Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. pet boutique corp. reported $3,851,820 of profit f

Pet Boutique Corp. reported $3,851,820 of profit for 2023. On November 2,2023, it declared and...

50.1K

Verified Solution

Question

Accounting

Pet Boutique Corp. reported $3,851,820 of profit for 2023. On November 2,2023, it declared and paid the annual preferred dividends of $248,480. On January 1,2023, Pet Boutique had 93,930 and 583,200 outstanding preferred and common shares, respectively. The following transactions changed the number of shares outstanding during the year:
Feb. 1 Declared and issued a 20% common share dividend.
Apr. 30 Sold 134,910 common shares for cash.
May 1 Sold 49,750 preferred shares for cash.
Oct. 31 Sold 37,440 common shares for cash.
a. What is the amount of profit available for distribution to the common shareholders?
Earnings available to common shareholders $ 3,603,340
b. What is the weighted-average number of common shares for the year?
Weighted-average outstanding shares
Required 1&2 in photo
3. What is the earnings per share of the year?
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students