Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Richetti Corporation started the year ended November 30, 2018, with 162,000 common shares and no preferred shares issued. The following changes in share capital occurred

image text in transcribed

Richetti Corporation started the year ended November 30, 2018, with 162,000 common shares and no preferred shares issued. The following changes in share capital occurred during the year: Feb. 28 Issued 46,080 common shares for $759,000. Sept. 4 Issued 54,800 $1 cumulative preferred shares for $1,370,000. Nov.1 Issued 19,320 common shares in exchange for land. The shares were trading for $21 on this date and the fair value of the land was $390,820. 30 Reported net income of $984,300. 30 Declared the quarterly cash dividend to the preferred shareholders of record on December 14, payable on December 31 Calculate the income available for the common shareholders. Income available to common shareholders LINK TO TEXT Calculate the weighted average number of common shares for the year. Weighted average number of common shares LINK TO TEXT Calculate the basic earnings per share for the year. (Round answer to 2 decimal places, e.g. 52.75 Basic earnings per share s LINK TO TEXT

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions