A company had 20,000 shares outstanding on January 1. They issued 6,940 shares on May 31. And on August 31, 3,383 shares were purchased as treasury stock. Calculate the weighted average number of shares outstanding for the year to the nearest whole number.

A company had 20,000 shares outstanding on January 1. They issued 6,940 shares on May 31. And on August 31, 3,383 shares were purchased as treasury stock. Calculate the weighted average number of shares outstanding for the year to the nearest whole number.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Definition Definition Stock repurchased from the stockholders by the company that once issued it. The repurchase of the stock reduces the stockholder's equity balance on the balance sheet. Treasury stocks are an important constituent of stockholder's equity but do not carry any voting rights.

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