Symons Corporation has provided the following financial data:Balance SheetDecember 31, Year 2 and Year 1AssetsYear 2Year 1Current assets: Cash$225,000 $160,000 Accounts receivable, net 191,000 180,000 Inventory 96,000 110,000 Prepaid expenses 91,000 80,000 Total current assets 603,000 530,000 Plant and equipment, net 810,000 840,000 Total assets$ 1,413,000 $ 1,370,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable$226,000 $190,000 Accrued liabilities 66,000 70,000 Notes payable, short term 54,000 50,000 Total current liabilities 346,000 310,000 Bonds payable 170,000 170,000 Total liabilities 516,000 480,000 Stockholders'

Question

equity:        Common stock, $5 par value 250,000  250,000   Additional paid-in capital 70,000  70,000   Retained earnings 577,000  570,000 Total stockholders' equity 897,000  890,000 Total liabilities & stockholders' equity$ 1,413,000 $ 1,370,000 Income StatementFor the Year Ended December 31, Year 2Sales (all on account)$1,260,000 Cost of goods sold 760,000 Gross margin 500,000 Operating expenses 473,429 Net operating income 26,571 Interest expense 13,000 Net income before taxes 13,571 Income taxes (30%) 4,071 Net income$  9,500 Dividends on common stock during Year 2 totaled $2,500. The market price of common stock at the end of Year 2 was $2.01 per share.The company's earnings per share for Year 2 is closest to:

A. $11.54 per share
B. $0.27 per share
C. $0.19 per share
D. $0.53 per share

Answer 1

Answer: C