The following partial information is taken from the comparative balance sheet of

Question

The following partial information is taken from the comparative balance sheet of Levi Corporation:

  

(75 million)  

(53 million)

$738 million   

$577 million   

How many of Levi's common shares were outstanding on 12/31/2015?

14 million.

None of these answer choices is correct.

20 million.

15 million.

  Shareholders’ equity 12/31/2016 12/31/2015   Common stock, $5 par value; 23 million shares authorized; 18 million   shares issued and 15 million shares outstanding at 12/31/2016; and   ____million shares issued and ____shares outstanding at 12/31/2015. $90 million    $75 million      Additional paid-in capital on common stock 523 million    395 million      Retained earnings 200 million    160 million      Treasury common stock, at cost, 3 million shares at 12/31/2016 and 1   million shares at 12/31/2015

(75 million)  

(53 million)

  Total shareholders’ equity

$738 million   

$577 million   

Explanation / Answer

The outstanding shares= Issued stock-Treasury stock

Million Common stock 75 million/$5 15 less: Treasuary stock 1 Outstanding Stock 14 Ans 14 million as on 12/31/2015

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