The authorized share capital of the Alfred Cake Company is 100,000 shares. The equity is...
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Accounting
The authorized share capital of the Alfred Cake Company is 100,000 shares. The equity is currently shown in the companys books as follows:
| Common stock ($1 par value) | $ | 61,000 |
| Additional paid-in capital | 11,000 | |
| Retained earnings | 31,000 | |
| Common equity | $ | 103,000 |
| Treasury stock (2,000 shares) | 5,000 | |
| Net common equity | $ | 98,000 |
a. How many shares are issued?
b. How many shares are outstanding?
c. How many more shares can be issued without the approval of shareholders?
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