Flatfish Limited reported the following items in shareholders' equity on December 31, 2020: Share capital: Preferred shares, $4 cumulative dividend, 140,000 shares issued and outstanding $14,000,000 Share capital: Common shares, 772,000 issued and outstanding 30,880,000 Retained earnings 26,890,000 No dividends were declared in 2018 or 2019; however, in 2020, cash dividends of $4,497,800 were declare much would be paid to each class of shares. Preferred Common Total %24 24 2$ 2018 arrears 2019 arrears 2020 %24 2$ %24 eTextbook and Media

Flatfish Limited reported the following items in shareholders' equity on December 31, 2020: Share capital: Preferred shares, $4 cumulative dividend, 140,000 shares issued and outstanding $14,000,000 Share capital: Common shares, 772,000 issued and outstanding 30,880,000 Retained earnings 26,890,000 No dividends were declared in 2018 or 2019; however, in 2020, cash dividends of $4,497,800 were declare much would be paid to each class of shares. Preferred Common Total %24 24 2$ 2018 arrears 2019 arrears 2020 %24 2$ %24 eTextbook and Media

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 $4,365.410 of profit for 2023. On November 2, 2023, it declared and paid the annual preferred dividends of $283,560 On January 1, 2023, Pet Boutique had 111,410 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 111,060 common shares for cash. May 1 Sold 45,550 preferred shares for cash. Oct. 31 Sold 32,760 common shares for cash. a. What is the amount of profit available for distribution to the common shareholders? Earnings available to common shareholders $ 4,081,850 Check my wark b. What is the weighted-average number of common shares for the year?
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