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Question
The balance sheet for Renner Corporation at the end of the current year includes the following:
Bonds payable, 6% $5,000,000
6% Preferred stock, $100 par 1,000,000
Common stock, $10 par 2,000,000
Net income was $565,000 and income tax expense for the current year amounted to $285,000. Cash dividends paid on common stock were $200,000, and the common stock was selling for $40 per share at the end of the year. There were no ownership changes during the year.
Instructions
Determine each of the following:
(a) Number of times that bond interest was earned.
(b) Earnings per share for common stock.
(c) Price-earnings ratio.
Answer
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