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Math  /  Numbers & Operations

Questionone attempt only) Question 8 of 16 This test: 100 point(s) possible This question: 5 point(s) possible
Bloom Corporation issued 60,000 shares of common stock. Bloom purchased 5,000 shares and later reissued 900 shares. How many shares are issued and outstanding?

Studdy Solution

STEP 1

1. Bloom Corporation initially issued 60,000 shares of common stock.
2. Bloom Corporation purchased back 5,000 shares.
3. Bloom Corporation reissued 900 of those purchased shares.
4. We need to determine the number of shares that are issued and outstanding.

STEP 2

1. Determine the total number of shares issued.
2. Calculate the number of shares that are outstanding.

STEP 3

The total number of shares issued by Bloom Corporation is the initial number of shares issued, which is 60,000 60,000 .

STEP 4

Calculate the number of shares that are outstanding. Start by determining the number of shares that are held by the company (treasury shares).
Initially, Bloom purchased back 5,000 5,000 shares. After reissuing 900 900 shares, the number of treasury shares is:
5,000−900=4,100 5,000 - 900 = 4,100

STEP 5

Subtract the treasury shares from the total shares issued to find the outstanding shares.
60,000−4,100=55,900 60,000 - 4,100 = 55,900
The number of shares that are issued and outstanding is:
55,900 shares\boxed{55,900 \text{ shares}}

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