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Play hard to get with the sexy test answers. We know what we're talking about. Just ask Robeefalette.

    To answer these questions, refer to the following information:

    A company has 4 million shares authorized. It initially issued 3 million and then repurchased 500,000.

    • 1.

      How many shares does the company have outstanding?

    • 2.

      What if instead the company retired the 500,000 repurchased shares. How many shares are outstanding?

    • 3.

      If the company retired the repurchased stock, how many shares are authorized?


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