Pet Boutique Corp. reported $4,507,220 of profit for 2023. On November 2, 2023, it declared and paid the annual preferred dividends of $293,570. On January 1, 2023, Pet Boutique had 101,940 and 572,400 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 120,330 common shares for cash. May 1 Sold 49,270 preferred shares for cash. Oct.31 Sold 34,200 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 $ 4,213,650 c. What is the earnings per share for the year? (Round the final answer to 2 decimal places.) Earnings per share
Pet Boutique Corp. reported $4,507,220 of profit for 2023. On November 2, 2023, it declared and paid the annual preferred dividends of $293,570. On January 1, 2023, Pet Boutique had 101,940 and 572,400 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 120,330 common shares for cash. May 1 Sold 49,270 preferred shares for cash. Oct.31 Sold 34,200 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 $ 4,213,650 c. What is the earnings per share for the year? (Round the final answer to 2 decimal places.) Earnings per share
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Pet Boutique Corp. reported $4,507,220 of profit for 2023. On November 2, 2023, it declared and paid the annual preferred dividends
of $293,570. On January 1, 2023, Pet Boutique had 101,940 and 572,400 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 120,330 common shares for cash.
May 1 Sold 49,270 preferred shares for cash.
Oct. 31 Sold 34,200 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
$ 4,213,650
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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