Exercise 14-14 (Part level Submission) Ringgold Corporation has outstanding at D

Question

Exercise 14-14 (Part level Submission)

Ringgold Corporation has outstanding at December 31, 2014, 46,150 shares of $18 par value, cumulative, 9% preferred stock and 200,200 shares of $4 par value common stock. All shares were outstanding the entire year. During 2014, Ringgold earned total revenues of $2,006,400 and incurred total expenses (except income taxes) of $1,144,800. Ringgold’s income tax rate is 31%.

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Exercise 14-14 (Part level Submission)

Ringgold Corporation has outstanding at December 31, 2014, 46,150 shares of $18 par value, cumulative, 9% preferred stock and 200,200 shares of $4 par value common stock. All shares were outstanding the entire year. During 2014, Ringgold earned total revenues of $2,006,400 and incurred total expenses (except income taxes) of $1,144,800. Ringgold’s income tax rate is 31%.

Explanation / Answer

Net Income 594,504 (2,006,400 - 1,144,800) x (1-.31)

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