Kiwi Charter Corp. reported $2,952,010 of profit for 2023. On November 2, 2023, it declared and paid the annual preferred dividends of $203,000. On January 1, 2023, Kiwi had 104,000 and 520,000 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 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 shareholders b. What is the weighted-average number of common shares for the year? Weighted-average outstanding shares c. What is the earnings per share for the year? (Round the final answer to 2 decimal places.) Earnings per share
Kiwi Charter Corp. reported $2,952,010 of profit for 2023. On November 2, 2023, it declared and paid the annual preferred dividends of $203,000. On January 1, 2023, Kiwi had 104,000 and 520,000 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 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 shareholders b. What is the weighted-average number of common shares for the year? Weighted-average outstanding shares c. What is the earnings per share for the year? (Round the final answer to 2 decimal places.) Earnings per share
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 18E: Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares...
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Question
![Kiwi Charter Corp. reported $2,952,010 of profit for 2023. On November 2, 2023, it declared and paid the annual preferred dividends
of $203,000. On January 1, 2023, Kiwi had 104,000 and 520,000 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 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 shareholders
b. What is the weighted-average number of common shares for the year?
Weighted-average outstanding shares
c. What is the earnings per share for the year? (Round the final answer to 2 decimal places.)
Earnings per share](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F96e9d6b7-7b15-4e69-99f1-42dc0fe0d99c%2F40fe5b0e-d9c0-45d1-973e-d11257206c5c%2F11b6j5p_processed.png&w=3840&q=75)
Transcribed Image Text:Kiwi Charter Corp. reported $2,952,010 of profit for 2023. On November 2, 2023, it declared and paid the annual preferred dividends
of $203,000. On January 1, 2023, Kiwi had 104,000 and 520,000 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 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 shareholders
b. What is the weighted-average number of common shares for the year?
Weighted-average outstanding shares
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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