3. Cash and credit sales, with returned merchandise. (a) Merchandise is sold for $340 cash. (b) $30 of merchandise sold for $340 is returned for refund. (c) Merchandise is sold on account for $280. (d) $25 of merchandise sold for $280 is returned for a credit. (e) Payment is received for balance owed on merchandise sold on account.

Answers

Answer 1

Answer:

The payment received is 1200


Related Questions

a printed order for payment of a specified sum,facilitaded by the bank ir post office​

Answers

answer is money order

Can anybody help explain how to address issues that hamper individuals performance.

Answers

Answer:

Not every employee performance review that comes in will be positive. Targets will be missed, employees will underperform and as a people manager, you’ll need to find a way to either improve the situation or part ways with the employee.

When it comes to the challenging task of addressing employee performance issues, the key is to focus on potential solutions, rather than problems. Here’s how.

It’s difficult to talk about poor performance with employees, but avoiding the problem will only prolong the tough discussion. Be specific and state the problem clearly so that your employee understands what’s going on. Encouraging words are okay to share, but the employee needs to walk away knowing what the problem was and how to improve.

When it comes to improving employee performance, it is worthwhile to customize your approach. You may have to deal with each employee differently to get the same results. Know what motivates your employees, when to step in softly, and when to simply be direct.

Sometimes employees are fully aware of their performance issues but are unable to improve the situation on their own. It’s important to listen to an employee’s concerns during the performance review.

your salary is $50,000 income tax rate is 21% on the first $35,000 and 23% on the rest of your income what is the total amount of tax that you owe A.$10,500 B. $10,770 C. $10,800 D.$11,500​

Answers

Answer:

C

Explanation:

35000 = 100%

35000×0.21 = 21% = $7350

50000 - 35000 = 15000 = 100%

15000×0.23 = 23% = $3450

so, in total, I pay

7350 + 3450 = $10,800

Is Cab Service in the UK is Excellent Choice for Transport?

Answers

Cab services are the best option for transportation in the UK.

Cabs are a type of personalized transport that works in the United Kingdom, this service offers several advantages compared to taxis such as:

It is cheaper than taxis.It is more comfortable and less disturbing.They have several options for the number of people traveling.They can be booked easily and quicklyOffers a much faster transportation service than buses or black taxisIt is available 24 hours a day, 7 days a week.

Based on the above, it can be inferred that Cabs are the best transport service in the UK.

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A(n) ________ is a coherent set of interdependent processes and structures that dictates how the company searches for novel problems and solutions, synthesizes ideas into a business concept and product designs, and selects which projects get funded. innovation system organizational development human resource inventory organizational behavior

Answers

Based on business analysis, an innovation system is a coherent set of interdependent processes and structures that dictates how the company searches for novel problems and solutions.

Innovative systems generally synthesize ideas into a business concept and product designs and select which projects get funded.

Innovation system usually involves significant components such as the following:

Information, TechnologyPeople, Enterprises, Institutions

Innovation system. Generally used to facilitate and assist innovation to the success stage.

Hence, in this case, it is concluded that the correct answer is "innovation systems."

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All of the following is true about CRM, or Customer Relationship Management except:______.
a. It is an enterprise software
b. Accounting department uses it to facilitate billing
c. It is replacing the human resource department
d. It is the processes a company uses to track and organize all aspects of customer encounters

Answers

Answer:

B

Explanation:

The purpose of CRM is not to replace the human resource department.

Considering the available options, the statement that is not true about CRM or Customer Relationship Management is "Accounting department uses it to facilitate billing."

CRM is an enterprise software with a rough global market value of over $40 billion.

Because it is an automated system, many firms are now using it to replace the human resource department.

Also, CRM is known for being a process that a company uses to monitor and oversee all aspects of customer relations.

Hence, in this case, it is concluded that the correct answer is option B. "Accounting department uses it to facilitate billing."

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How does the opportunity cost principle explain the relationship between the real interest rate and investment spending?
As the interest rate rises,
the more spending businesses want to do.
the less attractive it is to leave money in the bank instead of spending on investments.
the more attractive it is to leave money in the bank instead of spending on investments.
it has no effect on investment spending. If firms need to expand, they will invest regardless of the interest rate.
b. The investment line is
because of the relationship between real interest rates and investment
spending
perfectly elastic
vertical
upward-sloping
downward-sloping

Answers

The opportunity cost illustrates the relationship that exists between them because as the interest rate rises, the more attractive it is to leave money in the bank instead of spending on investments.

