A Corporation Has the Following Account Balances: Common Stock, $1

question 160

Multiple Choice

A corporation has the following account balances: Common stock, $1 par value, $60,000; Paid-in Capital in Excess of Par, $1,300,000. Based on this information, the

• A) legal capital is $1,360,000.
• B) number of shares issued are 60,000.
• C) number of shares outstanding are 1,360,000.
• D) average price per share issued is $22.50.

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Definitions:

Plastic Explosives

A type of explosive material that is moldable or flexible, used in military and demolition applications.

Traditional Explosives

Substances that undergo a rapid chemical reaction producing gases at high temperature and pressure, used historically in military, mining, and construction.

Rubber

A flexible, elastic material obtained from the latex of certain plants or synthetically produced, used in making tires, gloves, and various other products.

Gaseous Chemical Products

Substances in their gaseous state that are produced through chemical reactions for various industrial, medical, or domestic purposes.