Multiple Choice
Cartier,Inc.'s corporate charter authorizes it to sell 1 million shares of $0.50 par value common stock.As of December 31,2011,the company had sold 500,000 shares for $4 each.Cartier has 20,000 shares of treasury stock that cost $100,000.On the December 31,2011 balance sheet,the number of shares outstanding is ________ shares.
A) 1,000,000
B) 500,000
C) 480,000
D) 400,000
Correct Answer:
Verified
Correct Answer:
Verified
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