5. Weighted-Average Number of Shares (16 points) Assuming XYZ uses a calendar year for financial...
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5. Weighted-Average Number of Shares (16 points) Assuming XYZ uses a calendar year for financial reporting. The company is authorized to issue 42,500,000 shares of $1 par common stock. Listed below is a summary of XYZ's common stock activities 1. Number of common shares issued and outstanding at December 31, 2014 2. Shares issued as a result of a 25% stock dividend on Sept. 1, 2015 3. Shares issued for cash on June 30, 2016 3,400,000 850,000 2,125,000 6,375,000 Number of common shares issued and outstanding at December 31, 2016 4.A 2-for-1 stock split of XYZs common stock took place on Oct. 1,2017 (a) Compute the weighted average number of common shares used in computing earnings per common share for 2015 on the 2016 comparative income statement. (b) Compute the weighted average number of common shares used in computing earnings per common share for 2016 on the 2016 comparative income statement. (c) Compute the weighted average number of common shares to be used in computing earnings per common share for 2016 on the 2017 comparative income statement. (d) Compute the weighted average number of common shares to be used in computing earnings per common share for 2017 on the 2017 comparative income statement
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