Howard Sports Inc. incurred the following transactions involving its common stoc

Question

Howard Sports Inc. incurred the following transactions involving its common stock:

January 1

Beginning balance

100,000 shares

April 1

Issued for cash

6,000 shares

June 1

Purchased as treasury stock

1,200 shares

October 31

Issued for cash

9,000 shares

Required:

1.   Calculate the weighted-average number of common shares outstanding for Howard Sports Inc.

January 1

Beginning balance

100,000 shares

April 1

Issued for cash

6,000 shares

June 1

Purchased as treasury stock

1,200 shares

October 31

Issued for cash

9,000 shares

Explanation / Answer

Howard Sports Inc. Weighted Average number of Common shares Outstanding Date Shares Ratio Weighted Jan 01 100000 12/12 100000 Apr 01 6000 9/12 4500 June 01 -1200 7/12 -700 Nov 01 9000 2/12 1500 Weighted average outstanding shares 105300

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