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2 November, 14:56

The following data is available for Red Carpet Corporation at December 31: Common stock, par $3 (authorized 250,000 shares) $300,000 Treasury stock (at cost $12 per share) $1,200 Based on the data, how many shares of common stock are outstanding?

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  1. 2 November, 15:15
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    151000 shares of common stock are outstanding.

    Explanation:

    Number of common stocks issued = 300000/3

    = 100,000

    common stock remaining = 250,000 - 100,000

    = 150,000

    Number of treasury stocks issued = 1200/12

    = 1000

    Number of common stocks outstanding = 150,000 + 1000

    = 151000

    Therefore, 151000 shares of common stock are outstanding.
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