Sunshine Corporation began operations on July 1, 2009. When Sunshines first fiscal year ended on June 30,

Question:

Sunshine Corporation began operations on July 1, 2009. When Sunshine’s first fiscal year ended on June 30, 2010, the balance sheet showed 200,000 shares of common stock issued and 195,000 shares of common stock outstanding. During the second year, Sunshine repurchased 10,000 shares for the treasury. No new shares were issued in the second year. On the balance sheet at June 30, 2011, how many shares would be classified as issued? How many shares are outstanding?

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...