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Unformatted text preview: Current balance of retained earnings $227,000 Enter text here EXERCISE 16-16 (10-15 minutes) Dates Shares Fraction Weighted Event Outstanding Outstanding Restatement of Year Shares Beginning balance Jan. 1-May 1 750,000 2 0.333 500,000 Issued shares May 1-Aug. 1 1,050,000 2 0.250 525,000 Reacquired shares Aug. 1-Dec. 31 900,000 2 0.417 750,000 Weighted average number of shares outstanding 1,775,000 Net income $2,500,000 Preferred dividend ($400,000) Net income applicable to common stock $2,100,000 Net income applicable to common stock $2,100,000 Weighted average number of shares outstanding 1,775,000 EPS $1.18 Note: Fraction of a year can be shown as either a Fraction or Number: e.g. 4/12 or .333...
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This note was uploaded on 03/01/2012 for the course ACC all taught by Professor All during the Spring '12 term at University of Phoenix.
- Spring '12