Net Income Was $240,000 for the Year

question 29

Multiple Choice

Net income was $240,000 for the year.Throughout the year the company had outstanding 12,000 shares of 6%, $50 par value preferred stock and 75,000 shares of common stock.Basic earnings per share of common stock for the year were:

• A)$2.34
• B)$2.72
• C)$3.20
• D)$3.68

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Definitions:

Meiosis

A type of cell division that reduces the chromosome number by half, resulting in four haploid cells, each genetically distinct from the parent cell, involved in sexual reproduction.

Sperm Cell

The male reproductive cell, which can fertilize an egg cell to initiate the development of a new organism.

Genetic Material

Molecules within living cells that carry genetic information, primarily DNA or RNA, which guide the development, functioning, and reproduction of organisms.

Monozygotic (MZ) Twins

Twins that derive from a single zygote that has split into two; identical twins. Each MZ twin carries the same genetic code.