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Shares of Common Stock
Hello everyone. I am a student working on a homework assignment and things have been going well, up until this point. I hit a stumbling block with a question, and I can't figure out how to get the answer. I am not looking for the answer per se, but I am looking at the method for coming up with the answer.
Here is the problem:
Given this data, I need to figure out how many shares of common stock are outstanding in order to figure out the rest of the problem.
Year 2Year 1Stockholders' equity: Preferred stock, $10 par, 10% $ 100,000 $ 100,000 Common stock, $10 par200,000200,000 Additional paid-in capital Common Stock160,000160,000 Retained earnings1,520,0001,230,000Total stockholders' equity $ 1,980,000 $ 1,690,000 Total liabilities & stockholders' equity $ 2,520,000 $ 2,400,000 Net Income $ 290,000
Thank you in advance for your advice!
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