The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 45,000 shares were originally issued and 5,000 were subsequently reacquired. What is the number of shares outstanding? a. 5,000 b. 45,000 c. 40,000 d. 50,000

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 4PB: MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred...
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The charter of a corporation provides for the issuance of
100,000 shares of common stock. Assume that 45,000
shares were originally issued and 5,000 were subsequently
reacquired.
What is the number of shares outstanding?
a. 5,000
b. 45,000
c. 40,000
d. 50,000
Transcribed Image Text:The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 45,000 shares were originally issued and 5,000 were subsequently reacquired. What is the number of shares outstanding? a. 5,000 b. 45,000 c. 40,000 d. 50,000
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