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47.Acme Company has authorized 100,000 shares of common stock, of which 75,000 shares were originally issued. As of December 31, 20X1, 5,000 shares had been repurchased by the company and held as Treasury Stock. How many shares are outstanding on December 31, 20X1? Place your answer on the answer sheet.

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Answer:

Number of shares outstanding on December 31, 20X1:

Number of shares issued                     75,000 shares

Less: Number of shares repurchased 5,000 shares

Number of shares outstanding           70,000 shares

Explanation:

The number of shares outstanding on December 31, 20X1 is the difference between the number of shares issued and the number of shares repurchased by the company and held as treasury stock.