Calculate the weighted average number of common shares


Blue Bay Logistics Ltd.'s shareholders' equity accounts were as follows at the beginning of the current fiscal year, April 1, 2009:

  • $6-cumulative preferred shares (20,000 shares issued) $1,800,000
  • Common shares (500,000 shares issued) 3,750,000
  • Contributed capital-reacquisition of common shares 50,000
  • Retained earnings 1,500,000
  • Total shareholders' equity $7,100,000

During the year, the following selected transactions occurred:

  • June 1 Reacquired 22,800 common shares for $9 per share.
  • July 1 Issued 52,000 common shares for $10 per share.
  • Feb. 28 Declared the annual preferred dividend to shareholders of record on March 12, payable on April 1.
  • Mar. 31 Net earnings for the year ended March 31, 2009, were $1,021,350.

Calculate the weighted average number of common shares for the year.

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Accounting Basics: Calculate the weighted average number of common shares
Reference No:- TGS0702585

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