Starfury Corporation has 1,000,000,$1 par shares of common stock authorized.A total of 400,000 shares have been sold to stockholders and 10,000 shares have been repurchased by the firm.How many shares are outstanding?

Question

Quizplus · Accepted Answer

Total authorized shares = 1,000,000 
Shares sold = 400,000 
Shares repurchased = 10,000 
Outstanding shares = (Total authorized shares - Shares repurchased) - Shares sold 
= (1,000,000 - 10,000) - 400,000 
= 590,000 - 400,000 
= 190,000 
Therefore, the number of outstanding shares is 390,000.

Starfury Corporation Has 1,000,000,$1 Par Shares of Common Stock Authorized