Question
Please help At the end of the year, the records of Cassidy Corporation provided the following selected and incomplete data: Shares authorized: 400,000. Shares issued:
Please help
At the end of the year, the records of Cassidy Corporation provided the following selected and incomplete data:
Shares authorized: 400,000.
Shares issued: (all shares were issued at $25 per share; $4,250,000 total cash collected).
Treasury stock: 6,000 shares (repurchased at $30 per share).
Net income: $480,680.
Dividends declared and paid: $246,440.
Retained earnings beginning balance: $367,000.
Required Based upon the information above:
1. Calculate the number of shares issued: __________________________
2. Calculate the number of shares outstanding: ________________________
3. Calculate the ending balance in retained earnings: ___________________
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