The Bedford Corporation reported the following income statement and balance sheet amount and additional information for the end of the current year.
End of current year | End of Prior year | |
Net sales revenue (all credit) | $1220,000 | |
Cost of goods sold | $725,000 | |
Gross profit | $495,000 | |
Selling/general expenses | $280,000 | |
Internal expense | $280,000 | |
Net income | $173,000 | |
Current assets | $113,000 | $82,000 |
Long term assets | $512000 | $440,000 |
Total assets | $625,000 | $522,000 |
Current liabilities | $57,000 | $52000 |
Long term liabilities | $275,000 | $245,000 |
Common stockholders equity | $293000 | $225,000 |
Tot Liabilities and stockholders equity | $625000 | $522,000 |
Inventory and prepaid expenses account for 30,000 of the current year’s assets.
The average inventory for the current year is $36,250.
The average net account receivable for the current year is $45,000,
There are 35,000 shares of common stock outstanding.
Total dividends paid during the current year were $17,000.
The market price per share of common stock is $20.
What is the earnings per share for the current year?
A) $5.12
B) $11.86
C) $4.94
D) $4.05