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The balance
sheet for Tyde Corporation at the end of the current year indicates the
following:
Bonds payable, 6%………………………………………………………. $4,000,000
5% Preferred stock, $100 par……………………………………….. 1,000,000
Common stock, $10 par……………………………………………….. 2,000,000
Income before income taxes was $480,000 and
income taxes expense for the current year amounted to $144,000. Cash dividends
paid on common stock were $300,000, and the common stock was selling for $22.88
per share at the end of the year. There were no ownership changes during the
year.
Instructions
Determine
each of the following:
(a) Times that bond interest was
earned.
(b) Earnings per share for
common stock.
(c) Price-earnings ratio.
