09 May HOW MUCH IS THE EARNINGS AVAILABLE FOR COMMON STOCKHOLDERS?
Long Life Light Bulb Co: Compute earnings for common stockholders retained earnings.At the end of 2005 the Long Life Light Bulb Company announced it had produced a gross profit of $1 million. The company has also established that over the course of this year it has incurred $345 000 in operating expenses and $125 000 in interest expenses. The company is subject to a 30 percent tax rate and has declared $57 000 total preferred stock dividends.(a) How much is the earnings available for common stockholders? (b) Compute the increased retained earnings for 2005 if the company were to declare a $4.25 common stock dividend. The company has 15 000 shares of common stock outstanding.
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