Norman's Cabinet, Inc., had net income of $213,400 for its fiscal year ended October 31, 2020.During the year, the company had outstanding 26,500 shares of 9%, $60 par value preferred stock, and 37,000 shares of common stock.Calculate the basic earnings per share of common stock for the 2020 fiscal year.

Question

Quizplus · Accepted Answer

The Answer of Norman's Cabinet, Inc., had net income of $213,400 for its fiscal year ended October 31, 2020.During the year, the company had outstanding 26,500 shares of 9%, $60 par value preferred stock, and 37,000 shares of common stock.Calculate the basic earnings per share of common stock for the 2020 fiscal year.