Q1) Compute Earnings Per Share (EPS) based on information given below. Make sure to label answer clearly and illustrate all work.Snow Cleaners, Inc., had net income of $494,592 for its fiscal year ended November 30, 2007. In year, company had outstanding 64,000 shares of 12 percent $40 par value preferred stock, and 37,280 shares of common stock.
Compute earnings per share of common stock for 2007 fiscal year.