Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Richetti Inc.s shareholders equity accounts were as follows at the beginning of the most recent fiscal year, August 1, 2020: $1 noncumulative preferred shares (104,000
Richetti Inc.s shareholders equity accounts were as follows at the beginning of the most recent fiscal year, August 1, 2020:
$1 noncumulative preferred shares (104,000 shares issued) | $2,600,000 | ||
Common shares (325,000 shares issued) | 3,250,000 | ||
Retained earnings | 2,570,000 | ||
Total shareholders equity | $8,420,000 |
During the year, the following selected transactions occurred:
Oct. | 1 | Repurchased 24,600 common shares for $20 per share. | |
Dec. | 1 | Issued 58,200 common shares for $25 per share. | |
Feb. | 1 | Issued 10,900 common shares for $26 per share. | |
June | 20 | Declared the annual preferred cash dividend to shareholders of record on July 10, payable on July 31. | |
July | 31 | Net income for the year ended July 31, 2021, was $1,286,000. |
(a)
Calculate the weighted average number of common shares for the year.
Weighted Average Number of Shares |
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