Question 1. Snow Cleaners, Inc., had net income of $494,592 for its fiscal year ended November 30, 2009. 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. Calculate the earnings per share of common stock for the 2009 fiscal year.
Question 2. What is the purpose of the Statement of Cash Flows? Explain its structure and how you would use the cash flow information presented in the statement to assess an organization.