Question

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

Answer 1

Answer:

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