CMA Pop Quiz: Are you preparing for the #CMA exam? Take our #CMAPopQuiz!
Ray Company has 530,000 common shares outstanding at year-end. At December 31, for basic earnings per share purposes, Ray computed its weighted average number of shares as 500,000. Prior issuing its annual financial statements, but after year-end, Ray split its stock 2 for 1. Ray's weighted average number of shares to be used for computing annual basic earnings per share is
a. 500,000.
b. 530,000.
c. 1,000,000.
d. 1,060,000.
------------------------------
Christine Purelis
------------------------------