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What is the amount of profit available for distribution

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Reference no: EM132838017

Problem - Pet Boutique Corp. reported $4,365,410 of profit for 2020. On November 2, 2020, it declared and paid the annual preferred dividends of $283,560. On January 1, 2020, 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 29% 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.

Required -

a. What is the amount of profit available for distribution to the common shareholders?

b. What is the weighted-average number of common shares for the year?

c. What is the earnings per share for the year?

Reference no: EM132838017

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