= cost $15 per
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:The following data is available for Sheffield Service Corporation as of December 31, 2020:
- Common stock, par $10 (authorized 100,000 shares) is valued at $413,000.
- Treasury stock (at a cost of $15 per share) amounts to $54,000.
Based on the data, how many shares of common stock are outstanding?
Options:
- 41,300
- 50,000
- 37,700
- 48,200
Expert Solution

Step 1
Answer :
Shares outstanding = Shares issued - Treasury stock
Shares issued = $413000 / $10 = 41300
Treasury stock = $54000/$15 = 3600
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