(a) Assets Current assets Cash $343,000 $417,500 Accounts receivable, net 1,066,

Question

(a)

Assets Current assets   Cash $343,000 $417,500   Accounts receivable, net 1,066,200 776,400   Inventory 741,000 681,000   Other current assets 323,000 247,100 Total current assets 2,473,200 2,122,000 Property, plant, & equipment, net 9,089,325 8,419,385   Total assets $11,562,525 $10,541,385 Liabilities and Stockholders’ Equity Current liabilities $3,159,000 $2,846,050 Long-term debt 3,702,650 3,892,650   Total liabilities 6,861,650 6,738,700 Preferred stock, $5 par value 59,500 59,500 Common stock, $0.25 par value 153,000 103,850 Retained earnings 4,488,375 3,639,335   Total stockholders’ equity 4,700,875 3,802,685   Total liabilities and stockholders’ equity $11,562,525 $10,541,385 Ivanhoe Medical
Comparative Income Statement and Statement of Retained Earnings
For the Year 2016 2015 Sales revenue (all on account) $10,100,000 $9,613,950 Cost of goods sold 5,039,000 5,298,700   Gross profit 5,061,000 4,315,250 Operating expenses 2,840,300 2,634,100 Net operating income 2,220,700 1,681,150 Interest expense 390,000 308,600 Net income before taxes 1,830,700 1,372,550 Income taxes (30%) 549,210 411,765 Net income $1,281,490 $960,785 Dividends paid   Preferred dividends 29,450 29,450   Common dividends 403,000 457,000   Total dividends paid 432,450 486,450 Net income retained 849,040 474,335 Retained earnings, beginning of year 3,639,335 3,165,000 Retained earnings, end of year $4,488,375 $3,639,335

Explanation / Answer

Earning per share = (net income-Preferred Dividend)/Share outstanding

= (1281490-29450)/326000

Earning per share = 3.84 per share

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