Altoona Company began the year with 300, 000 shares of $4 par common stock. On May 1, they issued 150, 000 shares. On July 1, they issued 25, 000 shares. On September 1, Altoona experienced a 4 for 1 stock split, and on October 1, they repurchased 25,000 shares and placed them in the treasury. Prepare a schedule showing the weighted average shares for the year to be used in earnings per share calculations. Please show all work.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Altoona Company began the year with 300, 000 shares of $4 par common stock. On May 1,
they issued 150,000 shares. On July 1, they issued 25, 000 shares. On September 1, Altoona
experienced a 4 for 1 stock split, and on October 1, they repurchased 25,000 shares and
placed them in the treasury. Prepare a schedule showing the weighted average shares for the
year to be used in earnings per share calculations. Please show all work.
Transcribed Image Text:Altoona Company began the year with 300, 000 shares of $4 par common stock. On May 1, they issued 150,000 shares. On July 1, they issued 25, 000 shares. On September 1, Altoona experienced a 4 for 1 stock split, and on October 1, they repurchased 25,000 shares and placed them in the treasury. Prepare a schedule showing the weighted average shares for the year to be used in earnings per share calculations. Please show all work.
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education