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o acquire the net assets of three smaller companies, the company authorized the issuance of an additional 33,000 common shares. The acquisitions were as follows: Date of Acquisition Company A: April 1, 2023 Company B: July 1, 2023 Company C: October 1, 2023 Shares Issued 199,000 113,000 21,000 On May 14, 2023, Pharoah realized a $96,000 gain (before tax) on a discontinued operation from a business egment that had originally been purchased in 2003. a) On December 31, 2023, the company recorded income of $659,000 before tax, not including the discontinue peration gain. Pharoah has a 40% tax rate. Calculate the weighted average number of common shares at December 31, 2023. Weighted average number of shares outstanding

o acquire the net assets of three smaller companies, the company authorized the issuance of an additional 33,000 common shares. The acquisitions were as follows: Date of Acquisition Company A: April 1, 2023 Company B: July 1, 2023 Company C: October 1, 2023 Shares Issued 199,000 113,000 21,000 On May 14, 2023, Pharoah realized a $96,000 gain (before tax) on a discontinued operation from a business egment that had originally been purchased in 2003. a) On December 31, 2023, the company recorded income of $659,000 before tax, not including the discontinue peration gain. Pharoah has a 40% tax rate. Calculate the weighted average number of common shares at December 31, 2023. Weighted average number of shares outstanding

FINANCIAL ACCOUNTING
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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On January 1, 2023, Pharoah Limited had shares outstanding as follows: 5% cumulative preferred shares, $100 par value, 10,700 shares issued and outstanding Common shares, 207,000 shares issued and outstanding Date of Acquisition Company A: April 1, 2023 Company B: July 1, 2023 Company C: October 1, 2023 To acquire the net assets of three smaller companies, the company authorized the issuance of an additional 333,000 common shares. The acquisitions were as follows: Shares Issued 199,000 (a) 113,000 21,000 $1,070,000 On May 14, 2023, Pharoah realized a $96,000 gain (before tax) on a discontinued operation from a business segment that had originally been purchased in 2003. 2,070,000 On December 31, 2023, the company recorded income of $659,000 before tax, not including the discontinued operation gain. Pharoah has a 40% tax rate. Calculate the weighted average number of common shares at December 31, 2023. Weighted average number of shares outstanding
Transcribed Image Text:On January 1, 2023, Pharoah Limited had shares outstanding as follows: 5% cumulative preferred shares, $100 par value, 10,700 shares issued and outstanding Common shares, 207,000 shares issued and outstanding Date of Acquisition Company A: April 1, 2023 Company B: July 1, 2023 Company C: October 1, 2023 To acquire the net assets of three smaller companies, the company authorized the issuance of an additional 333,000 common shares. The acquisitions were as follows: Shares Issued 199,000 (a) 113,000 21,000 $1,070,000 On May 14, 2023, Pharoah realized a $96,000 gain (before tax) on a discontinued operation from a business segment that had originally been purchased in 2003. 2,070,000 On December 31, 2023, the company recorded income of $659,000 before tax, not including the discontinued operation gain. Pharoah has a 40% tax rate. Calculate the weighted average number of common shares at December 31, 2023. Weighted average number of shares outstanding
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