Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Thrifty Co. reported net income of $796,000 for its fiscal year ended January 31, 2014 At the beginning of that fiscal year, 168,000 shares of
Thrifty Co. reported net income of $796,000 for its fiscal year ended January 31, 2014 At the beginning of that fiscal year, 168,000 shares of common stock were outstanding. On October 31, 2013, an additional 34,000 shares were issued. No other changes in common shares outstanding occurred during the year. Also during the year, the company paid me annual dividend on the 30,000 shares of 5%. $30 par value preferred stock that were outstanding the entire year. Required: Calculate basic earnings per share of common stock for the year ended January 31, 2014 (Round your answer to 2 decimal places. (e.g., 32.16)) If Thrifty Co's preferred stock were convertible into common stock diluted earnings per share can also be calculated. True False
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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