Ch. 18 Test 10.00 points MC Qu. 23 LO 18-05 The following partial information...

Question

Ch. 18 Test 10.00 points MC Qu. 23 LO 18-05 The following partial information... The following partial information is taken from the comparative balance sheet of Levi Corporation: Shareholders Common stock, $5 par value; 20 million shares authorized, 15 mimion shares issued and 9 million shates outstanding at 12/31/2016, and $45 million 392 milion 157 miion milion shares issued and shares outst at 12/31/2015 $75 millio Additional pald-in capital on common stock Retained eamin easury common stock, at cost 6 million shares at 12/3/2016 and 4 nillion shares at 12/3/2015 Total shareho (72 milion 20 millior (50 million) How many ot Levts conmon shares were outstanding o 12 O None of these answer choices is correct S million. O 9 million. 14 million Muttiple Cholce MC Ou 23 LO 18.05 The following partial information TOSHIBA esc 2 3 4 5 tab

Explanation / Answer

Calculate outstanding shares in 12/31/15

Shares issued = 45/5 = 9 million

Treasury stock shares on 12/31/15 = 4 million

Outstanding shares = Issued shares-Treasury stock

= 9 million - 4 million

Outstanding shares = 5 million

so answer is b) 5 million

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