Hutchins Company had 200,000 shares of common stock, 50,000 shares of convertible preferred stock, and $2,000,000 of 10% co

Question

3 years ago

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Hutchins Company had 200,000 shares of common stock, 50,000 shares of convertible preferred stock, and $2,000,000 of 10% co

nvertible bonds outstanding during the current year. The preferred stock was convertible into 40,000 shares of common stock.During the current year, Hutchins paid dividends of $1.00 per share on the common stock and $2.00 per share on the preferred stock. Each $1,000 bond was convertible into 50 shares of common stock. The net income for the year was $1,000,000 and the income tax rate was 30%.Basic earnings per share for the current year was (rounded to the nearest penny):A) 4.55B) 4.50C) 5.00D) 4.30

Business

1 answer:

Airida [17] · Answer 1 · 2022-07-28T20:53:37+03:00

Airida [17]3 years ago

6 0

Answer:

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Explanation:

Hutchins Company had​ 200,000 shares of common​ stock, 50,000 shares of convertible preferred​ stock, and​ $2,000,000 of​ 10% co

Hutchins Company had 200,000 shares of common stock, 50,000 shares of convertible preferred stock, and $2,000,000 of 10% co