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What is the weighted average number of shares

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Question - Rhodes Limited, headquartered in Portugal Cove, Newfoundland, is one of the largest producers of widgets in Atlantic Canada. Its fiscal year-end is June 30th. On July 1, 2020, there were 5,000 common shares outstanding with shareholders all over the country.

On the last day of the first quarter, Rhodes Limited reacquired and cancelled 2,000 shares.

On the last day of the second quarter, 2,500 common shares were issued by Rhodes Limited for the purpose of acquiring a new widget-making machine.

On the last day of the third quarter, Rhodes Limited declared a 5-for-1 stock split.

Required - What is the weighted average number of shares outstanding for Rhodes Limited as at June 30, 2021?

Reference no: EM133046265

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