Discounts from quoted prices which are contingent on prompt ...

[madam-professor]

Discounts from quoted prices which are contingent on prompt payment of invoices, within a stated discount period, are called cash discounts.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

G-Hi Corporation's state charter authorizes the corporation to issue 1,000,000 shares of 1 par value common stock. It has sold 600,000 shares of common stock to the public. At the end of the year it held 20,000 shares of treasury stock.
 
  1. How many shares are authorized?
  2. How many shares are issued?
  3. How many shares are outstanding?

[hanadaa]

Answer to Question 1

True

Answer to Question 2

1. authorized = 1,000,000 shares
2. issued = 600,000 shares
3. outstanding = 600,000 shares  20,000 = 580,000 shares

[madam-professor]

Thanks for the timely response, appreciate it

[kswal303]

Excellent