On December 31, 2002, Superior, Inc. had 600,000 shares of common stock issued and outstanding. Superior issued a 10 percent stock dividend on July 1, 2003. On October 1, 2003, Superior reacquired 48,000 shares of its common stock and recorded the purchase using the cost method of accounting for treasury stock. Requirement: What number of shares should be used in computing basic earnings per share for the year ended December 31, 2003?

On December 31, 2002, Superior, Inc. had 600,000 shares of common stock issued and outstanding. Superior issued a 10 percent stock dividend on July 1, 2003. On October 1, 2003, Superior reacquired 48,000 shares of its common stock and recorded the purchase using the cost method of accounting for treasury stock. Requirement: What number of shares should be used in computing basic earnings per share for the year ended December 31, 2003?

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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