Chapter 11, Problem 11.1E

Computing Shares Outstanding

The 2013 annual report for General Mills disclosed that 1 billion shares of common stock have been authorized. At the end of 2012, 755 million shares had been issued and the number of shares in treasury stock was 106 million. During 2013, the only common share transactions were that 16 million common shares were reissued from treasury and 24 million common shares were purchased and held as treasury stock.

Required:

Determine the number of common shares (a) issued, (b) in treasury, and (c) outstanding at the end of 2013.