Ice Video Corporation Had Average Common Shareholders' Equity of $423,785

question 12

Short Answer

Ice Video Corporation had average common shareholders' equity of $423,785.The company had net income during the year of $213,465.There were 258,000 shares of common stock outstanding throughout the year and no preferred stock at any time.Calculate earnings per share (round to the nearest cent).

---

Definitions:

Income Statement

A financial report that summarizes the revenues, costs, and expenses incurred during a specific period, typically a fiscal quarter or year.

Balance Sheet

A financial statement that presents a company's assets, liabilities, and shareholders' equity at a specific point in time, showing the balance between what it owns and owes.

Prepared

The state of having something ready for use or consideration, often used in the context of financial documents or plans.

Adjusted Trial Balance

A list of all accounts and their balances after adjusting entries are made, used to prepare financial statements.