per share (EPS).
c. How large a per-share cash dividend did the firm pay on common stock during 2019?
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