The shareholders' equity accounts of Cullumber Ltd. on April 1, 2020, the beginning of the fiscal year, are as follows:$8 cumulative preferred shares (17,000 issued)$1,190,000Common shares (480,000 issued)4,800,000Retained earnings1,400,000Total shareholders'equity$7,390,000During the year, the following transactions occurred:2020June1Reacquired 12,000 common shares for $11 per share.July1Issued 46,000 common shares for $12 per share.Sept.30Reacquired 10,000 common shares for $11.50 per share.2021Jan,31Issued 60,000 common shares in exchange for land. The land's fair value was $720,000.Mar.31Profit for the year ended March 31, 2021, was $923,000.(a)Calculate the weighted average number of common shares for the year.Weighted average number of common shares

The weighted average number of common shares is determined by the number of shares outstanding on a…

The shareholders' equity accounts of Cullumber Ltd. on April 1, 2020, the beginning of the fiscal year, are as follows: $8 cumulative preferred shares (17,000 issued) $1,190,000 Common shares (480,000 issued) 4,800,000 Retained earnings 1,400,000 $7,390,000 Total shareholders'equity During the year, the following transactions occurred: 2020 June 1 Reacquired 12,000 common shares for $11 per share. July Issued 46,000 common shares for $12 per share. Sept. 30 Reacquired 10,000 common shares for $11.50 per share. 2021 Jan. 31 Issued 60,000 common shares in exchange for land. The land's fair value was $720,000. Mar. 31 Profit for the year ended March 31, 2021, was $923,000. (a) Calculate the weighted average number of common shares for the year. Weighted average number of common shares

The shareholders' equity accounts of Cullumber Ltd. on April 1, 2020, the beginning of the fiscal year, are as follows: $8 cumulative preferred shares (17,000 issued) $1,190,000 Common shares (480,000 issued) 4,800,000 Retained earnings 1,400,000 $7,390,000 Total shareholders'equity During the year, the following transactions occurred: 2020 June 1 Reacquired 12,000 common shares for $11 per share. July Issued 46,000 common shares for $12 per share. Sept. 30 Reacquired 10,000 common shares for $11.50 per share. 2021 Jan. 31 Issued 60,000 common shares in exchange for land. The land's fair value was $720,000. Mar. 31 Profit for the year ended March 31, 2021, was $923,000. (a) Calculate the weighted average number of common shares for the year. Weighted average number of common shares

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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