Fundamental Accounting Principles
Fundamental Accounting Principles
23rd Edition
ISBN: 9781259536359
Author: John J Wild, Ken Shaw Accounting Professor, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Chapter 13, Problem 4DQ
To determine

Authorized shares and outstanding share: The authorized share is the maximum number of shares a company can issue. The outstanding shares are the number of shares issued by the company.

To determine:

The difference between the authorized and outstanding shares

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A company had expenses other than the cost of goods sold of $280,000. Determine sales and gross profit given that the cost of goods sold was $120,000 and net income was $180,000. A. Sales: $580,000; Gross Profit: $60,000 B. Sales: $580,000; Gross Profit: $460,000 C. Sales: $460,000; Gross Profit: $580,000 D. Sales: $400,000; Gross Profit: $180,000 E. Sales: $400,000; Gross Profit: $60,000

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Fundamental Accounting Principles

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