The following partial information is taken from the comparative balance sheet of Levi Corporation: Shareholders’ equity12/31/2021 12/31/2020 Common stock, $5 par; 36 million shares authorized; 31 million sharesissued and 26 million shares outstanding at 12/31/2021; and ____million sharesissued and ____shares outstanding at 12/31/2020.$155million $130million Additional paid-in capital on common stock 523million 401million Retained earnings 192million 160million Treasury common stock, at cost, 5 million shares at 12/31/2021 and 2 millionshares at 12/31/2020 (85million) (48million) Total shareholders’ equity$785million $643million What was the average price of the additional treasury shares purchased by Levi during 2021? (Round your answer to 2 decimal places.)

The treasury stock decreases the number of outstanding shares and total shareholder's equity of the…

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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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The following partial information is taken from the comparative balance sheet of Levi Corporation:

Shareholders’ equity	12/31/2021		12/31/2020
Common stock, $5 par; 36 million shares authorized; 31 million shares issued and 26 million shares outstanding at 12/31/2021; and ____million shares issued and ____shares outstanding at 12/31/2020.	$	155	million	$	130	million
Additional paid-in capital on common stock		523	million		401	million
Retained earnings		192	million		160	million
Treasury common stock, at cost, 5 million shares at 12/31/2021 and 2 million shares at 12/31/2020		(85	million)		(48	million)
Total shareholders’ equity	$	785	million	$	643	million

What was the average price of the additional treasury shares purchased by Levi during 2021? (Round your answer to 2 decimal places.)

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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