582 chapter 11 ETHICS Should additional debt be issued?, Phillip Mader is presid

Question

582 chapter 11 ETHICS Should additional debt be issued?, Phillip Mader is president and majority stockholder of Knightly a:an Phillip owns 54% of the stock in the corpora- of additional cash inflow stock, and he knows that he wi status. What should Phillip do? Chapter 12 Quiz ne the following information for Petra Sales, Inc.: Common Stock, $1.00 par, 208,000 shares issued, 194,000 share 2. Paid-In Capital in Excess of Par- Common: $1,750,000 3. Retained Earnings: $2,620,000 s outstanding 4. Treasury Stock: 14,000 shares purchased at $14 per share number of shares wil t If Petra shown as issued and outstanding? Sales purchases an additional 8,000 shares of treasury stock at $16 per share, what A. 208,000 issued: 186,000 outstanding B. 208,000 issued; 194,000 outstanding O c. 200,000 issued; 194,000 outstanding D. 194,000 issued; 194,000 outstanding

Explanation / Answer

Share issued = Share issued

Share outstanding = Share issued-Treasury stock purchased

= 208000-(14000+8000)

Share outstanding = 186000

so answer is a) 208000 issued; 186000 outstanding

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