On 12/31/2016, Admiral Nelson Co. had 300,000 shares of common stock issued and outstanding. Admiral issued...
On 12/31/2016, Admiral Nelson Co. had 300,000 shares
of common stock issued and outstanding. Admiral issued a 10% stock
dividend on 6/30/2017. On 9/30/2017, 12,000 shares of common stock
were reacquired as treasury stock. What is the appropriate number
of shares to be used in calculating basic earnings per share for
2017?
A) 303,000.
B) 342,000.
C) 312,000.
D) 327,000.
Homework Answers
Solution:
|
Computation of weighted average outstanding shares For year ended 2016 |
|||
| Particulars | Outstanding shares | Period Outstanding | Weighted average Nos of shares |
| Beginning balance | 300000 | 12 | 300000 |
| Stock dividend | 10% | 10% | |
| Outstanding shares after stock dividend | 330000 | 330000 | |
| Less: Treasury stock | -12000 | 3 | -3000 |
| Weighted average outstanding shares | 318000 | 327000 | |
Hence option D is correct.
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