Assume the Following Information for Petra Sales,Inc

question 150

Multiple Choice

Assume the following information for Petra Sales,Inc.:
• Common Stock,$1.00 par,202,000 shares issued,180,000 shares outstanding
• Paid-In Capital in Excess of Par-Common: $1,690,000
• Retained Earnings: $2,490,000
• Treasury Stock: 30,000 shares purchased at $13 per share
If Petra Sales purchases an additional 7,000 shares of treasury stock at $15 per share,what number of shares will be shown as issued and outstanding?

• A)15 issued;180,000 outstanding
• B)195,000 issued;180,000 outstanding
• C)202,000 issued;173,000 outstanding
• D)202,000 issued;180,000 outstanding

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Definitions:

Listing

In finance, it usually refers to the process of adding a company's shares to the roster of stocks traded on a particular stock exchange.

Current Liabilities

Short-term financial obligations that a company is expected to pay within one year.

Six Months

is a period of time equal to half a year, often used in financial and operational planning.

Asset Account

An account on a company's balance sheet that represents a resource controlled by the company from which future economic benefits are expected.