Use the incomplete stockholders' equity section of Tokin Company's balance sheet as of December 31,2012,to answer the following question. How many shares of common stock are outstanding?

Question

Use the incomplete stockholders' equity section of Tokin Company's balance sheet as of December 31,2012,to answer the following question.  How many shares of common stock are outstanding?

Quizplus · Accepted Answer

The number of shares of common stock outstanding is not directly provided in the incomplete stockholders' equity section. However, we can calculate it by using the total par value of common stock and the par value per share. The total par value of common stock is $490,000, and the par value per share is $5. Therefore, the number of shares of common stock outstanding is $490,000/$5 = 98,000 shares. Therefore, the correct answer is B) 98,000.

Use the Incomplete Stockholders' Equity Section of Tokin Company's Balance