Author Question: Cartier, Inc's corporate charter authorizes it to sell 1 million shares of 0.50 par value common ... (Read 83 times)

lidoalex · **on:** Jul 5, 2018

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