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22 October, 04:09

Cisco Systems Inc. reported the following in its income statement for the year ended July 30, 2016: Basic earnings per share of $2.13 and diluted earnings per share of $2.11. There were 5,053 million weighted average basic shares were outstanding during the year.

What approximate net income, did the company report for 2016?

A.

$ 7,624 million

B.

$10,662 million

C.

$10,763 million

D.

$ 4,310 million

E.

None of the above

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Answers (1)
  1. 22 October, 04:35
    0
    net income = $10763 million

    so correct option is C. $10,763 million

    Explanation:

    given data

    Basic earnings per share = $2.13

    diluted earnings per share = $2.11

    weighted average basic shares = 5,053 million

    to find out

    What approximate net income

    solution

    we will apply here basic EPS formula that is express as

    basic EPS = Net income : Number of outstanding shares ... 1

    put here value we get net income

    net income = $2.13 * 5053000000

    net income = $10763 million

    so correct option is C. $10,763 million
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