Chapter 11 Homework Problems_FORMATTED

# Chapter 11 Homework Problems_FORMATTED - Chapter 11...

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Chapter 11 Homework Questions E11-1 Computing Shares Outstanding LO1 The annual report for Philip Morris Companies, Inc., disclosed that 4 billion shares of common stock have been authorized. At the end of last year, 2,806,561,317 shares had been issued and the number of shares in treasury stock was 378,674,028. During the current year, no additional shares were issued, but additional shares were purchased for treasury stock and shares were sold from treasury stock. The net change was a decrease of 5,147,286 shares of treasury stock. Determine the number of shares outstanding at the end of the current year. Computation of shares outstanding Issued shares Treasury stock Shares outstanding

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E11-2 Computing Number of Shares LO1, 3 The charter of Vista West Corporation specifies that it may issue 217,000 shares of common stock. Since the company was incorporated, it has sold a total of 155,000 shares to the public but bought back a total of 17,000. The par value of the stock is \$3 and the stock was sold at an average price of \$11. When the stock was bought back from the public, the market price was \$21. Required: 1 . Determine the authorized shares. Authorized shares 2 . Determine the issued shares Issued shares
3 . Determine the outstanding shares. Outstanding shares E11-10 Recording Stockholders' Equity Transactions LO3, 7 On-line Learning Corporation obtained a charter at the start of 2011 that authorized 58,000 shares of no-par common stock and 30,000 shares of preferred stock, par value \$17. The corporation was organized by four individuals who purchased 20,000 shares of the common stock. The remaining shares were to be sold to other individuals at \$48 per share on a cash basis. During 2011, the following selected transactions occurred: a . Collected \$34 per share cash from the four organizers and issued 5,000 shares of

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Chapter 11 Homework Problems_FORMATTED - Chapter 11...

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