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Mayan Company had net income of $33,580. The weighted-average common shares outstanding were 9,200. The company has no preferAuthorized shares 28,000 Issued shares 23,000 7,500 Treasury shares The number of outstanding shares is: Multiple Choice 28,0Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has 24,000 shares authorized 11

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Answer #1

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1 Correct option is: $3.65
2 Correct option is: 15,500
3 Correct option is: Debit retained earnings $4800, Credit Common Dividend payable $4800
Workings:
1 Earnings per share = 33580/9200
= $          3.65
2 Number of outstanding shares = 23000 - 7500
=         15,500
3 Dividend payable = $0.50 X 9600 shares outstanding
= $       4,800
General Journal Debit Credit
Retained earnings $       4,800
Common Dividend payable $       4,800
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