The investment line is downward sloping because of the relationship between real interest rates and investment spending.

Opportunity cost simply means what one foregoes in order to get something else. It should be noted that when there's an increase in the interest rate, this will lead, the cost of borrowing will be high. Therefore, there'll be a reduction in investment.

Therefore, there's a negative relationship between interest rate and investment spending. This then leads to a downward-sloping curve.

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You are studying to be an accountant. During school breaks, you work part-time at a large company that sells its stock on the stock exchange. To help you understand how investments work, you bought 100 shares of stock in this company.
While doing the bookkeeping, you discover the company just had a very bad financial quarter. You anticipate the price for the company stock will fall substantially once that information is made public. You decide to sell your shares immediately to avoid a significant loss. You direct your stockbroker to sell your stocks and are able to complete the transaction before this news gets out.
Have you done anything illegal by selling your stock when you did?
A. No, you are entitled to utilize all information available when deciding whether to buy or sell stock.
B. Yes, it is illegal for an employee of a company to buy or sell company stock.
C. No, shareholders can sell or buy stock anytime they wish.
D. Yes, you will be liable for insider trading based on the misappropriation theory.

Answers

Misappropriation theory states that when an individual uses insider information in trading securities has therefore committed securities fraud against the information source. Therefore, Yes, you will be liable for insider trading based on the misappropriation theory.

In the United States, a person who is guilty based on the misappropriation theory can be convicted of insider trading.

An individual is said to be guilty of insider trading when they have acted on privileged knowledge in order to make a profit.

Conclusively, she is guilty as she uses the information obtained from the financial books to her advantage.

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List five kinds of harm that could occur to your own personal computer. Estimate the likelihood of each, expressed in number of times per year (number of times could be a fraction, for example, 1/2 means could be expected to happen once every two years). Estimate the monetary loss that would occur from that harm. Compute the expected annual loss from these kinds of harm.

Answers

The most frequent damages in computers are: Blue screen, Ram problems, continuous shutdown, slow performance, and virus infection.

Blue screen. It is estimated that it can happen 1/2 per year. It is one of the most common computer problems. Generally, it indicates a serious problem, which may be hardware or driver related, so the repair value is high, about $ 50.

RAM problems. It is estimated that it can happen 2/4 per year. It is a problem that is caused by misconfiguration, or a RAM slot is not fitting correctly, which causes it to not work. Its repair is worth about $ 25.

The computer shuts down by itself or restarts itself. It is estimated that it can happen 12/20 times per year. This damage is caused by lack of maintenance in the hardware or problems with the software. For example, if there is dust accumulated on the fans, this obstructs the air and does not allow the computer to cool properly, causing it to shut down. Your repair is worth about $ 50.

Slow performance. It is estimated that it can happen 45/50 times per year. This damage is caused by different factors. However, the most common is the lack of maintenance. Your repair costs about $ 15.

Computer infected with viruses. It is estimated that it can happen 6/10 in a year. Viruses are a type of software that can harm your computer and related systems. Your repair costs about $ 20.

According to the above, the total estimated cost per year for the computer fix is ​​$ 160.

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a wifi router has a mtbf of 10 months. What is the availability if the mttr is 12 hours and the number of days in a month is 30 ?

Answers

Answer:

40

Explanation:

Answer:

MTBF = 30 days = 30 * 24 = 720 hour. MTTR = 12 hour. i.e. A = 720 / (720 + 12) = 0.9836 = 98.36%

Bada bing, Bada

a deductible of $500 requires ( select the correct answer )

Answers

Answer:

ɴᴏ ᴘɪᴄ sᴏʀʀʏ :(( ʙʏᴇ :)))

A $500 deductible means you'll pay $500 out of pocket after an accident, and your insurer will pay for the rest of the damages up to your policy limits. This deductible amount is a common choice for drivers. If your car repairs are less than your $500 deductible, you won't be able to file a claim.

