a. The statement of financial position at December 31, 2021, showed the following data for...
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Accounting
a. The statement of financial position at December 31, 2021, showed the following data for Lambert Corporation:
Common shares, issue price $10 (authorized 15,000 shares)
100,000
Treasury shares (at cost $15 per share)
600
What are the number of shares that are: i. Issued, ii. Unissued, iii. Authorized, iv. Outstanding, v. Treasury shares. (6 marks)
b. Match the below items with the definitions. (Hint: Write i.- 1. or 2. etc.) (4 marks) Items i. Cumulative shares ii. Authorized shares iii. Treasury shares iv. Convertible shares
Definitions
1. Shares that may, at the option of the holder, be turned in for another security. 2. Shares that have been issued, repurchased, and are held by the corporation. 3. Shares that have specified rights over common shares. 4. Shares on which dividends in arrears must be paid prior to any current dividends. 5. The maximum number of shares that the corporation is allowed to issue
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