Chapter 11 Homework Problems_FORMATTED

Chapter 11 Homework Problems_FORMATTED - Chapter 11...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
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
Background image of page 2
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
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 11

Chapter 11 Homework Problems_FORMATTED - Chapter 11...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online