Padowski Corporation's Net Income for the Current Year Is $550,000

question 14

Multiple Choice

Padowski Corporation's net income for the current year is $550,000. At year end, the corporation had outstanding 2500 shares of 18%, $100 par value nonconvertible preferred stock and 17,000 shares of $10 par value common stock. No shares were issued or retired during the year. What is basic earnings per share? (Round your final answer to the nearest cent.)

• A)$25.90
• B)$100.00
• C)$29.71
• D)$32.35

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Definitions:

Hagfish

Jawless marine fish known for their ability to produce a large amount of slime or mucus when disturbed.

Swim Bladder

Of many ray-finned fishes, a gas-filled organ that adjusts buoyancy.

Buoyancy

The upward force that supports objects in fluid, preventing them from sinking.

Ray-Finned Fish

Jawed fish with fins supported by thin rays derived from skin; member of most diverse lineage of fishes.