The following data is available for Blaine Corporation at December 31, 2015: $\begin{array}{ll}
\text {Common stock, par $ \$ 10 $ (authorized 30,000 shares) }&\$250,000\
\text { Treasury Stock (at cost $ \$ 15 $ per share)}&900\
\end{array}$
Based on the data, how many shares of common stock are outstanding?

Question

The following data is available for Blaine Corporation at December 31, 2015: $\begin{array}{ll}
\text {Common stock, par $ \$ 10 $ (authorized 30,000 shares)  }&\$250,000\
\text { Treasury Stock (at cost $ \$ 15 $ per share)}&900\
\end{array}$
 Based on the data, how many shares of common stock are outstanding?

Quizplus · Accepted Answer

The common stock value of $250,000 at a par value of $10 indicates 25,000 shares issued. The treasury stock cost of $900 at $15 per share indicates 60 shares are held in treasury. Therefore, the outstanding shares are 25,000 - 60 = 24,940.

The Following Data Is Available for Blaine Corporation at December