The following partial information is taken from the comparative balance sheet of
ID: 2532101 • Letter: T
Question
The following partial information is taken from the comparative balance sheet of Levi Corporation:
1. A. How many of Levi's common shares were outstanding on 12/31/2017?
a.14 million.
b.9 million.
c.5 million.
d.None of these answer choices are correct.
$5 per share.
$26 per share.
$39 per share.
Cannot be determined from the given information.
C. What was the average price of the additional treasury shares purchased by Levi during 2018?
$11 per share.
$12 per share.
$12.50 per share.
None of these answer choices are correct.
Shareholders’ equity 12/31/2018 12/31/2017 Common stock, $5 par; 20 million shares authorized; 15 million shares issuedand 9 million shares outstanding at 12/31/2018; and ____ million shares issued
and ____ shares outstanding at 12/31/2017. $ 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 12/31/2018 and 4 million
shares at 12/31/2017 (72 million) (50 million) Total shareholders’ equity $ 720 million $ 544 million
1. A. How many of Levi's common shares were outstanding on 12/31/2017?
a.14 million.
b.9 million.
c.5 million.
d.None of these answer choices are correct.
B. What was the average price (rounded to the nearest dollar) of the additional shares issued by Levi in 2018?$5 per share.
$26 per share.
$39 per share.
Cannot be determined from the given information.
C. What was the average price of the additional treasury shares purchased by Levi during 2018?
$11 per share.
$12 per share.
$12.50 per share.
None of these answer choices are correct.
Explanation / Answer
1. Number of Common shares issued = (45/5) = 9 million.
A. Number of shares Outstanding = (9-4) = c. 5 million. Answer
B. Cannot be determined from the given information.
C Average price (rounded to the nearest dollar) of the additional shares issued by Levi in 2018:
(72-50)/2 = $11 per share. Answer
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