Pharoah Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,610,000...

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Pharoah Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,610,000 shares of $10 par common stock. At no time has Pharoah issued any potentially dilutive securities. Listed below is a summary of Pharoah's common stock activities. 1. Number of common shares issued and outstanding at December 31, 2015 2. Shares issued as a result of a 10% stock dividend on September 30, 2016 Shares issued for cash on March 31, 2017 3. Number of common shares issued and outstanding at December 31, 2017 4. A 2-for-1 stock split of Pharoah's common stock took place on March 31, 2018 ▼ (a) 1,920,000 192,000 2,060,000 4,172,000 Your answer is correct. Compute the weighted-average number of common shares used in computing earnings per common share for 2016 on the 2017 comparative income statement. 2112000 shares (b) ✓Your answer is correct. Compute the weighted-average number of common shares used in computing earnings per common share for 2017 on the 2017 comparative income statement. 3657000 shares (c) ✓Your answer is correct. Compute the weighted-average number of common shares to be used in computing earnings per common share for 2017 on the 2018 comparative income statement. 7314000 shares (d) Compute the weighted-average number of common shares to be used in computing earnings per common share for 2018 on the 2018 comparative income statement. shares Pharoah Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,610,000 shares of $10 par common stock. At no time has Pharoah issued any potentially dilutive securities. Listed below is a summary of Pharoah's common stock activities. 1. Number of common shares issued and outstanding at December 31, 2015 2. Shares issued as a result of a 10% stock dividend on September 30, 2016 Shares issued for cash on March 31, 2017 3. Number of common shares issued and outstanding at December 31, 2017 4. A 2-for-1 stock split of Pharoah's common stock took place on March 31, 2018 ▼ (a) 1,920,000 192,000 2,060,000 4,172,000 Your answer is correct. Compute the weighted-average number of common shares used in computing earnings per common share for 2016 on the 2017 comparative income statement. 2112000 shares (b) ✓Your answer is correct. Compute the weighted-average number of common shares used in computing earnings per common share for 2017 on the 2017 comparative income statement. 3657000 shares (c) ✓Your answer is correct. Compute the weighted-average number of common shares to be used in computing earnings per common share for 2017 on the 2018 comparative income statement. 7314000 shares (d) Compute the weighted-average number of common shares to be used in computing earnings per common share for 2018 on the 2018 comparative income statement. shares

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d Solution a Weighted average no of common shares 1920000 912 110 1920000 192000 312 158400... View the full answer