8. George Manufacturing had net income of $ 175,000 and declared preferred dividends of $10,000 during the current year. George began the year with 19,000 common shares outstanding. It issued 30,000 shares on June 30 and repurchased 12,000 of the newly issued shares on November 1. Compute George's weighted-average common shares outstanding for the year.
8. George Manufacturing had net income of $ 175,000 and declared preferred dividends of $10,000 during the current year. George began the year with 19,000 common shares outstanding. It issued 30,000 shares on June 30 and repurchased 12,000 of the newly issued shares on November 1. Compute George's weighted-average common shares outstanding for the year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:8. George Manufacturing had net income of $ 175,000 and declared preferred dividends of
$ 10,000 during the current year. George began the year with 19,000 common shares
outstanding. It issued 30,000 shares on June 30 and repurchased 12,000 of the newly issued
shares on November 1. Compute George's weighted-average common shares outstanding for
the year.
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