A certain company began the year with total assets of $10,000,000 and total liabilities of $6,200,000. No additional stock was issued during the year. Use the accounting equation to answer the following questions.
Definitions:
Preferred Stock
A class of ownership in a corporation that has a higher claim on assets and earnings than common stock and usually receives dividends before common shareholders.
Convertible
Refers to a security, usually a bond or a preferred stock, that can be converted into a specified number of shares of common stock.
Common Stock
A type of security that signifies ownership in a corporation, entitling the shareholder to a share of the corporation's profits and assets.
Consolidated Earnings Per Share
A calculation of the earnings per share of a parent company and its subsidiaries, providing a measure of the combined profitability on a per-share basis.
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