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Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition by Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

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EXERCISE 11-3

Purpose: (L.O. 2, 3) This exercise will point out the relationship between authorized, issued, outstanding, and subscribed shares.

The following data are available regarding the common stock of the Daffy Corporation at December 31, 2014:

Authorized shares 200,000
Unissued shares 60,000
Treasury shares 12,000

Instructions

Compute the number of outstanding shares.

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