Just question #28

Q28 Lilly Inc. has 300,000 shares authorized. 175,000 shares issued, and 25,000 shares of treasury stock. At this point, Lilly has $820,000 of assets, $250,000 liabilities, $400,000 of common stock, and $170,000 of retained earnings. Further assume that the market value of Lilly's common stock is $6 per share. Required a) Determine the number of shares of stock that is outstanding. b) Determine the book value per share. c) Provide a rational explanation for the difference between book value pers hare and the market value per share of Lilly Inc. common stock. Q29 Fran Tarkenton owns a construction business. Tarkenton Supply Co. The following cash information is available for the month of October year 1. As of October 31, the bank statement shows a balance of $21,400. The October 31 unadjusted balance in the cash account of Tarkenton Supply Co, is $18,400. A review of the bank statement revealed the following