SXC Reported the Following Data on Its 2014 Statement of Financial

question 55

Multiple Choice

SXC reported the following data on its 2014 statement of financial position: If the average price paid for all of the common shares sold and subscribed were $5.00,the total number of sold and subscribed shares was:

• A) 44,400
• B) 40,400
• C) 44,000
• D) 40,000
• E) None of these answers are correct.

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Definitions:

Future Value

Future value is the value of a current asset at a specified date in the future based on an assumed rate of growth over time.

Compounded Monthly

Interest calculation where interest is added to the principal balance each month, leading to an increase in the total interest earned over time.

Ordinary Annuity

A sequence of identical payments made consistently during a defined timeframe.

Compounded Semi-Annually

Interest calculation method where the interest is added to the principal at half-year intervals, leading to an increase in the amount of subsequent interest.