Determine Earnings Per Share (EPS) based on the information below. Be sure to label your answer clearly and show all work.Snow Cleaners, Inc., had net income of $494,592 for its fiscal year ended November 30, 2007. During the year, the company had outstanding 64,000 shares of 12 percent $40 par value preferred stock, and 37,280 shares of common stock.
Determine the earnings per share of common stock for the 2007 fiscal year.