Exercise 16-15 (Part Level Submission) Sheffield Inc. uses a calendar year for financial reporting. The...
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Exercise 16-15 (Part Level Submission) Sheffield Inc. uses a calendar year for financial reporting. The company is authorized to issue 9,160,000 shares of $12 par common stock. At no time has Sheffield issued any potentially dilutive securities. Listed below is a summary of Sheffield's common stock activities. 1. Number of common shares issued and outstanding at December 31, 2015 2,130,000 255,600 1,840,000 4,225,600 2. Shares issued as a result of a 12% stock dividend on September 30, 2016 3. Shares issued for cash on March 31, 2017 Number of common shares issued and outstanding at December 31, 2017 4. A 2-for-1 stock split of Sheffield's common stock took place on March 31, 2018 Your answer is incorrect. Try again. Compute the weighted-average number of common shares used in computing earnings per common share for 2016 on the 2017 comparative income statement. shares Click if you would like to Show Work for this question: Open Show Work
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