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26 June, 21:15

The following data is available for Oriole Company at December 31, 2020: Common stock, par $10 (authorized 29000 shares) $232000 Treasury stock (at cost $15 per share) $975 Based on the data, how many shares of common stock are outstanding

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  1. 26 June, 21:55
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    23,125 shares

    Explanation:

    The computation of the number of outstanding common stock shares is shown below:

    = (Common stock : Par value per share) - (Treasury stock : cost per share)

    where,

    Common stock is $232,000

    Par value per share is $10

    Treasury stock is $975

    And, the cost per share is $15

    Now placing these values to the above formula

    So, the number of common stock outstanding shares is

    = ($232,000 : $10) - ($975 : $15)

    = $23,200 - $65

    = 23,135 shares
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