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How do I calculate weighted average shares? Sales Cost of goods sold $1,331,100 622,379 Gross profit 708,721 Operating expenses 2,000 Compensation expense Salaries expense 51,000

image text in transcribedimage text in transcribedHow do I calculate weighted average shares?

Sales Cost of goods sold $1,331,100 622,379 Gross profit 708,721 Operating expenses 2,000 Compensation expense Salaries expense 51,000 Rent expense Bad debt expense 34,400 27,880 Payroll tax expense 9,790 Advertising expense 22,000 Insurance expense 46,750 Supplies expense 3,150 Depreciation expense Amortization expense 44,014 5,000 Utilities expense 6,000 Miscellaneous expense 2,500 254,484 Income from operations 454,237 Other revenue and gains Unrealized gain ,500 Other expenses and losses Interest expense 12,399 Realized loss 1,000 13,399 Income before tax 442,338 Income tax 110,584 Net income for the year 331,753 Weighted average shares Earnings per common share 35,500 $ 9.35 December Unadjusted Adjusting Adjusted Income Bal. Sheet Stmt. Own. Equity Journal Entries Trial Balance Trial Balance 12.1 Adjustments Dr. Trial Balance 12.31 Statement Account Title Dr. Cr Dr. Dr. Cr Dr. Dr. Dr Cr. Cr. Cr. Cr. Cr. 110,584 Income tax payable 130,169 19.585 19,585 130,169 Note payable short term 471,640 71,640 400,000 471,640 471,640 Note payable - long term 175,000 175,000 175,000 175,000 Bond payable (net) Common Stock, $1par, 41,000 213,055 213,712 213,712 557 213.055 share issued and out standing 35,000 6.000 41.000 41.000 41,000 235,000 APIC Common stock 235,000 153,000 82.000 235.000 Unearned compensation 2,000 72,000 72,000 70,000 70,000 50.000 Treasury stock 100,000 50.000 50 000 50,000 APIC Treasury stock 7500 7.500 7,500 7.500 Retained earnings 30,000 45 000 45,000 15.000 30,000 1.331,100 Sales 1,150,000 181.100 1.331,100 1.331.100 622.379 Cost of goods sold 508,979 113 400 622,379 622,379 Compensation expense 2.000 2,000 2,000 Salaries expense 45.000 6.000 51 000 51.000 45,000 Rent expense 34.400 34.400 34,400 Bad debt expense 27,880 27,880 27,880 Payroll tax expense Advertising expense Insurance expense 7,490 7,490 2,300 9,790 9,790 22,000 22,000 22,000 22,000 12.000 12,000 34.750 46,750 46,750 Supplies expense .150 3,150 3,150 44,014 Depreciation expense 44,014 44.014 Amortization expense 5,000 5.000 5.000 Utilities expense 6,000 6,000 6,000 6,000 Miscella 2,500 2,500 2,500 2,500 expense Interest expense 5,390 5,390 7,009 12,399 12,399 110 584 Income tax expense 110,584 110,584 Realized gains (losses) 1.000 1.00 1.000 1,000 1.500 Unrealized gains (losses) 1.500 1,500 294.245 294.245 2,148,212 3.034.600 1,332,600 Total 1.702.000 2.148.212 1,201,600 1 201.600 2,835,312 2,835,312 3.034.600 1.000.847 2,033,753 331.753 Net Income (Loss) 331,753 1332 600 Total 1.332.600 2.033.753 2,033,753

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