At year-end, XYZ Company canceled 1,000 shares of P10 par value held in treasury at an average cost of P50 per share. Before recording the cancelation of the treasury share, the company had the following balances: Number of shares issued - 100,000 Number of shares in the treasury - 11,000 1. What is the number of shares outstanding at year-end? A. 88,000 B. 89,000 C. 90,000 D. 99,000 2. What is the number of shares issued at year-end? A. 88,000 B. 89,000 C. 90,000 D. 99,000
At year-end, XYZ Company canceled 1,000 shares of P10 par value held in treasury at an average cost of P50 per share. Before recording the cancelation of the treasury share, the company had the following balances: Number of shares issued - 100,000 Number of shares in the treasury - 11,000 1. What is the number of shares outstanding at year-end? A. 88,000 B. 89,000 C. 90,000 D. 99,000 2. What is the number of shares issued at year-end? A. 88,000 B. 89,000 C. 90,000 D. 99,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At year-end, XYZ Company canceled 1,000 shares of P10 par value held in treasury at an average cost of P50 per share.
Before recording the cancelation of the treasury share, the company had the following balances:
Number of shares issued - 100,000
Number of shares in the treasury - 11,000
1. What is the number of shares outstanding at year-end?
A. 88,000
B. 89,000
C. 90,000
D. 99,000
2. What is the number of shares issued at year-end?
A. 88,000
B. 89,000
C. 90,000
D. 99,000
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