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MMLU / Toft Co. had 120000 shares of common stock outstanding at January 1. On April 1…

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

Toft Co. had 120000 shares of common stock outstanding at January 1. On April 1 it issued 40000 additional shares of common stock. Outstanding all year were 10000 shares of nonconvertible preferred stock on which a dividend of 5persharewasdeclaredduringtheyear.Netincomefortheyearwas5 per share was declared during the year. Net income for the year was 480000. What should Toft report as earnings per share for the year?
Plain-text mathematical notation (without MathML)
Toft Co. had 120000 shares of common stock outstanding at January 1. On April 1 it issued 40000 additional shares of common stock. Outstanding all year were 10000 shares of nonconvertible preferred stock on which a dividend of 5persharewasdeclaredduringtheyear.Netincomefortheyearwas480000. What should Toft report as earnings per share for the year?
Original LaTeX notation
Toft Co. had 120000 shares of common stock outstanding at January 1. On April 1 it issued 40000 additional shares of common stock. Outstanding all year were 10000 shares of nonconvertible preferred stock on which a dividend of $5 per share was declared during the year. Net income for the year was $480000. What should Toft report as earnings per share for the year?

choices

  1. $2.69
  2. $2.87
  3. $3.00
  4. 3.2

subject

professional_accounting

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Source and history

task_id
9c2e780c-c392-59e8-b916-7282684c12b1
task_key
all--test--9c2e780c-c392-59e8-b916-7282684c12b1
task_revision_id
1
config / split
all / test

Official source

initial import