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scoray [572]
3 years ago
13

The board of directors of Midwest Foods has declared a dividend of $3,500,000. The company has 300,000 shares of preferred stock

that pay $2.85 per share and 2,500,000 shares of common stock. After finding the amount of dividends due the preferred shareholders, calculate the dividend per share of common stock.
Mathematics
1 answer:
FinnZ [79.3K]3 years ago
7 0

Answer:

  1. $855,000
  2. Dividend per share of common stock = $1.06

Step-by-step explanation:

1. Preferred Share dividends.

There are 300,000 preference shares and each of them got $2.85. Total dividends are;

= 300,000 * 2.85

= $855,000‬

2. Total dividends = $3,500,000

Dividends left for Common Shareholders (preference gets paid first)

= 3,500,000 - 855,000

= $2,645,000

Common shares number 2,500,000

Dividend per share of common stock = \frac{2,645,000}{2,500,000}

= $1.06

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