The following partial information is taken from the comparative balance sheet of Levi Corporation: Shareholders’...
The following partial information is taken from the comparative
balance sheet of Levi Corporation:
| Shareholders’ equity | 12/31/2018 | 12/31/2017 | ||||||
| Common stock, $5 par; 36 million shares authorized; 31 million
shares issued and 25 million shares outstanding at 12/31/2018; and ____million shares issued and ____shares outstanding at 12/31/2017. |
$ | 155 | million | $ | 125 | million | ||
| Additional paid-in capital on common stock | 523 | million | 401 | million | ||||
| Retained earnings | 192 | million | 160 | million | ||||
| Treasury common stock, at cost, 6 million shares at 12/31/2018
and 4 million shares at 12/31/2017 |
(67 | million) | (45 | million) | ||||
| Total shareholders’ equity | $ | 803 | million | $ | 641 | million | ||
What was the average price (rounded to the nearest dollar) of the
additional shares issued by Levi in 2018?
Multiple Choice
-
$25 per share.
-
$38 per share.
-
Cannot be determined from the given information.
-
$5 per share.
Homework Answers
| Proceeds =Increase in common stock + Increase in additional paid-in capital | |
| Proceeds =($155 million - $125 million) + ($523 million - $401 million) | |
| Proceeds =$30 million + $122 million =$152 million | |
| Average Issue price =Proceeds / No. of shares issued | |
| Average Issue price =$152 million / 6 million shares =$25.33 or $25 per share | |
| So Option A is answer | |
Add Answer to:
The following partial information is taken from the comparative
balance sheet of Levi Corporation:
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