George Manufacturing Had Net Income of $275,000 and Declared Preferred

question 90

Multiple Choice

George Manufacturing had net income of $275,000 and declared preferred dividends of $20,000 during the current year. George began the year with 16,000 common shares outstanding. It issued 60,000 shares on June 30 and repurchased 12,000 of the newly issued shares on November 1. Compute George's weighted-average common shares outstanding for the year.

• A) 64,000
• B) 44,000
• C) 74,000
• D) 76,000

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