he following partial information is taken from the comparative balance sheet of
ID: 2484709 • Letter: H
Question
he following partial information is taken from the comparative balance sheet of Levi Corporation:
(72 million)
(50 million)
$720 million
$544 million
How many of Levi's common shares were outstanding on 12/31/2015?
14 million.
9 million.
5 million.
None of these answer choices is correct.
Shareholders’ equity 12/31/2016 12/31/2015 Common stock, $5 par value; 20 million shares authorized; 15 million shares issued and 9 million shares outstanding at 12/31/2016; and ____million shares issued and ____shares outstanding at 12/31/2015. $75 million $45 million Additional paid-in capital on common stock 520 million 392 million Retained earnings 197 million 157 million Treasury common stock, at cost, 6 million shares at 12/31/2016 and 4 million shares at 12/31/2015(72 million)
(50 million)
Total shareholders’ equity$720 million
$544 million
Explanation / Answer
No. of Common shares outstanding = Par value of shares outstanding / Par value per share = $45 milllion/$5 per share = 9 million shares
Hence, Answer is 9 million
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