Chapter 11, Problem 1E

Computing Shares Outstanding

The 2016 annual report for General Mills disclosed that 1 billion shares of common stock have been authorized. At the end of 2015, 755 million shares had been issued and the number of shares in treasury stock was 156 million. During 2016, the only common share transactions were that 9 million common shares were reissued from treasury and 11 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 2016.