Homework Answers
Requirement 1:
| Common stock | $1,166,000 |
| ÷ Shares issued | 116,575,495 |
| = Par value | $0.01 |
Requirement 2:
| Current Year | Last Year | |
| Shares issued | 116,575,495 | 116,575,495 |
| Less: Treasury stock | -47,216,748 | -45,370,148 |
| Shares outstanding | 69,358,747 | 71,205,347 |
Requirement 3:
| Current year retained earnings | $2,447,727,000 |
| (Less): Net income | ($241,115,000) |
| Add: Dividends paid | $11,907,000 |
| Last year retained earnings | $2,218,519,000 |
Requirement 4:
When company repurchases the own shares then the entry will be Debit to Treasury stock and Credit to Cash. So that Cash balance which is shown in the asset side of the balance sheet is reduced by dollar amount of treasury stock.
Requirement 5:
Answer: Decrease in stockholder's equity is $946,021,000
Explanation:
| Treasury stock | |
| Current year | $1,870,581,000 |
| Last year | ($924,560,000) |
| Increase in treasury stock | $946,021,000 |
| Decrease in Stockholder's equity | $946,021,000 |
If Treasury stock is increased then the value of the stockholder's equity will be reduced.
Requirement 6:
| Dollar amount | Shares | |
| Current year | $1,870,581,000 | 47,216,748 |
| Last year | $924,560,000 | 45,370,148 |
| Total | $2,795,141,000 | 92,586,896 |
Average price paid per share = $2,795,141,000/92,586,896
= $30.19
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Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Assume that the stockholders' equity section on the balance sheet of Dillard's, a popular department store, is shown below. During the year,...
The stockholders' equity section on the balance sheet of Mangum's, a popular department store, is shown below. During the year, the company reported net income of $241,145,000 and declared and paid dividends of $11,917,000. Stockholders' Equity Current Year Last Year Common stock, Class A—116,670,308 and 116,515,495 shares issued; ? and ? shares outstanding 1,167,000 1,165,000 Common stock, Class B (convertible)-4,080,929 shares issued and outstanding 41,000 41,000 Additional paid-in capital 779,055,000 791,987,000 Retained earnings 2,457,727,000 Less treasury stock, at cost, Class...
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