Question

The authorized share capital of the Alfred Cake Company is 120,000 shares. The equity is currently...

The authorized share capital of the Alfred Cake Company is 120,000 shares. The equity is currently shown in the company’s books as follows:

Common stock ($2 par value) $ 69,000
Additional paid-in capital 19,000
Retained earnings 39,000
Common equity $ 127,000
Treasury stock (4,000 shares) 13,000
Net common equity $ 114,000

a. How many shares are issued?

b. How many shares are outstanding?

c. How many more shares can be issued without the approval of shareholders?

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Answer #1
Reqa:
Number of shares issued
Par value of shares issued 69000
Divide: Par value per share 2
Number of shares issued 34500
Req b:
Number of shares issued 34500
Less: Shares held as Treasury stock 4000
Number of shares outstanding 30500
Req c:
Number of shares that can be issued without approval = 4000 shares
(shares held as treasury stock can be issued without approval)
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