Schweigert Paint Company, which prepares annual financial statements, is preparing adjusting entries on December 31. Analysis indicates the following:
(1.) The company is the defendant in an employee discrimination lawsuit involving $50,000 of damages. Legal counsel believes it is unlikely that the company will have to pay any damages.
(2.) December 31st is a Friday. The employees of the company have been paid on Monday, December 27th for the previous week which ended on Friday, December 24th. The company employs 30 people who earn $100 per day and 15 people who earn $160 per day. All employees work 5-day weeks.
(3.) The company is a defendant in a $500,000 product liability lawsuit. Legal counsel believes the company probably will have to pay the amount requested.
Prepare any adjusting entries necessary at the end of the year.

Answers

The Adjusting Journal Entries that Schweigert Paint Company will make in its records include the following:

Adjusting Journal Entries on December 31:

1. No Journal Entry Required

2. Debit Wages Expense $27,000

Credit Wages Payable $27,000

To accrue unpaid wages for one week to December 31.

3. Debit Product Liability Expenses $500,000

Credit Product Liability Payable $500,000

To record the product liability expense.

Data Analysis:

1. No Journal Entry Required

2. Wages Expense $27,000 Wages Payable $27,000.  ($100 x 30 x 5) + ($160 x 15 x 5)

3. Product Liability Expenses $500,000 Product Liability Payable $500,000

Thus, the adjusting entries as of December 31 do not include transaction 1.

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Splash World Pool Supplies wants its salespeople to call on pool wholesalers five times per year and to spend two hours on each sales call. Every salesperson works a 40-hour week and takes off two weeks for vacation each year. A salesperson must spend half of the time on travel and administration. Approximately how many salespeople does Splash World need to service 1,000 accounts

Answers

Approximately how many salespeople does Splash World need to service 1,000 accounts is 10.

First step is to calculate the selling time  using this formula

Selling time=Number of customers ×Sales calls per year× Hours per sales call

Let plug in the formula

Selling time=1000 × 5 ×2 hours

Selling time= 10,000 hours

Second step is to determine the number of hours they used to sell

Hours to sell= (40 hours per week× 50 weeks)×1/2

Hours to sell = 2000 hours per year×1/2

Hours to sell= 1000 hours per year

Third step is to determine how many salespeople does Splash World need to service 1000 accounts

Number of salespeople=10,000 hours /1000 hours per year

Number of salespeople=10

Inconclusion approximately how many salespeople does Splash World need to service 1,000 accounts is 10.

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When you are saving money you are: A:gathering B:cutting back C:discounting D:accumulating​

Answers

Answer:

accumulating?

Explanation:

An investor holding a short position in a maturing futures contract may:

Answers

Answer:

Take delivery of the underlying asset from the holder of the long position.

When reporting inventory using the lower of cost or market method, market should not be more than: Multiple Choice Replacement cost. Net realizable value. Selling price. Net realizable value less a normal profit margin.

Answers

Considering the accounting principle, when reporting inventory using the lower cost or market method, the market should not be more than "Net realizable value less a normal profit margin."

This is because the lower cost or market method is a method that emphasizes that during the inventory measurement, inventory should be documented on the balance sheet using their historical price or the market value, that is, the value of the inventory when purchased.

This implies that the replacement cost of inventory cannot be lower than net realizable value, less a normal profit margin.

Hence, in this case, it is concluded that the correct answer is option D. "Net realizable value less a normal profit margin."

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The appropriate section in the statement of cash flows for reporting the purchase of land in exchange for common stock is: Multiple Choice Operating activities. Financing activities. Investing activities. In a note to the statement or in a separate schedule. Reconciliation of cash balance.

Answers

The purchase of land in exchange for common stock should be adequately reported in cash flows statement through the Schedule of Non-cash investing or financing activity.

Basically, the non-cash investing and financing activities entails use of some financial tools (not cash) to make an investment or purchase.

The examples of transaction reported as non-cash investing and financing activities is  taking out of loan or signing a note payable.

In conclusion, the purchase of land in exchange for common stock should be reported in the schedule of Non-cash investing or financing activity.

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The exchange of factors of production for income occurs in the
market.

Answers

Answer: Factor!

Explanation:

just took the test 2021

The exchange of factors of production for income occurs in the factor market.

What is production?

Production alludes to the number of units a firm results over a given timeframe. A firm that works effectively ought to achieve sound information. The variables of creation are a significant monetary idea illustrating the components expected to deliver a decent or administration available to be purchased.

A market is a market where variables of creation are traded. Factor markets dispense elements of creation, including area, work and capital, and appropriate pay to the proprietors of useful assets, like wages, rents, and so forth.

