Accounting for Shares Waterport Sales\' corporate charter authorized the firm to

Question

Accounting for Shares

Waterport Sales' corporate charter authorized the firm to sell 800,000 shares of $10 par common stock. At the beginning of 2013, Waterport sold 247,700 shares and reacquired 1,650 of those shares. The reacquired shares were held as treasury stock. During 2013, Waterport sold an additional 16,300 shares and purchased 3,100 more treasury shares.

Required:

Determine the number of issued and outstanding shares at December 31, 2013.

Explanation / Answer

Statement showing computations Particulars Amount Shares Issued at beginning of 2013                 247,700.00 Additional Shares Sold                   16,300.00 Total Shares Sold i.e. Shares Issued                 264,000.00 Total Tresury Stock Treasury Stock at beginning                      1,650.00 Treasury Stock during year                      3,100.00 Total Tresury Stock                      4,750.00 Shares Outstanding = 264,000 - 4,750                 259,250.00

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