The 2013 annual report for General Mills disclosed that 1 billion shares of comm
ID: 2469330 • Letter: T
Question
The 2013 annual report for General Mills disclosed that 1 billion shares of common stock have been authorized. At the end of 2012, 755 million shares had been issued and the number of shares in treasury stock was 106 million. During 2013, the only common share transactions were that 16 million common shares were reissued from treasury and 24 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 2013. (Enter your answers in millions.)
Explanation / Answer
Beginning outstanding balance of shares 755 millions Less : treasury stock 106 millions 649 millions Add : treasury stock reissued 16 millions Less : treasury stock purchased 24 millions a) Number of common shares issued in 2013 16 million b) in treasury opening 106 millions Less : treasury stock reissued 16 millions Add : treasury stock purchased 24 millions closing balance in treasury 114 c) outstanding at end of 2013 Beginning outstanding balance of shares 755 millions Less : treasury stock 106 millions Total at the beginning of the year 649 millions Add : treasury stock reissued 16 millions Less : treasury stock purchased 24 millions closing balance of shares 641 millions
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