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3 years ago

Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 2017.

Business

1 answer:

Gennadij [26K]3 years ago

4 0

Answer:

(a) Net income $198,788

(b) Retained earnings at 12/31/17 = 3,145,448

Earnings per share for the year is $0.02 per share. That is:

Earnings per share = Net income / Number of common stock outstanding = $198,788 / 10,000,000 = $0.02 per share

Explanation:

Note: See the attached excel file for the multiple-step income statement.

A multi-step income statement refers to an income statement in which the gross profit and the categories of each expenses and income are giving in details before the net income of a company in a specific period is obtained.

The multiple-step income statement of Hardrock Mining Co. for 2017 is given in the attached excel file in which we have the following:

(a) Net income $198,788

(b) Retained earnings at 12/31/17 = 3,145,448

<u>Calculation of earnings per share for the year</u>

The earnings per share can be calculated as follows:

Earnings per share = Net income / Number of common stock outstanding = $198,788 / 10,000,000 = $0.02 per share

Therefore, earnings per share of the company for the year is $0.02 per share.

The note to the account that disclose earnings per share data in the financial statement of Hardrock Mining Co. for 2017 will appear as follows:

<u>Note to the account:</u>

Earnings per share for the year is $0.02 per share. That is:

Earnings per share = Net income / Number of common stock outstanding = $198,788 / 10,000,000 = $0.02 per share

Download xlsx

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