How do we calculate requirement c ( Outstanding common shares)? How did we get 46000????

End Summary 9 (similar to) i Partial Balance Sheet 1. The balance sheet of Turtle Inc. reported the following at December 31, 2017. (Click the icon to view the partial balance sheet.) $ Requirements 2. Use the following accounts and related balances to prepare the classified balance sheet of Greysmoke Ltd. at September 30, 2017. Use the account (Click the icon to view the accounts and related balances.) Shareholders' Equity Preferred shares. $0.30, 11,000 shares authorized and issued Common shares, 55,000 shares authorized Accumulated other comprehensive income Relained earings 165,000 414,000 221,000 478,500 1,278,500 Requirement 1a. Are the preferred shares cumulative or non-cumulative? How can you tell? $ The preferred shares are not cumulative because they are not specifically labelled otherwise Total shareholders' equity *The common shares were issued at a stated value of $9.00 per share. Requirement 1b. What is the total amount of the annual preferred dividend? The total amount of the annual preferred dividend is $ 3300 0 Accounts and related balances Requirement 1c. How many common shares are outstanding? There are 46,000 common shares outstanding. Requirement 1d. Compute the book value per share of the common shares. No preferred dividends are in arrears, and Turtle Inc. The book value per share of the common shares is $ 24.21. Requirement 2. Prepare the classified balance sheet of Greysmoke Ltd. at September 30, 2017. Use the account format of the bal Greysmoke Ltd. Balance Sheet September 30, 2017 Common shares, 51,000 shares authorized 29,000 shares issued .... $ Dividends payable........... Cash Accounts payable ............ Long-term note payable Inventory ............ Accumulated other comprehensive Income ... 145,000 3,300 12,000 25,000 87,900 82,000 Property, plant, and equipment, net .......... $ 261,000 Accounts receivable, net 22.000 Preferred shares. $4.00, 9,500 shares authorized, 2,200 shares issued ..... 29,000 Accrued liabilities ............ 3,800 Retained eamings ............. 47,000 Liabilities Assets Current assets: Cash Accounts receivable, net $ Current liabilities: Accounts payable Accrued liabilities 12,000 22,000 $ 25,000 3,800 36,000 Move your pointer over or tap on the calls with red arrows to see incorrect answers. Print Done