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The authorized share capital of the Alfred Cake Company is 110,000 shares. The equity is currently shown in the companys books as follows: Common stock
The authorized share capital of the Alfred Cake Company is 110,000 shares. The equity is currently shown in the companys books as follows:
| Common stock ($2 par value) | $ | 79,000 |
| Additional paid-in capital | 29,000 | |
| Retained earnings | 49,000 | |
| Common equity | $ | 157,000 |
| Treasury stock (4,000 shares) | 23,000 | |
| Net common equity | $ | 134,000 |
a. How many shares are issued?
b. How many shares are outstanding?
c. How many more shares can be issued without the approval of shareholders?
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