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How many shares of common stock are outstanding

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Reference no: EM132939648

The Torre Company has the following stockholders equity account balances in the stockholders equity on December 31st.

Common Stock - $5 par, 500,000 shares authorized: $400,000
Paid-In Capital in Excess of Par - Common Stock: $610,000
Preferred Stock - $100 par, 100,000 shares authorized: $550,000
Paid -In Capital in Excess of Par - Preferred Stock: $150,000
Retained Earnings: $250,000
Treasury Stock (cost - $10 per share): $60,000

Problem 1: How many shares of common stock are outstanding?

Reference no: EM132939648

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