Rodgers Corporation reported basic earnings per share of

1 25 for #2560
Rodgers Corporation reported basic earnings per share of $1.25 for the year ended December
51, 2016. Rodgers had 8,000 shares of cumulative, nonconvertible $100 par, 12% preferred
stock outstanding during all of 2016. The company began 2016 with 200,000 shares of common
stock outstanding and ended the year with 400,000 share of common stock outstanding, due to
issuing 200,000 shares on July 1, 2016.Required:Determine Rodgers’s net income for
2016.Weighted Average Shares Jumbo Corporation reported the following information about its
stock on its December 31, 2015, balance sheet:Preferred stock, $100 par value, 6%
cumulative,30,000 shares authorized 1,000 shares issued and outstanding ....
$100,000Common stock, $10 par value, 150,000 sharesauthorized 50,000 shares issued and
outstanding ........ 500,000Jumbo Corporation engaged in the following stock transactions during
2016:Mar. 1 Issued 10,000 shares of common stock for cash.Apr. 1 Purchased 2,000 shares of
common stock as treasury stock.Aug. 1 Resold 1,000 shares of treasury stock.Sept. 1 Declared
and distributed a 50% stock dividend on common stock.Required:1. Docs Jumbo Corporation
have a simple or complex capital structure?2. Calculate the number of shares that Jumbo would
use to calculate basic EPS for its 2016 income statement.View Solution:
Rodgers Corporation reported basic earnings per share of 1 25 for

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