Factor markets are the business sectors where the elements of creation are exchanged. Land, work, and capital are found in customary component markets.

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Multiple-choice help me, pls.
16) If the supply of iPads increases, then
i. the supply curve for iPads has shifted rightward.
ii. the price of iPads has decreased.
iii. there will be a movement upward along the iPad supply curve.
A) i only
B) i, ii and iii
C) i and ii
D) ii and iii
E) i and iii

30) Which of the following statements is correct?
A) Consumer surplus equals the price paid for a good.
B) The consumer surplus from a good is always larger than the total benefit from the good.
C) An increase in price decreases consumer surplus.
D) An increase in price has no effect on consumer surplus.
E) The consumer surplus from a good or service must always equal producer surplus.
Answer:
33) A firm's marginal revenue is
A) the change in total revenue that results from a one-unit increase in the quantity sold.
B) total revenue minus total cost.
C) the change in total revenue minus the change in total cost.
D) the change in total revenue that results from an increase in the demand for the good or service.
E) less than the market price for a perfectly competitive firm.
Answer:

34) Suppose a perfectly competitive firm's minimum average variable cost is $3 when it produces 50. If the price is $2 and the firm's marginal cost is $2, the firm should
A) continue to produce, but produce more than 50.
B) continue to produce 50.
C) continue to produce, but produce less than 50.
D) shut down.
E) continue to operate, but to determine the amount of production needs more information than is given.
Answer:
42) Discretionary fiscal policy is a fiscal policy action, such as
A) an interest rate cut, initiated by an act of Congress.
B) an increase in payments to the unemployed, initiated by the state of the economy.
C) a tax cut, initiated by an act of Congress.
D) a decrease in tax receipts, initiated by the state of the economy.
E) an increase in the quantity of money.
Answer:

43) The magnitude of the government expenditure multiplier is ________ the magnitude of the tax multiplier.
A) greater than
B) equal to
C) less than
D) not comparable to
E) greater than for expansionary policy and less than for contractionary policy
Answer:

44) An increase in government expenditure can ________ potential GDP and an increase in taxes can ________ potential GDP.
A) increase; increase
B) increase; never change
C) decrease; decrease
D) never change; never change
E) increase; decrease
Answer:
45) When the Fed increases the federal funds rate,
A) there is no effect on investment because investment depends on the real interest rate.
B) the real interest rate falls, and investment increases.
C) the real interest rate rises, and investment decreases.
D) the real interest rate is unaffected, but investment still decreases.
E) the real interest rate rises, and investment does not change.
Answer:

46) The Fed raises the federal funds rate. Which of the following changes occurs most rapidly?
A) Exchange rate rises.
B) Consumption expenditure decreases.
C) Aggregate demand decreases.
D) Real GDP growth decreases.
E) Inflation rate decreases.
Answer:

47) If the Fed increases the quantity of money and lowers the federal funds rate, real GDP ________ and the price level ________.
A) increases; increases
B) increases; decreases
C) decreases; increases
D) decreases; decreases
E) increases; does not change
Answer:

48) Raising the federal funds rate shifts the aggregate demand curve ________ so that real GDP ________ and the price level ________.
A) rightward; increases; rises
B) leftward; decreases; rises
C) rightward; increases; falls
D) leftward; decreases; falls
E) leftward; increases; rises
Answer:

Answers

16. D
30. C
33. A
34. D

Lopez Company is considering replacing one of its old manufacturing machines. The old machine has a book value of $47,000 and a remaining useful life of five years. It can be sold now for $57,000. Variable manufacturing costs are $47,000 per year for this old machine. Information on two alternative replacement machines follows. The expected useful life of each replacement machine is five years.
Machine A Machine B
Purchase price$ 118,000$ 131,000
Variable manufacturing costs per year21,000 14,000
(a) Compute the income increase or decrease from replacing the old machine with Machine A.
(b) Compute the income increase or decrease from replacing the old machine with Machine B.
(c) Should Lopez keep or replace its old machine

Answers

a) The income increase from replacing the old machine with Machine A is $21,800 ($56,400 - $44,600 + $10,000).

b) The income increase from replacing the old machine with Machine B is $26,200 ($56,400 - $40,200 + $10,000).

c) The Lopez Company should replace its old machine, preferably with Machine B.

