At January 1, 2023, Carla Vista Limited's outstanding shares included the following:294,000900,000$50 par value, 8%, cumulative preferred sharescommon sharesNet income for 2023 was $2,107,700. No cash dividends were declared or paid during 2023. On February 15, 2024, however, allpreferred dividends in arrears were paid, together with a 10% stock dividend on common shares. There were no dividends in arrearsbefore 2023.On April 1, 2023, 530,000 common shares were sold for $12 per share, and on October 1, 2023, 350.000 common shares werepurchased for $24 per share.The financial statements for 2023 were issued in March 2024.(a)Your answer is incorrect.Calculate the weighted average number of common shares outstanding for the year ended December 31, 2023.Weighted average number of shares outstandingI

Weighted Average Number of Stocks Outstanding is the number of shares outstanding over a reporting…

Answered: At January 1, 2023, Carla Vista…

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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Pet Boutique Corp. reported $4,549,230 of profit for 2023. On November 2, 2023, it declared and paid the annual preferred dividends of $261,880. On January 1, 2023, Pet Boutique had 73,500 and 567,000 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 119,130 common shares for cash. May 1 Sold 49,410 preferred shares for cash. Oct. 31 Sold 37,800 common shares for cash. a. What is the amount of profit available for distribution to the common shareholders? Earnings available to common shareholders b. What is the weighted-average number of common shares for the year? Weighted-average outstanding shares M # h
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On October 1, 2024, Carla Vista Co. declared an annual cash dividend to preferred shareholders of $3 per share; at the time the dividend was declared, there were 2.500 preferred shares issued and outstanding. The date of record for the dividend was December 1 and the dividend was paid on December 31. On October 31, 2024 the company also declared a 3% stock dividend for common shareholders; at the time the stock dividend was deared the common shares were trading at $10 per share and Carla Vista had 22.000 commons shares issued and outstanding. The date of record was December 15 and the issuance date of the dividend was December 31. (a) Record any and all journal entries that occurred on each of the dates indicated above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "O" for the amounts. List all debit entries before credit entries. Record journal entries in…
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On December 31, 2019, Jean Company 140,000 issued P100-par 8% cumulative preference shares and 600,000 issued P50-par ordinary shares. There were no treasury shares. The total Shareholders' Equity on the same date is P43,512,000. No dividends were declared since the year 2016. Assuming the preference shares are preferred as to assets, how much is the book value of each ordinary share?
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Ritz Company had the following stock outstanding and Retained Earnings at December 31, 2021: Common stock (par $1; issued and outstanding, 400,000 shares) Preferred stock, 7% (par $10; issued and outstanding, 20,000 shares) Retained Earnings $ 400,000 200,000 890,000 On December 31, 2021, the board of directors is considering the distribution of a cash dividend to the common and preferred stockholders. No dividends were declared during 2019 or 2020. Three independent cases are assumed: Case A: The preferred stock is noncumulative; the total amount of 2021 dividends would be $20,000. Case B: The preferred stock is cumulative; the total amount of 2021 dividends would be $20,000. Dividends were not in arrears prior to 2019. Case C: Same as Case B, except the amount is $65,000. Required: 1-a. Compute the amount of dividends in total payable to each class of stockholders if dividends were declared as described in each case. 1-b. Compute the amount of dividends per share payable to each…

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