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Auto Pilot Car Company had earnings per share of $4 last year and it paid a...

Auto Pilot Car Company had earnings per share of $4 last year and it paid a $3 per share dividend. Total retained earnings increased by $6 million during the year. Auto Pilot has no preferred stock, and no new common stock was issued during the year. The company has how many common shares outstanding during the year?  

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Answer #1
Earning per shares = $                           4 Per shares
Less: Dividend paid per shares = $                           3 Per shares
Transferred to retained earning = $                           1 Per shares
Total Retained Earning increased by $ 6 Million.
Common Shares Outstanding = Increased retained Earning / Retained Earning per Shares
Common Shares Outstanding = $ 6 Million / $ 1 Per Shares
Common Shares Outstanding =   6 Million Shares
So it means there are 6 million common shares are outstanding during the year
Answer = 6 Million Shares
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