The weighted average number of common shares, Accounting Basics

On December 31, 2003, Jamfest Travel Inc. had 450,000 shares of no-par common stock issued and outstanding. All shares were sold for $7.50. On June 30, 2004, the firm issued an additional 135,000 shares for $7 per share. The 2004 income was $319,200. On Sept 1, 2005, a 15 percent stock dividend was issued to all common shareholders. On Oct 1, 2005, 60,000 shares were reacquired as treasury shares. Net income in 2005 was $278,063.

(1)    Compute the weighted average number of common shares outstanding for 2004 and 2005 that should be shown on comparative statements at the end of 2005.

(2)    Compute the basic earnings per share in 2004 and 2005 to be reported on comparative statements at the end of 2005.

Posted Date: 3/14/2013 6:25:24 AM | Location : United States







Related Discussions:- The weighted average number of common shares, Assignment Help, Ask Question on The weighted average number of common shares, Get Answer, Expert's Help, The weighted average number of common shares Discussions

Write discussion on The weighted average number of common shares
Your posts are moderated
Related Questions
Q. What is Operating revenues? Operating revenues are the revenues generated by the main activities of the business- generally the sale of products or services or both.

the guinegog is a trader in portable cd-man. His budgeted output is 5000 units per quarter. The following data was available for the year 1998: Direct labour @ $6 Direct material @

10% preference share 336 ooo ordinary share capital 480 000 prepare a statement of profit or loss

Q. Objectives of financial reporting? Financial reporting objectives are the broad overriding objectives sought by accountants engaging in financial reporting. According to the

Q. What is Marginal cost and marginal revenue? Marginal cost is the extra cost incurred by addingone more item. Marginal revenue is revenue from selling one more item. Economic

WHAT DO YOU MEAN BY ACCRUAL CONCEPT

In Excel, I need help with formulas

Q. What do you mean by consigned goods? FOB destination, freight collect - Seller acquires freight charges and buyer initially pays freight charges. Buyer deducts freight accus

Q. Classes and types of adjusting entries? Adjusting entries plunge into two broad classes deferred meaning to postpone or delay items and accrued meaning to grow or accumulate

You should have recorded in your cash books all amounts you've really received and payments you've really made. Though the cash books may be incomplete as your bank may have put ex