Answer the following statements true (T) or false (F)
1. Earnings per share for income from continuing operations must be reported on the face of the income
statement.
2. When computing earnings per share, preferred dividends are subtracted from net income because the
preferred stockholders have the first claim to dividends.
3. Earnings per share reports the amount of net income (loss) for each share of the company's issued
common stock.
4 Companies can report a negative amount in retained earnings.
5. Companies usually report their retained earnings restrictions on the balance sheet.
1. TRUE
2. TRUE
3. FALSE - Explanation: Earnings per share reports the amount of net income (loss) for each share of the company's outstanding common stock.
4. TRUE
5. FALSE - Explanation: Companies usually report their retained earnings restrictions in notes to the financial statements.
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