Cartier, Inc's corporate charter authorizes it to sell 1 million ...

[lidoalex]

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

Question 2

Sales made on account normally lead to cash receipts.
 a. True
   b. False
   Indicate whether the statement is true or false

[dlook33]

Answer to Question 1

C

Answer to Question 2

True

[lidoalex]

Excellent

[ecabral0]

TYSM