At January 1, 2014, Foxmore Company Had 80,000 Shares of Common

question 27

Multiple Choice

At January 1, 2014, Foxmore Company had 80,000 shares of common stock outstanding and no preferred stock. During the year, they issued 40,000 additional shares of common stock. At December 31, 2014, Foxmore had 120,000 shares of common stock outstanding, and no preferred stock. In addition, Foxmore reported the following results for the year 2014: At December 31, 2014, how much is the earnings per share for income (loss) from continuing operations?
(Please round all calculations to the nearest cent.)

• A)$(1.20)
• B)$7.85
• C)$10.65
• D)$11.85

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Definitions:

Expense Account

An account where businesses track costs incurred during operations, often related to employees' business-related expenses.

Chart of Accounts

The Chart of Accounts is a systematic list of all accounts used by an organization, essential for classifying and organizing financial transactions within the general ledger.

Expense Account

An account where costs associated with the operations of a business, such as rent, utilities, and salaries, are recorded.

Asset Account

An account that represents a tangible or intangible item of value owned by a company, such as cash, inventory, or equipment.