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Earnings: $460,000 Stock: 2,000 shares purchased at $5 per sha Sales purchases an additional 2,000 shares ng? O issued; 14,900 outstanding

Earnings: $460,000 Stock: 2,000 shares purchased at $5 per sha Sales purchases an additional 2,000 shares ng? O issued; 14,900 outstanding

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Assume the following information for Howard Sales, Inc.: • Common Stock, $1.00 par, 20,900 shares issued, 18,900 shares outstanding · Paid-In Capital in Excess of Par-Common: $10,000 Retained Earnings: $460,000 • Treasury Stock: 2,000 shares purchased at $5 per share If Howard Sales purchases an additional 2,000 shares of treasury stock at $6 per share, what number of shares will be shown as issued and outstanding? 18,900 issued; 14,900 outstanding 20,900 issued; 20,900 outstanding 20,900 issued; 16,900 outstanding 18,900 issued; 16,900 outstanding
Transcribed Image Text:Assume the following information for Howard Sales, Inc.: • Common Stock, $1.00 par, 20,900 shares issued, 18,900 shares outstanding · Paid-In Capital in Excess of Par-Common: $10,000 Retained Earnings: $460,000 • Treasury Stock: 2,000 shares purchased at $5 per share If Howard Sales purchases an additional 2,000 shares of treasury stock at $6 per share, what number of shares will be shown as issued and outstanding? 18,900 issued; 14,900 outstanding 20,900 issued; 20,900 outstanding 20,900 issued; 16,900 outstanding 18,900 issued; 16,900 outstanding
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