Excerpts from goodrow corporations most recent balance

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Reference no: EM13612149

Excerpts from Goodrow Corporation's most recent balance sheet and income statement appear below: Year 2 Year 1 Total assets $4,265 $4,320 Total liabilities $910 $930 Stockholders' equity: Preferred stock, $100 par value, 10% $500 $500 Common stock, $2 par value 2,000 2,000 Additional paid-in capital--common stock 530 530 Retained earnings 325 360 Total stockholders' equity $3,355 $3,390 Sales (all on account) $2,130 Cost of goods sold 1,280 Gross margin 850 Selling and administrative expense 639 Net operating income 211 Interest expense 46 Net income before taxes 165 Income taxes (30%) 50 Net income $115 Dividends on common stock during Year 2 totaled $100. Dividends on preferred stock totaled $50. The market price of common stock at the end of Year 2 was $5.50 per share. The earnings per share of common stock for Year 2 is closest to: $0.21 $0.12 $0.07 $0.17

Reference no: EM13612149

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