Data and Calculations:

Current selling price =$57,000

Gain from the sale of old machine = $10,000 ($57,000 - $47,000)

                                                  Old Machine    Machine A     Machine B

Book value                                     $47,000

Purchase price                                                    $118,000        $131,000

Variable manufacturing costs        47,000           21,000            14,000

Estimated remaining useful life    5 years           5 years          5 years

Fixed costs per year                      $9,400        $23,600        $26,200

Total costs (variable + fixed)       $56,400        $44,600        $40,200

Comparative income increase       $0                $11,800         $16,200

Total income increase                    $0               $21,800        $26,200 ($16,200 + $10,000)

Thus, it is economically better for Lopez to sell its old machine, replacing it with Machine B, which reduces the total costs per year.

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The following diagram shows the five styles of handling conflict. Select the correct label for each. Then read the scenario and determine which conflict-handling style to use in the given situation.

WORD BANK
- compromising
- collaborating
- dominating
- accommodating
- avoiding

Answers

Answer:

A. dominating

B. collaborating

C. compromising

D. avoiding

E. accommodating

Handling conflict in simple words we can say that it usually means handle a situation or the problem.

What is Handling style?

Handling style are known to be the principles which gradually underline the methods which the managers use to handle situations.

The conflict handling style which would be used as per the diagram would be as The following diagram in the question shows the five styles of handling conflict it would be used as.

A. dominating

B. collaborating

C. compromising

D. avoiding

E. accommodating

Therefore in  Handling style every manager has his own style of handling employees.

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Wrinkles Away Inc. is entering a foreign market and is spending significant funds on educating customers about their line of wrinkle-reducing skincare products. These costs are an example of _____ costs.

Answers

The costs that Wrinkles away is spending to educate customers is what is referred to as the pioneering costs.

The pioneering costs are those costs that come up due to the fact that the foreign business is way different from what works in the home market.

As a result of this, the business firm has to spend quite an amount of its financial, time and effort resources to learn more about the market.

The business has to send its money to educate the users on the product that they have in the market.

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A(n) _____ is an arrangement where workers who don't join a union must make payments equal to union dues and fees to get union representation services.

Answers

Workers who don't join a union must make payments equal to union dues and fees to get union representation services in an agency shop

A(n) agency shop is an arrangement where workers who don't join a union must make payments equal to union dues and fees to get union representation services.

Agency is a business relationship in which a principal gives a legal right to an agent to act on his behalf. The agent acts on behalf of the principal when dealing with a third party.

Therefore, workers who don't join union in an agency shop must pay equal union dues and fees.

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In a(n) ________, an individual or firm contracts with a parent company to set up a business or retail outlet.

Answers

There are different kinds of businesses. In a franchise system. an individual or firm contracts with a parent company to set up a business or retail outlet.

Franchising is simply known to be a type of contractual system. It is often used to commercialize products, services or technology.

There are five major types of franchises. They are: job franchise, product franchise, business format franchise, investment franchise and conversion franchise.

A franchise (or franchising) is simply known as a process of sharing products or services involving a franchisor, who establishes the trademark of the brand of a business system, and a franchisee, who is responsible for paying a royalty under the franchisor's name and system.

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Abardeen Corporation borrowed $113,000 from the bank on October 1, Year 1. The note had an 10 percent annual rate of interest and matured on March 31, Year 2. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in Year 1

Answers

a. The cash that Abardeen pay for interest in Year 1 is $0.

b. Interest expense that was recognized is $2,825.

c The Total liabilities was reported is  $115,825.

d. The amount of cash was paid to the bank is $118,650.

e. The amount of interest expense was reported is $2,825.

a.  The  amount of cash that Abardeen pay for interest in Year 1 is $0 reason being that the interest matured on March 31, 2017.

b. Interest expense:

Interest expense=($113,000 x 10% x 3 months /12)

Interest expense=$2,825

c. Total liabilities

Total liabilities= $113,000 + $2,825

Total liabilities = $115,825

d. Cash that was paid to the bank on March 31, 2017:

Cash= $113,000 Principal +  ($113,000 × 10% × 6/12)] Interest

Cash= $113,000 Principal +$5,650 interest

Cash= $118,650

e. Interest expense reported on the 2017 income statement:

Interest expense=$113,000 × 10% ×3/12

Interest expense=$2,825

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Serena and Venus are sisters. Venus sold stock to Serena for $5,000, its fair market value. The stock cost Venus $10,000 five years ago. Also, Venus sold Carol (an unrelated party) stock for $2,000 that cost $10,000 three years ago. What is Venus' recognized loss before the $3,000 capital loss limitation?

