Fitz Products Inc. reported $1,075,049 profit in 2020 and declared preferred dividends of $75,100. The following changes
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Fitz Products Inc. reported $1,075,049 profit in 2020 and declared preferred dividends of $75,100. The following changes in common shares outstanding occurred during the year.
Jan. 1 78,000 common shares were outstanding.
Mar. 1 Declared and issued a 30% common share dividend.
Aug. 1 Sold 30,000 common shares.
Nov. 1 Sold 30,000 common shares.
Calculate the weighted-average number of common shares outstanding during the year and earnings per share. Round calculations to two decimal places.
Analysis Component: What is the effect of a share dividend on earnings per share?
DividendA dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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Earnings per share Profit Preferred Dividends WeightedAverage Common Shar...View the full answer
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Related Book For 
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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