Question: Reporting earnings per share Return to the TST data in Short Exercise. TST had 8,000 shares of common stock outstanding during 2016. TST declared and paid preferred dividends of $4,000 during 2016. Show how TST reports EPS data on its 2016 income statement.
Exercise: Preparing a corporate income statement TST Corporation's accounting records include the following items, listed in no particular order, at December 31, 2016:
The income tax rate for TST Corporation is 50%. Prepare TST's income statement for the year ended December 31, 2016. Omit earnings per share. Use the multi-step format.