Question 1 (of 9) value: 11.11 points The 2013 annual report for General Mills d

Question

Question 1 (of 9) value: 11.11 points The 2013 annual report for General Mills disclosed that 1 billion shares of common stock have been authorized. At the end of 2012, 755 million shares had been issued and the number of shares in treasury stock was 106 million. During 2013, the only common share transactions were that 16 million common shares were reissued from treasury and 24 million common shares were purchased and held as treasury stock. Required: Determine the number of common shares (a) issued, (b) in treasury, and (c) outstanding at the end of 2013. (Enter your answers in millions.) Number of Common Shares (in millions) (a) Issued Stock (b) Treasury Stock (c) Shares Outstanding HintsReferences eBook & Resources Hint#1 MacBo

Explanation / Answer

Number of common shares (in millions) (a) Issued shares 755 (b) Treasury Stock 114 (c) Shares outstanding 641 *CALCULAITONS: (a)No other shares are issued in 2013 so the balance of 2012 will be the balance of 2013. (b)Treasury stock Opening treasury stock 106 Less: stock reissued from treasury -16 Add: purchase of treasury stock 24 Balance at the end of 2013 114 © Shares outstanding: Shares issued 755 Less: Treasury stock -114 Outstanding shares 641 *The closing of 2012 is the opening of 2013. So, the closing balance of treasury stock at 2012 is the opening balance of 2013.

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