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Category > Business & Finance Posted 27 May 2017 My Price 8.00

Golden Enterprises, a producer of medical pumps

Golden Enterprises, a producer of medical pumps, has the following stockholders’ equity account on December 31:

Stockholders’ Equity

 

Common stock—$0.80 par value:

 

Authorized 35,000,000 shares;

 

issued 15,000,000 shares

$ 12,000,000

Paid-in capital in excess of par

63,000,000

Retained earnings

31,000,000
   
 

$106,000,000

Less: Cost of treasury stock (1,000,000 shares)

4,000,000

Total stockholders’ equity

$102,000,000

 

 

How many shares of additional common stock can Golden sell without gaining approval from its shareholders? The firm has 35 million authorized shares, 15 million issued shares, and 1 million shares of treasury stock. Thus 14 million shares are outstanding (15 million issued shares - 1 million shares of treasury stock), and Golden can issue 21 million additional shares (35 million authorized shares - 14 million outstanding shares) without seeking shareholder approval. This total includes the treasury shares currently held, which the firm can reissue to the public without obtaining shareholder approval.

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Status NEW Posted 27 May 2017 06:05 PM My Price 8.00

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