A company reported $450,375 of profit for 2023. It also declared $64,000 of dividends on preferred shares for the same year. At thebeginning of 2023, the company had 80,000 outstanding common shares. These three events changed the number of outstandingshares during the year:June 1 Sold 34,000 common shares for cash.Aug. 31 Purchased and retired 25,000 common shares.Oct. 1 Completed a three-for-one share split.a. What is the amount of profit available for distribution to the common shareholders?Earnings available to common shareholdersb. What is the weighted-average number of common shares for the year?Weighted-average outstanding shares$ 386,375c. What is the earnings per share for the year? (Round the final answer to 2 decimal places.)Earnings per share

The earnings per share is a profitability measure used by the shareholders. Common shareholders use…

Answered: A company reported $450,375 of profit…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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