Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The table below contains data on Fincorp Incorporated. The balance sheet items correspond to values at year-end 2021 and 2022, while the income statement items

The table below contains data on Fincorp Incorporated. The balance sheet items correspond to values at year-end 2021 and 2022, while the income statement items correspond to revenues or expenses during the year ended 2021 and 2022. All values are in thousands of dollars.

20212022Revenue$ 4,500$ 4,600Cost of goods sold1,4001,500Depreciation580600Inventories320375Administrative expenses570620Interest expense220220Federal and state taxes*520540Accounts payable310340Accounts receivable440470Net fixed assets4,1005,000Long-term debt1,6002,050Notes payable849570Dividends paid340340Cash and marketable securities860470

* Taxes are paid in their entirety in the year that the tax obligation is incurred. Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. Suppose that Fincorp has 440,000 shares outstanding. What were earnings per share in 2022? (Round your answers to 2 decimal places.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions