Lane Class Company had 50,000 shares of common stock outstanding and 10,000 shares of preferred stock outstanding.No shares were issued or repurchased during the year.The company paid a dividend of $0.80 per share of common stock and $0.60 per share of preferred stock.If the company reports earnings per common share of $0.85, how much is net income?
A)$42,500
B)$56,500
C)$48,500
D)$57,000

Question

Quizplus · Accepted Answer

The Answer of Lane Class Company had 50,000 shares of common stock outstanding and 10,000 shares of preferred stock outstanding.No shares were issued or repurchased during the year.The company paid a dividend of $0.80 per share of common stock and $0.60 per share of preferred stock.If the company reports earnings per common share of $0.85, how much is net income?
A)$42,500
B)$56,500
C)$48,500
D)$57,000

Lane Class Company Had 50,000 Shares of Common Stock Outstanding