Question

The following partial information is taken from the comparative balance sheet of Levi Corporation:
  

Shareholders’ equity	12/31/2021				12/31/2020
Common stock, $5 par; 38 million shares authorized; 33 million shares issued and 29 million shares outstanding at 12/31/2021; and ____million shares issued and ____shares outstanding at 12/31/2020.	$	165	million		$	145	million
Additional paid-in capital on common stock		525	million			397	million
Retained earnings		190	million			162	million
Treasury common stock, at cost, 4 million shares at 12/31/2021 and 2 million shares at 12/31/2020		(65	million)			(43	million)
Total shareholders’ equity	$	815	million		$	661	million

How many of Levi's common shares were outstanding on 12/31/2020?

Multiple Choice

• 34 million

• 29 million

• 27 million

• None of these answer choices are correct

Answer 1

Common shares outstanding = shares issued - Shares in treasury stock = (145/5) - 2 = 29 - 2 = 27 million Option C is the answer