The 2016 annual report for Mega Mills disclosed that 1 billion shares of common stock have been authorized. At the end of 2015, 795 million shares had been issued and the number of shares in treasury stock was 108 million. During 2016, the only common share transactions were that 16 million common shares were reissued from treasury and 27 million common shares were purchased and held as treasury stock. Required: Determine the number of common shares (a) issued, (b) in treasury, and (c) outstanding at the end of 2016. (Enter your answers in millions.) Number of Common Shares (in millions) (a) Issued Stock (b) Treasury Stock (c) Shares Outstanding

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 94.1C
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The 2016 annual report for Mega Mills disclosed that 1 billion shares of common stock have been authorized. At the end of 2015, 795
million shares had been issued and the number of shares in treasury stock was 108 million. During 2016, the only common share
transactions were that 16 million common shares were reissued from treasury and 27 million common shares were purchased and held
as treasury stock.
Required:
Determine the number of common shares (a) issued, (b) in treasury, and (c) outstanding at the end of 2016. (Enter your answers in
millions.)
Number of
Common
Shares (in
millions)
(a) Issued Stock
(b) Treasury Stock
(c) Shares Outstanding
Transcribed Image Text:The 2016 annual report for Mega Mills disclosed that 1 billion shares of common stock have been authorized. At the end of 2015, 795 million shares had been issued and the number of shares in treasury stock was 108 million. During 2016, the only common share transactions were that 16 million common shares were reissued from treasury and 27 million common shares were purchased and held as treasury stock. Required: Determine the number of common shares (a) issued, (b) in treasury, and (c) outstanding at the end of 2016. (Enter your answers in millions.) Number of Common Shares (in millions) (a) Issued Stock (b) Treasury Stock (c) Shares Outstanding
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