Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Cullumber Corporation began its latest fiscal year on January 1, 2021, with 520,000 common shares outstanding. During the year, the following events occurred: On February
Cullumber Corporation began its latest fiscal year on January 1, 2021, with 520,000 common shares outstanding. During the year, the following events occurred: On February 1, Cullumber sold 15,400 additional common shares. The company declared and issued a 25% stock dividend on March 1. On June 1, Cullumber repurchased and cancelled 3,850 common shares. An additional 4,700 common shares were issued on July 1. On September 1, Cullumber declared and issued a three-for-one stock split. On December 1, Cullumber issued an additional 14,400 shares. Following the fiscal year, Cullumber declared and issued a two-for-one stock split on February 1, 2022. The company issued its 2021 financial statements on April 30, 2022. Calculate the weighted average number of common shares that Cullumber should use for calculating its EPS numbers for 2021. Weighted average number of common shares 2,004,451
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started