Question
Please choose the correct answer for each of the following based on the following information: ABC PLC was organized with a maxumum number permissible 1000
Please choose the correct answer for each of the following based on the following information: ABC PLC was organized with a maxumum number permissible 1000 common stocks and 5000, 2% cummulative preferred stocks as per its memorandom of association. The common stocks had a value of $10 printed on them while the value printed on the preferrred stocks was $20. ABC sold 8000 stocks @ $50 each and all preferrred stocks at par on January 01, 2020. ABC re-purchased 100 of its common stocks @ $60 each on June 30, 2020. ABC re-issued 80 from its treasury stocks @ $80 each on Dec. 31, 2020. ABC had losses of $ 10000 in 2020 and $ 50000 profit in 2021. ABC paid no dividends to common stocks in 2020 while it declared and paid $1 per common stock on Dec 31, 2021. Find the following:
No. of common treasury stocks on Dec. 31, 2020
Number of authorized common stocks on Dec 31, 2021
Number of outstanding common stocks on Dec 31, 2020
No. of common treasury stocks on Dec. 31, 2021
Number of outstanding common stocks on Dec 31, 2021
Number of authorized common stocks on Dec 31, 2020
Possible answers are : 0, None of the options is correct ,1000 ,5000, 20, 920 ,980
P.s ( I need the working Also)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started