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Accounting: What the Numbers Mean 9th Edition by Wayne W McManus, Daniel F Viele, David H Marshall
Edition 9ISBN: 0073527068Accounting: What the Numbers Mean 9th Edition by Wayne W McManus, Daniel F Viele, David H Marshall
Edition 9ISBN: 0073527068 Exercise 70
Step-by-step solution
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Step 1 of 2
a. | February 1, 2010 through October 31, 2011 (200,000 shares * 9/12) | 150,000 |
| November 1, 2010 through January 31, 2011 (260,000 shares * 3/12) | 65,000 |
| Weighted average number of shares outstanding | 215,000 |
| Net income | $465,000 |
| Less: Preferred dividends (25,000 shares * $40 par * 7%) | (70,000) |
| Net income available for common stock | $395,000 |
| Earnings per share—basic ($395,000 / 215,000 shares) | $1.84 |
Step 2 of 2
Accounting: What the Numbers Mean 9th Edition by Wayne W McManus, Daniel F Viele, David H Marshall
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