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On January 1, 2009, Davis Inc. reports 400,000 shares outstanding. On March 1, the company re-purchases 100,000 shares at $22 per share. On July 1, the company issues 200,000 new shares. On October 1, the company declares a 50% stock dividend. On November 1, 2009, holders of convertible noncumulative preferred stock redeemed their preferred shares for 100,000 common shares. Preferred dividends of $200,000 had been declared and paid in fiscal 2009 prior to the conversion. Net income for fiscal year 2009 was $2,000,0000. What is basic weighted-average common shares?

On January 1, 2009, Davis Inc. reports 400,000 shares outstanding. On March 1, the company re-purchases 100,000 shares at $22 per share. On July 1, the company issues 200,000 new shares. On October 1, the company declares a 50% stock dividend. On November 1, 2009, holders of convertible noncumulative preferred stock redeemed their preferred shares for 100,000 common shares. Preferred dividends of $200,000 had been declared and paid in fiscal 2009 prior to the conversion. Net income for fiscal year 2009 was $2,000,0000. What is basic weighted-average common shares?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On January 1, 2009, Davis Inc. reports 400,000 shares outstanding. On March 1, the company re-purchases 100,000 shares at $22 per share. On July 1, the company issues 200,000 new shares. On October 1, the company declares a 50% stock dividend. On November 1, 2009, holders of convertible noncumulative preferred stock redeemed their preferred shares for 100,000 common shares. Preferred dividends of $200,000 had been declared and paid in fiscal 2009 prior to the conversion. Net income for fiscal year 2009 was $2,000,0000. What is basic weighted-average common shares?
Transcribed Image Text:On January 1, 2009, Davis Inc. reports 400,000 shares outstanding. On March 1, the company re-purchases 100,000 shares at $22 per share. On July 1, the company issues 200,000 new shares. On October 1, the company declares a 50% stock dividend. On November 1, 2009, holders of convertible noncumulative preferred stock redeemed their preferred shares for 100,000 common shares. Preferred dividends of $200,000 had been declared and paid in fiscal 2009 prior to the conversion. Net income for fiscal year 2009 was $2,000,0000. What is basic weighted-average common shares?
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