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Goandwin, Inc. 2017 Income Statement Net sales $11,418 Cost of goods sold 6,320 Selling, general, and...

Goandwin, Inc. 2017 Income Statement Net sales $11,418 Cost of goods sold 6,320 Selling, general, and administrative expenses 2,419 Depreciation 967 Earnings before interest and taxes $1,712 Interest 230 Taxable Income $1,482 Taxes 519 Net Income $ 963 Goandwin, Inc. 2016 and 2017 Balance Sheets 2016 2017 2016 2017 Cash $ 298 $ 306 Accounts payable $6,219 $6,184 A/R 3,006 3,422 Accrued expenses 1,880 1,625 Inventory 5,210 5,650 Total C.L. $8,099 $7,809 Total C.A. $8,514 $9,378 Long-term debt $17,951 $21,991 Net Fixed Common Stock ($1.00 par) $1,435 $1,555 Assets $32,780 $36,400 Capital Surplus $7,529 $7,740 Retained Earnings $6,280 $6,683 Total Assets $41,294 $45,778 Total Liab. & Equity $41,294 $45,778 Calculate the average price per share at which the company sold new shares in 2017. A. $3.92 B. $1.23 C. $1.94 D. $2.76

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Answer #1

Correct option D.2.76

Par value per share is $1, that means the change in common stock would be equal to the number of shares issued.

No. of shares issued = change in common stock

                                     = 1555 – 1435

                                    = 120 shares

Average stock price = (change in common stock + change in capital surplus)/ No. of shares issued

                                   = ((1555-1435) +(7740-7529))/ 120

                                  = 523/120

                                  = 2.76

​

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