Chat with AI
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 56
Computing Shares Outstanding
The 2010 annual report for Fortune Brands , the seller of Pinnacle golf balls and MasterLock padlocks, disclosed that 750 million shares of common stock have been authorized. At the end of 2009, 150 million shares had been issued and the number of shares in treasury stock was 84 million. During 2010, 2 million common shares were reissued from treasury, and 1 million common shares were purchased for treasury stock.
Required:
Determine the number of common shares (a) issued, (b) in treasury, and (c) outstanding at the end of 2010.
The 2010 annual report for Fortune Brands , the seller of Pinnacle golf balls and MasterLock padlocks, disclosed that 750 million shares of common stock have been authorized. At the end of 2009, 150 million shares had been issued and the number of shares in treasury stock was 84 million. During 2010, 2 million common shares were reissued from treasury, and 1 million common shares were purchased for treasury stock.
Required:
Determine the number of common shares (a) issued, (b) in treasury, and (c) outstanding at the end of 2010.
Explanation
Verified
Verified
(a)
The number of common shares issued a...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