Answers

Based on the information given the Venus' recognized loss before the $3,000 capital loss limitation is $8,000.

Using this formula

Recognized loss=Stock cost-Selling price

Where:

Stock cost=$10,000

Selling price=$2,000

Let plug in the formula

Recognized cost=$10,000-$2,000

Recognized cost=$8,000

Inconclusion the Venus' recognized loss before the $3,000 capital loss limitation is $8,000.

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Your brother rarely filters his observations and often makes insensitive comments that
offend others. What skill does he need to work on?
ed
a. Code-switching
b. Self-monitoring
c. Multimodality
d. Circumscribing

Answers

Considering the situation described above, my brother needs to work on Self-Monitoring.

This is because Self-Monitoring is a term often used in sociology to describe the ability to is a personality trait that involves monitoring and regulating personal presentations, emotions, and attitudes towards his social environments and situations.

By mastering the habit of Self-Monitoring, my brother would be aware of his words, behaviors, and emotions towards its effects on the people around him.

Hence, in this case, it is concluded that the correct answer is "Self-Monitoring."

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Lolita’s team meets every Tuesday morning. Lolita always brings doughnuts to these meetings, and she always starts the meeting by asking who’s had a big success that week, which encourages participation. Lolita’s habitual actions were developed during the ____________________ stage of team development.

a. storming
b. preforming
c. forming
d. norming

Answers

Answer:

d. norming

Explanation:

Lolita’s team meets every Tuesday morning. Lolita always brings doughnuts to these meetings, and she always starts the meeting by asking who’s had a big success that week, which encourages participation. Lolita’s habitual actions were developed during the _______norming______ stage of team development.

Answer:

Lolita's habitual actions were developed during the norming stage of team development.

Explanation:

d. norming

A major advantage of the corporate form of ownership is ______. Multiple choice question. unlimited legal liability ease of formation limited life limited legal liability that corporate earnings aren't taxed until they are distributed to owners as dividends

Answers

The major advantage of the corporate form of ownership is limited legal liability which means that the owner is limited to liability up to the tune of the amount that he invested in the company.

The corporate form of ownership means a business/organization that is operating as a legal entity, that is, it is run separate from the parties who own it.

In other word, the corporation which operates as legal entity is created for purpose of operating for profit for individuals, stockholders, shareholders etc

Some advantages of corporation includes

Owners has limited liability.The easy transfer of ownership.The corporations usually lasts forever.

In conclusion, the major advantage of the corporate form of ownership is limited legal liability which means that the owner is limited to liability up to the tune of the amount that he invested in the company.

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XYZ Company had 200,000 shares of common stock outstanding on December 31, 2020. On July 1, 2021, XYZ issued an additional 44,000 shares for cash. On January 1, 2021, XYZ issued 16,000 shares of convertible preferred stock. The preferred stock had a par value of $100 per share and paid a 6% dividend. Each share of preferred stock is convertible into 8 shares of common. During 2021, XYZ paid the regular annual dividend on the preferred and common stock. Net income for the year was $270,000. Required: Calculate XYZ's basic and diluted earnings per share for 2021. (Round your answers to 2 decimal places.)

Answers

The XYZ Company's basic earnings per share are $0.71, while the diluted earnings per share are $0.72.

Data and Calculations:

Outstanding Common stock shares on Dec. 31, 2020 = 200,000 shares

July 1, 2021, Issuance of 44,000 shares

Total outstanding common stock

January 1, 2021, Issuance of 16,000 convertible preferred stock

Par value of preferred stock = $100 per share

The Dividend rate of preferred stock = 6%

Convertibility of preferred stock = 8 common shares

Net income = $270,000

Preferred dividend = $96,000 ($1,600,000 x 6%)

Earnings for common stockholders = $174,000 ($270,000 - $96,000)

Basic earnings per share = (Net income - Preferred Dividend)/244,000

= ($174,000)/244,000

= $0.71

Convertible Preferred into Common stock = 128,000 (16,000 x 8) shares

Total shares = 372,000 (244,000 + 128,000)

Diluted earnings per share = $270,000/372,000

= $0.73

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