McKean Corporation authorized 500,000 common shares in its articles of incorporation. On May 1, 2022, 100,000 shares were sold to the company's founders. However, On October 15, 2022, McKean repurchased and cancelled 20,000 shares to settle a dispute among the founders. On October 15, 2022, how many shares were outstanding? a.500,000 b.100,000 c.80,000 d.120,000
McKean Corporation authorized 500,000 common shares in its articles of incorporation. On May 1, 2022, 100,000 shares were sold to the company's founders. However, On October 15, 2022, McKean repurchased and cancelled 20,000 shares to settle a dispute among the founders. On October 15, 2022, how many shares were outstanding? a.500,000 b.100,000 c.80,000 d.120,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 4MCQ
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4.
McKean Corporation authorized 500,000 common shares in its articles of incorporation. On May 1, 2022, 100,000 shares were sold to the company's founders. However, On October 15, 2022, McKean repurchased and cancelled 20,000 shares to settle a dispute among the founders. On October 15, 2022, how many shares were outstanding?
a.500,000
b.100,000
c.80,000
d.120,000
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