he following partial information is taken from the comparative balance sheet of
ID: 2410165 • Letter: H
Question
he following partial information is taken from the comparative balance sheet of Levi Corporation: Shareholders' equity Common stock, $5 par; 20 million shares authorized; 15 million shares issued and 9 million shares outstanding at 12/31/2018; andmillion shares issued shares outstanding at 12/31/2017 and Additional paid-in capital on common stock Retained earnings Treasury common stock, at cost, 6 million shares at 12/31/2018 and 4 million shares at 12/31/2017 Total shareholders' equity How many of Levi's common shares were outstanding on 12/31/2017?Explanation / Answer
Common stock: outstanding at 12/31/2018 = 9 million
Treasury common stock: at 12/31/2017 = 4 million
So net outstanding: at 12/31/2017 = 9-4= 5 million
Hence 5 million common shares were outstanding on 12/31/2017
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