Kiwi Charter Corp. reported $2,952,010 of profit for 2023. On November 2, 2023, it declared and paid the annual preferred dividendsof $203,000. On January 1, 2023, Kiwi had 104,000 and 520,000 outstanding preferred and common shares, respectively. Thefollowing transactions changed the number of shares outstanding during the year:Feb. 1 Declared and issued a 20% common share dividend.Apr. 30 Sold 159,000 common shares for cash.May 1 Sold 50,000 preferred shares for cash.Oct. 31 Sold 42,000 common shares for cash.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 sharesc. What is the earnings per share for the year? (Round the final answer to 2 decimal places.)Earnings per share

Earnings per share (EPS) is a financial ratio used to evaluate the profitability of a company on a…

Answered: Kiwi Charter Corp. reported $2,952,010…

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?
Vikrambhai
The shareholder's equity section of Chen Industries Limited at November 30, 2022 is shown below: Shareholders' Equity $1.00 cumulative preferred shares, 2,000 shares issued $ 60,000 Common shares, 5,000 shares issued 30,000 Retained earnings 122,000 $212,000 During 2023 the company completed the following transactions: February 10 Declared a regular cash dividend on the preferred shares. March 10 Paid the cash dividend April 14 Declared a 10% stock dividend on the common shares. Market price per common share was $10/ share May 14 Distributed the stock dividend July 10 Issued 5,000 common shares for $8/ share November 20 Received equipment valued at $50,000 and issued 5,000 common shares. REQUIRED: 1. Journalize Chen's transactions. Explanations are not required. 2. Prepare the shareholder's equity section of Chen Industries Limited balance sheet at November 30, 2023. Net income for the year ended November 30, 2023 was $175,000.
please answer this with must explanation , computation for each part and steps answer in text form
Whispering Inc. had net income for the current year ending December 31, 2023 of $1,063,260. During the entire year, there were 501,000 common shares outstanding. The company had two classes of preferred shares outstanding: the Class A preferred shares were $2.60 cumulative shares of which 12,000 were outstanding, and were convertible to common shares at a rate of 1:1. There were 107,000 $5.60 Class B non-cumulative preferred shares outstanding that were also convertible at a rate of 1:1. Whispering had outstanding a $1,000,000, 7% bond issued at par in 2012 that was convertible to 22,000 common shares. The company also had outstanding a $1,000,000, 6% bond issued at par in 2013 that was convertible to 26,000 common shares. No dividends were declared or paid this year. Whispering's tax rate is 37%. (a) Calculate the income effect of the dividends for the Class A preferred shares. (b) Your answer is correct. Dividends on Class A preferred shares $ (c) eTextbook and Media Your answer is…
Dengar
Assume TRI reported income from operations of $2,477,760 (inclusive of a loss from discontinued operations of $391,200) in 2021. It did not declare any common dividends during the year. However it did declare and pay preferred dividends of $600,000 on December 20, 2021. It began the year with 132,000 common shares outstanding and issued 720,000 common shares on April 1. On June 15 a 20% stock dividend was declared and distributed. On November 1, it repurchased 144,000 shares and cancelled them. Determine the company’s basic EPS from continuing operations for the year. Select one: a. $4.76. b. $2.90. c. $3.17. d. $2.84. e. $3.40.
On January 1, 2022. Cullumber Corporation had $1.125.000 of common stock outstanding that was issued at par. It also had retained earnings of $746,500. The company issued 40,000 shares of common stock at par on July 1 and earned net income of $410,000 for the year. Journalize the declaration of a 16% stock dividend on December 10, 2022, for the following independent assumptions. (Credit account titles are automatically indented wheltamount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Par value is $10, and market price is $19. Par value is $5, and market price is $20. a. b. Debit Credit No. Account Titles and Explanation
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Frenchroast Company earned net income of $93,000 during the year ended December 31, 2020. On December 15, Frenchroast declared the annual cash dividend on its 4% preferred stock (par value, $128,000) and a $0.55 per share cash dividend on its common stock (67,000) shares. Note: When entering percent values, write the value as a percent without the percent (96) symbol. Frenchroast then paid the dividends on January 4, 2021. Calculate Dividends: Preferred Dividends - Dividend percent X par value Common Dividends - Share price X # of shares Total Dividend Preferred Dividends- Common Dividends Total Dividend Date December 15 January 4 Description X Debit Credit
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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