Assante Corporation Reported the Following Data for the Period: Earnings

question 58

Multiple Choice

Assante Corporation reported the following data for the period: earnings per share, $4.80; retained earnings, $54,000; revenues, $150,000; capital stock, $30,000; expenses, $126,000. Given the above information, how many shares of stock are outstanding?

• A) 9,000
• B) 5,000
• C) 4,000
• D) 3,500

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Definitions:

Uric Acid

A waste product formed from the breakdown of purines, excreted in urine, high levels of which can lead to gout and kidney stones.

Protonephridia

Protonephridia are excretory structures found in some invertebrates, such as flatworms, consisting of a network of dead-end tubules connected to external openings.

Flatworm

A group of simple, soft-bodied invertebrates that belong to the phylum Platyhelminthes, characterized by their flattened bodies and lack of specialized respiratory and circulatory systems.

Ammonia

A compound of nitrogen and hydrogen (NH3) that is a byproduct of the metabolism of animals and is used in various industrial processes.