Exercise 16-16 (Part Level Submission) On January 1, 2015, Wilke Corp. had 537,0

Question

Exercise 16-16 (Part Level Submission) On January 1, 2015, Wilke Corp. had 537,000 shares of common stock outstanding. During 2015, it had the following transactions that affected the Common Stock account. February 1 March 1 May 1 June 1 October 1 Issued 149,000 shares Issued a 10% stock dividend Acquired 112,000 shares of treasury stock Issued a 3-for-1 stock split Reissued 79,000 shares of treasury stock (a) Determine the weighted-average number of shares outstanding as of December 31, 2015. The weighted-average number of shares outstanding LINK TO TEXT VIDEO: SIMILAR PROBLEM

Explanation / Answer

Outstanding Share Dates Restatement fraction Weighted shares 537000 Jan1-Feb1 1.1*3 1/12 147675 686000 Feb1-Mar1 1.1*3 1/12 188650 754600 Mar1-May1 3 _2/12 377300 642600 May1-June1 3 1/12 160650 1927800 June1-Oct1 _4/12 642600 2006800 Oct1-Dec31 _3/12 501700 Weighted Avg no of shares outstanding 2018575

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