Reference no: EM132190794
Question - Following is the stockholders' equity section of the Saints, Inc. 20X8 balance sheet ($ in thousands):
20X8 Common stock, $0.0001 par value (shares authorized-240,000,000, shares issued - 73,549,872)
Additional paid-in capital 551,004
Treasury stock, at cost 4,223,670 shares (218,692)
Retained earnings 1,063,633
Accumulated other comprehensive loss (1,345)
Total shareholders' equity $1,394,607
Required:
a. Saints has 240 million shares of common stock authorized, but only 73,549,872 shares issued. Why is there a difference between these two numbers?
b. Verify that Saints' common stock balance is $7 thousand.
c. How many common shares did Saints have outstanding at the end of the year?
d. Calculate the average cost at which Saints repurchased its common stock.