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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Mckean Corporation authorized 500.000 shares of common stock in its articles of incorporation. On May 1, 2019. 100.000 shares were sold to the company’s founders. However. on October 15, 2019. Mckean repurchased 20.000 shares to settle a dispute among the founders. At this date, how many shares were issued and outstanding, respectively?

  1. 80,000 and 100,000
  2. 100,000 and 80,000
  3. 100,000 and 100,000
  4. 500,000 and 100,000

To determine

Concept introduction:

Stockholder’s Equity:

Stockholders Equity includes the paid up amount of all stocks (Common as well as preferred) issued and retained earnings balance. It represents the amount owed to the stockholders by the company. Stockholders Equity is the section of balance sheet’s equity part.

To calculate:

The number of shares issued and outstanding respectively.

Explanation

The numbers of shares issued and outstanding respectively are calculated as follows:

Number of shares sold / issued =...

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