Question
ABC Company's Charter authorized 10,000 shares of Common Stock. The company issued 2,000 shares on January 1, year 1; 1,500 shares on July 1; year
ABC Company's Charter authorized 10,000 shares of Common Stock. The company issued
2,000 shares on January 1, year 1;
1,500 shares on July 1; year 1,
repurchased 1,000 shares on October 1; year 1,
issued 500 shares on December 1, year 1.
Questions
1. How many shares are authorized on December 31, year 1?
2. How many shares are issued on December 31, year 1?
3. How many shares are outstanding on December 31, year 1?
Step by Step Solution
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Step: 1
1 The number of authorized shares remains at 10000 throughout the year 2 The tota...Get Instant Access to Expert-Tailored Solutions
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Horngrens Financial And Managerial Accounting The Financial Chapters
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
6th Edition
978-0134486840, 134486838, 134486854, 134486846, 9780134486833, 978-0134486857
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