Assignment Problem: Carr Company has the following ledger accounts and adjusted balances as of December 31, 2019. All accounts have normal balances. Carr's income tax rate is 20%. Carr has 300,000 shares of Common Stock authorized, 100,000 shares of Common Stock issued, and 95,000 shares of Common Stock outstanding.
Accounts Payable 58,500
Accounts Receivable 405,000
Accumulated Depreciation-Building 112,500
Accumulated Depreciation-Equipment 90,000
Administrative Expenses 90,000
Allowance for Doubtful Accounts 45,000
Bonds Payable 400,000
Building 1,125,000
Cash 58,500
Common Stock 600,000
Cost of Goods Sold 55,000
Discount on Bonds Payable 10,000
Dividends 30,000
Equipment 435,000
Income from Operations of Division X 90,000 (Division X is a component of Carr Company)
Interest Revenue 60,000
Inventory 630,000
Land (held for future use) 450,000
Land (used for building) 247,500
Loss from Sale of Division X 180,000 (Division X is a component of Carr Company)
Loss on Sale of Investments 22,500
Mortgage Payable 562,500*
Paid-In Capital in Excess of Par 396,000
Prepaid Rent 22,500**
Retained Earnings, January 1, 2019 562,500
Sales Discounts 45,000
Sales Returns and Allowances 75,000
Sales Revenue 2,302,500
Selling Expenses 292,500
Trademark 67,500
Treasury Stock 60,000
*$40,000 of the principal comes due in 2019.
**Two years rent on offsite document storage paid in advance.
Assignment Requirement: Compute the EPS? Is the weighted average share common stock outstanding is 95,000 shares?
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