Crabtree Company has 560,000 shares of $10 par value common stock outstanding. During the year, Crabtree declared a 15% stock dividend when the market price of the stock was $30 per share. Four months later Crabtree declared a $.50 per share cash dividend. As a result of the dividends declared during the year, Retained Earnings decreased by

Crabtree Company has 560,000 shares of $10 par value common stock outstanding. During the year, Crabtree declared a 15% stock dividend when the market price of the stock was $30 per share. Four months later Crabtree declared a $.50 per share cash dividend. As a result of the dividends declared during the year, Retained Earnings decreased by

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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A company reported $450,375 of profit for 2023. It also declared $64,000 of dividends on preferred shares for the same year. At the beginning of 2023, the company had 80,000 outstanding common shares. These three events changed the number of outstanding shares 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 shareholders b. What is the weighted-average number of common shares for the year? Weighted-average outstanding shares $ 386,375 c. What is the earnings per share for the year? (Round the final answer to 2 decimal places.) Earnings per share
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